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FAQs

ONLINE DEPOSIT ACCOUNT OPENING

Q:  What deposit products am I able to open online? 

Q:  What is required to open a Texas Bank and Trust account online?

Q:  Can more than one Texas Bank and Trust account be opened online at the same time?

Q:  Can I open an account for my minor child(ren) online?

Q:  Can I apply for a deposit account if I do not live in Texas?

Q:  Are there any shortcuts for existing customers?

Q:  How can I find out more about other available Texas Bank and Trust bank accounts?

Q:  What is the minimum deposit needed to open a Texas Bank and Trust bank account online?

Q:  What is the maximum deposit allowed when opening a Texas Bank and Trust account online?

Q:  If I am funding my new account by check, to whom do I make the check payable?

Q:  How long will it take to open a Texas Bank and Texas bank account online?

Q:  When will funds be available for use in my new account?

Q:  What if I cannot finish the application?

Q:  Is there a cutoff for submitting required documents, signature card, and opening deposit?

Q:  Where should account correspondence/necessary documentation be sent?

Q:  Who should I call with questions regarding opening an account online?

Q:  How can I open a deposit account if I do not want to apply online?

Q:  Is my account application secure?

Q:  How do I make my opening deposit?

Q:  Once I open my account, can I change my account name in Online Banking?

Q:  How will my identity be verified?

Q:  If I have recently been a victim of identity theft, should I apply online?

Q:  Will a credit report be pulled when I apply for a deposit account online?

Q:  Will TBT run a debit bureau report when I apply for a deposit account online?

Q:  What happens if I am not approved online?

Q:  If my online application is not immediately accepted, can I try again?

Q:  If I marked that I wanted Online Banking and/or Bill Pay during application, how will I receive my new Online Banking ID and password?

Q:  If I marked that I wanted a TBT VISA® checkcardSM with my new account, how will I receive my new card?

Q:  If I marked that I wanted checks with my new account, how will I receive my first order?

DEPOSIT SERVICES

Q:  Why was I unable to re-order my checks from TB&T website?

Q:  Does Texas Bank and Trust offer a credit card?

Q:  I think I may have a missing book of checks in my new check order. Do I need to place a stop payment?

Q:  I have lost one of my keys to my Safe Deposit Box. How can I replace it?

Q:  Can I remove someone from my Safe Deposit Box?

Q:  How can I view my new account using my existing Online Banking ID?

Q:  Can I receive a printout of my transaction in the drive-thru?

Q:  Can I have a check card for my savings account?

Q:  I have moved out of state and need to close my account. How do I go about doing this?

Q:  I have signed up for E-Statements, but I have still received a statement in the mail. Is there a problem?

Q:  How much will check card cost?

Q:  How much for additional card?

Q:  How much can I withdraw from an ATM in one day?

Q:  Can I transfer from saving to checking using ATM?

Q:  What number can I call if card is lost or stolen?

Q:  When will I receive my new check card in the mail?

Q:  Can I use my own PIN number?

Q:  What does it mean to opt-in to overdraft privilege?

Q:  Will I be liable for any unauthorized transactions ?

Q:  Will I be charged a fee for using ATM machine that's not one of TB&T's ATM locations?

Q:  Is it possible to get a text message sent to my phone when my account balance falls below a certain amount?

Q:  Is it possible to get a background theme on my debit card?

Q:  Can I get my picture on my debit card for security?

Q:  Can I get a personalized pin over the phone?

Q:  Do I have a bank officer, and if so, do I have to make an appointment?

Q:  If I have a problem the first couple of months after my account is opened, and overdraft is not added will you go back and review my account again?

Q:  Will you send me an email or text when a requested safe deposit box becomes available?

Q:  Will I receive my debit card today when I open up my new account?

Q:  Is the person by the safe deposit box the only one available to open it up?

Q:  What's my password for online banking?

Q:  Can I find out what my pin number is for the phone banking?

Q:  Can you reset my pin for phone banking?

Q:  Can I find out what my pin number is for my debit card?

Q:  How do I stop a draft?

Q:  If I make a deposit on Saturday, how soon can I access it with my debit card?

Q:  If I go online and make a transfer after six at night, how soon can I access it with my debit card?

Q:  Are you ever going to get instant issue for a debit card?

Q:  Does it have to have that picture on the card, or can I choose a design?

Q:  Since I can activate my card with the automated system, why can't I repin it on there too?

Q:  Do you have second chance accounts for people on chex systems?

Q:  Do I have to order checks?

Q:  Can I use bill pay to transfer money into another bank?

Q:  Can I activate my husband's debit card since it's a joint account?

CONSUMER LOANS

Q:  What is our minimum loan amount for unsecured loans?

Q:  What is our minimum loan amount for auto loans?

Q:  Would I benefit by using my CD as collateral for a consumer loan?

Q:  Can I receive a better rate if I choose to autodraft my consumer loan payment?

Q:  Is there a possibility that my rate could be higher than the posted rates?

TRUST SERVICES

Q:  Do I need a will?

Q:  What exactly is a will anyway?

Q:  I do not have many assets and don't really think I need a will. Am I right?

Q:  I am currently working with an attorney to update my Last Will and Testament. My lawyer advises that I need to name a Corporate Executor and Trustee to serve as a Primary or Alternate fiduciary under my Will. What is the correct legal name of your bank?

Q:  How many years must you wait after establishing a Roth IRA before it becomes "qualified?"

Q:  How old must you be to take distributions from your traditional IRA without incurring a 10% premature distributions penalty?

Q:  Is there an income limitation for converting from a traditional IRA to a Roth IRA?

Q:  Can someone other than a spouse inherit an IRA?

Q:  Must I have a trust to use your investment services?

Q:  What are the advantages of a trust?

Q:  Is it difficult to set up a trust?

Q:  If I create a trust, can I keep control?

Q:  Can I make the investment decisions?

Q:  Is trust service expensive?

Q:  How big must a trust fund be?

Q:  How much of a return will I get on my money?

Q:  Who should be the trustee of my trust?

Q:  How can I find out more about trusts?

MORTGAGE LOAN SERVICES

Q:  What is a credit score and how will my credit score affect my application?

Q:  How are interest rates determined?

Q:  Should I pay discount points in exchange for a lower interest rate?

Q:  Are there any prepayment penalties charged for these loan programs?

Q:  What is title insurance and why do I need it?

Q:  I can’t take phone calls at work. Can you contact me during non-business hours?

Q:  I’ve heard that some lenders require flood insurance on properties. Will you?

Q:  Will my overtime, commission, or bonus income be considered when evaluating my application?

Q:  I was in school before obtaining my current job. How do I complete the application?

Q:  I am relocating because I have accepted a new job that I haven’t started yet. How should I complete the application?

Q:  I am retired and my income is from pension or social security. What will I need to provide?

Q:  I am selling my current home to purchase this home. What type of documentation will be required?

Q:  What will be required if I withdraw money from a 401K account for my down payment?

Q:  Can I really borrow funds to use towards my down payment?

Q:  If my property’s appraised value is more than the purchase price, can I use the difference towards my down payment?

Q:  What, exactly, is an installment debt?

Q:  The interest rate you offer is just a little less than what I am paying now. How do I know if it makes sense to refinance?

Q:  Will I need to have an attorney represent me at closing?

Q:  What is a Home Equity Line of Credit?

Q:  What’s the difference between a home equity loan and a refinance?

Q:  Does the purpose of my home equity loan make a difference?

Q:  Am I too old to get a 30 year mortgage?

Q:  Should I share my pre-qualification letter with real estate brokers or sellers?

Q:  Why do you need information about properties I own if I am not financing them?

Q:  I have income from dividends and/or interest. What documents will I need to provide?

Q:  Do I have to provide information about my child support, alimony or separate maintenance income?

Q:  What is an adjustable rate mortgage?

Q:  How much money will I save by choosing a 15-year loan rather than a 30-year loan?

Q:  What is an appraisal and who completes it?

Q:  I’m purchasing a home. Do I need a home inspection AND an appraisal?

Q:  If I have income that’s not reported on my tax return, can it be considered?

Q:  I’ve co-signed a loan for another person. Should I include that debt here?

Q:  How long does it take for the property appraisal to be completed?

Q:  What happens at the loan closing?

Q:  Can I get advanced copies of the documents I will be signing at closing?

Q:  Do you provide financing for properties on large tracts of land?

Q:  How quickly can you close my loan?

Q:  I am purchasing a home, why do you need the name of the real estate broker?

Q:  I’m not exactly sure of the amount of my real estate taxes. What should I do?

Q:  What is mortgage insurance and when is it required?

Q:  Can I waive my monthly escrows?

Q:  Will the inquiry about my credit affect my credit score?

Q:  Why does it matter if I have obtained another home equity loan or home equity line of credit loan in the last 12 months?

Q:  Can I apply for a loan before I find a property to purchase?

Q:  I’m self-employed. How will you verify my income?

Q:  What is the down payment required to avoid Private Mortgage Insurance (PMI)?

Q:  How long must my loan be insured by PMI?

Q:  How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

T3 SUPPORT - ONLINE BANKING / TECHNOLOGY

Q:  I downloaded the TBTgomobile app for my smartphone, but I am unable to log in.  Why?

Q:  Do I have to download the TBTgomobile app from my phone's app store in order to access account information from my smartphone? 

Q:  I am locked out of online banking. How do I reset my password?

Q:  How do I change my Password/ ID?

Q:  How do I change my email address on file?

Q:  How I do I find older transactions past 30 days?

Q:  How do I send a secure message?

Q:  I'm getting redirected to the login screen every time I try to click on a new tab. Why?

Q:  Can I order checks online?

Q:  Can I reorder or report a lost/stolen debit card?

Q:  When I get a notification that someone has sent me a secure email from the TBT SecureMail service, how do I retrieve it?

MERCHANT SERVICES

Q: How much will this cost?

Q: How long will it take to get set up?

Q: Can I use my existing equipment?

Q: What is "interchange" and how does it affect my fees?

Q: What is a Discount Rate?

Q: What are Non-Qualified Transaction Fees?

Q: When will I receive the money from the batch deposits made through my point of sale unit?

Q: What information is required when I call Merchant Support for service?

 

ANSWERS

ONLINE DEPOSIT ACCOUNT OPENING

Q:  What deposit products am I able to open online? 

A:  At this time, you are able to open a Free Checking account, Direct Value checking account, Checking 101 account, and/or Statement Savings account online.

Q:  What is required to open a Texas Bank and Trust account online?

A:  Prior to beginning an account application online, you should have the following
information available:

  • The Social Security Number for applicant (and co-applicant, if applicable)
  • The option of a valid U.S. Driver’s License, Military I.D., Passport, Permanent Resident Card, OR State I.D. for applicant (and co-applicant, if applicable)
  • Information for funding your new account (existing TBT account number, an account number from another financial institution, a credit/debit card, or a checkbook)

During the process, you will be asked to:

  • Enter your full legal name on the application.
  • Select which products and related services you wish to apply for.
  • Fill out the online application.
  • Review and accept your account disclosures.
  • Answer a few brief questions that help us verify your identity and protect your information.
  • Choose how you would like to initially fund your account (transfer money from an existing TBT account, transfer money from another financial institution, fund with a credit or debit card, or mail a personal check, money order, or cashier’s check to us).

In order to complete your application online, you will need access to a printer and Adobe Software version 9.0 or higher.

Q:  Can more than one Texas Bank and Trust account be opened online at the same time?

A:  Yes, multiple Texas Bank and Trust accounts can be opened at the same time, but we require a minimum deposit of $100 for each account you opened.  The maximums are as follows per
account opened:

  • Transfer funds from another financial institution (Maximum amount allowed: $2,000.00)
  • Transfer funds from an existing Texas Bank and Trust account (No maximum)
  • Credit Card / Debit Card (Maximum amount allowed:  $500.00)
  • Mail a check, money order, or cashier’s check (No maximum)

Q:  Can I open an account for my minor child(ren) online?

A:  Children 12 years old and younger:  Due to federal requirements under the Children’s Online Privacy Protection Act (COPPA) and the inability to adequately verify the identity of minors online, our online account opening restricts requests for minor accounts.  However, our Cool Kids Savings Club Account for children 12 years old and younger can be opened in person at any TBT branch location. 
Children 13 years old and older:  Due to the inability to adequately verify the identity of minors online, our online account opening restricts requests for minor accounts.  If you wish to open an account for your child(ren) who is/are 13 years old or older, you may apply online in your name.  You may add your child as second owner by contacting Electronic Banking.  Additional documentation may be required. Electronic Banking is open Monday – Friday, 8:30 am to 5:00 pm.

Texas Bank and Trust
Electronic Banking 
903-237-1881 / 800-263-7013 (toll free)
903-237-1876 (Fax) 

Q:  Can I apply for a deposit account if I do not live in Texas?

A:  We can accept deposit applications from new customers anywhere in the state of Texas.  However, if you have moved out of the area and have an existing TBT account with online banking, you may apply by simply submitting an application under the “Existing Customer” section at the start of the account opening process.  If you need additional assistance, feel free to contact us Monday - Friday, 8:30 am to 5:00 pm.

Texas Bank and Trust
Electronic Banking 
903-237-1881 / 800-263-7013 (toll free)
903-237-1876 (Fax) 

Q:  Are there any shortcuts for existing customers?

A:  Yes!  If you already have Online Banking through Texas Bank and Trust, simply log in to your existing online banking account and click the “OPEN ACCOUNT” tab.  Your personal information will pre-load into the application and save you time!

Q:  How can I find out more about other available Texas Bank and Trust bank accounts?

A:  To learn more about Texas Bank and Trust’s complete line of savings and checking accounts, click on the section below that interests you:

Q:  What is the minimum deposit needed to open a Texas Bank and Trust bank account online?

A:  The minimum opening deposit is $100.00 per account opened.

Q:  What is the maximum deposit allowed when opening a Texas Bank and Trust account online?

A: 

  • Transfer funds from another financial institution (Maximum amount allowed: $2,000.00)
  • Transfer funds from an existing Texas Bank and Trust account (No maximum)
  • Credit Card / Debit Card (Maximum amount allowed:  $500.00)
  • Mail a check, money order, or cashier’s check (No maximum)

Q:  If I am funding my new account by check, to whom do I make the check payable?

A:  Make the check payable to the account owner (name on the account).  Be sure to endorse the check on the back with your signature and mark it “FOR DEPOSIT ONLY,” and then mail it to:
Texas Bank and Trust
Attn:  Electronic Banking
P.O. Box 3188
Longview, TX  75606

Q:  How long will it take to open a Texas Bank and Texas bank account online?

A:  You should allow 10 – 15 minutes to complete the online application. New accounts are typically opened and available for use 1-3 bank business days after Texas Bank and Trust receives the completed online application, signature card, other required documentation (if applicable), and your opening deposit. Depending on your funding method, your funds may not be available for immediate use after account is opened.  Refer to next question.

Q:  When will funds be available for use in my new account?

A:  Please refer to our Funds Availability Notice

Q:  What if I cannot finish the application?

A:  If you are unable to finish the application, simply click the “Save and Finish Later” button.  Your information will be saved for 30 days; you can log back in at any time within the next 30 days to finish your application.  If you need assistance completing your application, please call our Electronic Banking Center at 903-237-1881 or toll free at 800-263-7013 for assistance.

Q:  Is there a cutoff for submitting required documents, signature card, and opening deposit?

A:  Texas Bank and Trust must receive the required documentation, signature card, and opening deposit within 30 days after receiving the online account application.  Incomplete applications will be deleted after 30 days.

Q:  Where should account correspondence/necessary documentation be sent?

A:  All correspondence concerning your online account opening should be sent to:

Texas Bank and Trust
Attn: Electronic Banking
P.O. Box 3188
Longview, TX  75606
903-237-1881 / 800-263-7013 (toll free) phone
903-237-1876 fax
Send Us a Secure Message
* You can also electronically upload documents to us by signing into the Online Account Opening section of our website with your online account opening username and password and clicking on the “Upload Documents” link.

Q:  Who should I call with questions regarding opening an account online?

A:  Texas Bank and Trust - Electronic Banking
903-237-1881 / 800-263-7013 (toll free)
Monday – Friday
8:30 am to 5:00 pm

Q:  How can I open a deposit account if I do not want to apply online?

A:  Please stop by any TBT branch location to open an account in person.  Need assistance finding the nearest location?  Use the ATM/Branch Locator on our homepage, www.texasbankandtrust.com.

Q:  Is my account application secure?

A:  Yes.  Our online application system uses 128-bit SSL (Secure Sockets Layer) encryption which provides you one of the highest levels of security possible for protecting confidential transactions over the Internet. The encryption process converts sensitive information into a string of unrecognizable characters to prevent theft of confidential information.

Q:  How do I make my opening deposit?

A:  The minimum deposit to open an account online is $100.  We offer four convenient options to fund your new account online:

  • You may transfer money from a checking or savings account at another financial institution (MAXIMUM AMOUNT ALLOWED PER ACCOUNT OPENED: $2,000). You will need your account number from the other institution, and the institution’s routing/transit number, name, and state.
  • If you are an existing customer, you also have the option to transfer funds from an existing Texas Bank and Trust account (NO MAXIMUM).  You will need your account number.
  • You are able to fund the account with a credit/debit card (MAXIMUM AMOUNT ALLOWED PER ACCOUNT OPENED: $500).  You will need your card number, card type, expiration date, CVN number, and billing address.
  • You are able to fund your new account by mailing a check, money order, or cashier’s check (NO MAXIMUM).  A mailing address will be provided to you during the account opening process.

Q:  Once I open my account, can I change my account name in Online Banking?

A:  Yes.  Once your account is open, log in to your online banking account and follow these steps to change your account name:
Select the “Personal/Alerts” tab and then click on the “Accounts” sub-tab.  Type a new name for your account in the “New Account Pseudo Names” field and click submit.

Q:  How will my identity be verified?

A:  For your protection, we use I.D. authentication software to verify and authenticate the identifying information provided during application.  The information provided during application will be compared to your personal and financial information provided in the past or through public records.  You will also be asked specific questions about your personal and financial history that only you
should know. 

Q:  If I have recently been a victim of identity theft, should I apply online?

A:  Due to the red flags that may have been placed in your financial history as a result of identity theft, our online system will not automatically approve your application.  Therefore, you may prefer to apply in person with relevant documents in hand.  However, if you are unable to apply in person and wish to apply online, please understand that we will need you to provide additional documents and information to our representatives to continue to ensure protection of your financial information.

Q:  Will a credit report be pulled when I apply for a deposit account online?

A:  No.  A credit report will not be pulled in the process of opening a deposit account online, and opening a deposit account online does NOT impact your credit score.

Q:  Will TBT run a debit bureau report when I apply for a deposit account online?

A:  Yes.  Texas Bank and Trust obtains a debit bureau report on ALL new applicants (i.e. ChexSystems Report).  If you know you have a negative record with a financial institution, please contact the financial institution that created the record and clear the record before you apply online or in person.  If you are unsure of how to begin the process of clearing a debit bureau record, contact:  ChexSystems Inc.  Attn: Consumer Relations, 7805 Hudson Road, Suite 100, Woodbury, MN 55125, Telephone (800) 428-9623.

Q:  What happens if I am not approved online?

A:  If, for ANY reason, our systems are unable to authenticate your identity, your application will be referred to an Electronic Banking representative for follow up.  The representative will contact you to obtain more information and clarify any questions.  Your account will not be opened, funding will not be processed, and checks or debit cards will not be ordered until your personal information
is authenticated.

Q:  If my online application is not immediately accepted, can I try again?

A:  We do not recommend that you try again.  When an application is not immediately accepted, the reason is likely due to either (1) the software’s inability to authenticate your identity or (2) negative information on a ChexSystems report.  If your application is not immediately accepted, we recommend that you wait for one of our representatives to contact you.  You may also call us Monday – Friday, 8:30 am to 5:00 pm, at 903-237-1881 or toll free at 800-263-7013 to help clarify any issues or ask us any questions you may have.

Q:  If I marked that I wanted Online Banking and/or Bill Pay during application, how will I receive my new Online Banking ID and password?

A:  Your Online Banking ID and temporary password will be sent to you via a secure message through our online application system after your account is opened and funded.  An email will notify you that you have a message waiting in the application system, and you can log back in with your application username and password to retrieve the message. 

Q:  If I marked that I wanted a TBT VISA® checkcardSM with my new account, how will I receive my new card?

A:  You will receive your new card in the mail within 5-7 business days after your account has been opened and funded.  A separate mailing will be sent to you with your Personal Identification Number (PIN).  Be sure to activate your card immediately by following the instructions enclosed.  If you receive your card and want to proceed with activating it prior to receiving your PIN in a separate mailing, you may visit any Texas Bank and Trust location to create a PIN instantly.  If a PIN is created in person, the PIN in the mailing will be voided.  

Q:  If I marked that I wanted checks with my new account, how will I receive my first order?

A:  You will receive your check order in the mail within 5-7 business days after your account has been opened and funded.  The FREE checks offered with accounts opened online contain 200 wallet style checks and 32 deposit slips.  If you would like to order additional checks or withdrawal slips for your deposit account, you can order them through deluxe.com, sign in to your Online Banking account to order, or call the Customer Care Center Monday – Friday, 8:30 am to 5:00 pm, at 903-237-1881 or 800-263-7013 (toll free).

DEPOSIT SERVICES

Q:  Why was I unable to re-order my checks from TB&T website?

A:  You may be trying to change name or address information on your checks that has not been verified/submitted by/to a Texas Bank and Trust Representative.  If this is the case, please contace the customer care center at 903-237-5555.

Q:  Does Texas Bank and Trust offer a credit card?

A:  Yes. Texas Bank and Trust does offer a Visa credit card. If you currently have a TB&T check card, you may receive a lower interest rate if approved for a TB&T credit card.

Q:  I think I may have a missing book of checks in my new check order. Do I need to place a stop payment?

A:  No. More than likely you are looking at the check number printed on your reorder form. Lift up the reorder form and look at the check number of the first actual check in that book. This should be the starting number for your 'missing checks'. If this is not the case, then please contact the customer care center at 903-237-5555 to help you. We may need to place an alert on your account at no charge to you.

Q:  I have lost one of my keys to my Safe Deposit Box. How can I replace it?

A:  We can schedule an appointment for you with our locksmith to have a key made for you, providing you have one key available to you for him to make a copy. The cost is $10.00.

Q:  Can I remove someone from my Safe Deposit Box?

A:  No. You cannot remove another owner from a Safe Deposit Box. The box would have to be closed first, and a new box would then be re-assigned to you.

Q:  How can I view my new account using my existing Online Banking ID?

A:  You will need to either sign an Online Banking Change form or you may send a secure e-mail to our technology team using the Contact icon located in the upper right corner of our website once you have logged in. If you need assistance, you may contact our technology department at 903-237-1881.

Q:  Can I receive a printout of my transaction in the drive-thru?

A:  Yes, in fact, you can receive a printout from any teller and/or lobby representative.

Q:  Can I have a check card for my savings account?

A:  Yes. If you currently have a checking account and a savings account, a lobby representative can help you to attach your savings account to your check card. Although, you may not make purchases from your savings account with your check card, you may use the checkcard at the ATM to transfer funds or to make withdrawals.

Q:  I have moved out of state and need to close my account. How do I go about doing this?

A:  You may send a signed request either by mail to P.O. Box 3188, Longview, TX  75606 or by fax to 903-237-1834. Please include the account number you wish to close, your new mailing address, and a daytime phone number. We will send a cashier's check for the balance owed to you.

Q:  I have signed up for E-Statements, but I have still received a statement in the mail. Is there a problem?

A:  No. After signing up for E-Statements it is normal to receive one more statement by mail.

Q:  How much will check card cost?

A:  $1.50 per statement cycle

Q:  How much for additional card?

A:  $1.00 per statement cycle

Q:  How much can I withdraw from an ATM in one day?

A:  $500.00 per day

Q:  Can I transfer from saving to checking using ATM?

A:  Yes

Q:  What number can I call if card is lost or stolen?

A:  903-237-5681 on weekends or after hours call VISA Security 1 800-321-5880

Q:  When will I receive my new TBT checkcard in the mail?

A:  Seven to ten business days

Q:  Can I use my own PIN number?

A:  Yes bring card and valid ID to any location to re-pin card.

Q:  What does it mean to opt-in to overdraft privilege?

A:  Click here for information

Q:  Will I be liable for any unauthorized transactions ?

A:  You will not be liable for any unauthorized transactions using your lost or stolen VISA Card as long as you tell the bank a soon as you know your card has been lost or stolen.

Q:  Will I be charged a fee for using ATM machine that's not one of TB&T's ATM locations?

A:  Yes you may be charged a fee by the ATM network and charged a fee for a balance inquiry even if you do not complete a fund transfer.  We offer many ATM locations.  You can see a list of our ATM locations and maps showing directions to the locations by accessing www.texasbankandtrust.com through your smart phone or computer.

Q:  Is it possible to get a text message sent to my phone when my account balance falls below a certain amount?

A:  No, not at this time, but if you have internet access on your phone you can get email alerts sent to you when your account balance falls below a certain amount.  You can set these alerts by logging into your online banking and modifying the content under the "alerts" tab.

Q:  Is it possible to get a background theme on my TBT checkcard?

A:  Yes.

Q:  Can I get my picture on my TBT checkcard for security?

A:  It is not something we offer at this time, but we are exploring this option for the future.

Q:  Can I get a personalized pin over the phone?

A:  No, but you can come inside any of our branch locations during normal business hours and we will be happy to get you a pin of your choice.

Q:  Do I have a bank officer, and if so, do I have to make an appointment?

A:  Yes, you have a bank officer, and no you do not have to make an appointment. It would be good to call first to make sure that your bank officer is available.

Q:  If I have a problem the first couple of months after my account is opened, and overdraft is not added will you go back and review my account again?

A:  Yes, after 60 more days or at customer request.

Q:  Will you send me an email or text when a requested safe deposit box becomes available?

A:  We can't send out a text, but we can email or call when a box becomes available.

Q:  Will I receive my TBT checkcard the day I open up my new account?

A:  Yes, we are Instant Issue at all TBT branches and your new Visa checkcard is printed right on the spot. You are also able to customize your PIN number at the same time. 

Q:  Is the person by the safe deposit box the only one available to open it up?

A:  We have several Lobby reps available to open it up for you when that person has a customer.

Q:  What's my password for online banking?

A:  Initially, it's the last four of your SSN

Q:  Can I find out what my pin number is for the phone banking?

A:  Our customer contact center is available to reset it at 903-237-5555.

Q:  Can you reset my pin for phone banking?

A:  Our technology dept can reset it to the initial pin number, and then you can change it.

Q:  Can I find out what my pin number is for my TBT checkcard?

A:  No, but we can reset it at any of our branch locations.

Q:  How do I stop a draft?

A:  Contact the company first and let them know.  Then If they do not stop it, you can fill out a dispute.

Q:  If I make a deposit on Saturday, how soon can I access it with my TBT checkcard?

A:  Immediately.

Q:  If I go online and make a transfer after 6 p.m., how soon can I access it with my TBT checkcard?

A:  Transfers made after 6 p.m. will be available the next day.

Q:  Are you ever going to get instant issue for a TBT checkcard?

A:  Yes we currently offer this. Please visit any of our lobby representatives.

Q:  Does it have to have that picture on the card, or can I choose a design?

A:  Offer options.

Q:  Since I can activate my card with the automated system, why can't I repin it on there too?

A: For security purposes our system is not set up for this option

Q:  Do you have second chance accounts for people on chex systems?

A: No, not at this time. 

Q:  Do I have to order checks?

A:  No, checks are not required only optional.

Q:  Can I use bill pay to transfer money into another bank?

A:  We are looking into a bank to bank transfer option.  As of now, though, you can set up the other bank as a payee and a paper check will be mailed to that bank (allowing for 5-7 business days is required)

Q:  Can I activate my husband's debit card since it's a joint account?

A: As long as ID can be verified and it is a joint account.

CONSUMER LOANS

Q:  What is our minimum loan amount for unsecured loans? 

A:  $1,500

Q:  What is our minimum loan amount for auto loans?

A:  $3,000

Q:  Would I benefit by using my CD as collateral for a consumer loan?

A:  Yes, your rate would be factored on the rate of the CD used as collateral plus 2% if you have a TB&T checking account; your rate would be factored on the rate of the CD used as collateral plus 3% if you do not have a TB&T checking account.  You can use a CD that is in your own name or someone else’s CD if they agree to put it up as collateral on your behalf. 

Q:  Can I receive a better rate if I choose to autodraft my consumer loan payment?

A:  Yes.  On all consumer loans (except CD loans), you can deduct .25% from the posted interest rates if you choose to autodraft your consumer loan payment.

Q:  Is there a possibility that my rate could be higher than the posted rates?

A:  Yes.  Greater risk loans or loans with additional servicing requirements, such as co-signer loans, may have higher interest rates.

TRUST SERVICES

Q:  Do I need a will?

A:  Generally speaking, most people benefit from having a will. Having a valid will in place at your death can help make the administration and distribution of your estate easier for those who are left behind. Most of us are concerned (at least to some degree) about what happens to our property at our death and in whose hands our property ultimately falls. It is because of this concern that a will is a good idea for most everyone who has capacity to make one.

Q:  What exactly is a will anyway?

A:  A will is a document that controls the passage of your property upon your death.  In Texas, there are two basic types of wills -- (1) the attested or formal will, which is in writing and is witnessed (by two or more witnesses) and (2) the holographic will, which is wholly in the testator’s handwriting and signed by the testator.  Generally, the most effective wills are the attested or formal wills.

Q:  I do not have many assets and don't really think I need a will. Am I right?

A:  Not necessarily.  You do not know what your financial condition will be or what property you will own at your death.  Also, your family situation may make having a will crucial to your loved ones.  For example, if you are married with a minor child, having a will can make all the difference for your survivors, even if you have few assets.  On the other hand, if you have little property, are unmarried, with no children, with both parents alive, and you want all of your property to pass to your parents, you may not need a will.  These are just examples.  Ask an attorney about your situation to see how important it is for you to have a will.

Q:  I am currently working with an attorney to update my Last Will and Testament. My lawyer advises that I need to name a Corporate Executor and Trustee to serve as a Primary or Alternate fiduciary under my Will. What is the correct legal name of your bank?

A:  Texas Bank and Trust Company

Q:  How many years must you wait after establishing a Roth IRA before it becomes "qualified"?

A:  Five

Q:  How old must you be to take distributions from your traditional IRA without incurring a 10% premature distributions penalty?

A:  59 ½

Q:  Is there an income limitation for converting from a traditional IRA to a Roth IRA?

A:  No, not to convert, but there is an income limitation to establish a Roth.

Q:  Can someone other than a spouse inherit an IRA?

A:  Yes

Q:  Must I have a trust to use your investment services?

A:  Many of our clients choose trust arrangements because of the unique advantages they offer.  But no, you’re not required to create a trust.  If you prefer, you can put us to work on a less formal basis.  All it takes is a simple letter of instructions, designating us to act as your investment agent.

Q:  What are the advantages of a trust?

A:  With a trust you can not only draw on our broad investment capabilities but also arrange to have us perform any number of special services, now or in the future.  These personalized services could range from making payments of estimated taxes while you’re traveling abroad to providing full personal financial management in the event you suffer an incapacitating illness.

Also, you can name one or more beneficiaries to receive the assets of your trust at your death.  These distributions avoid probate.  Or, you can have your trust continue beyond your lifetime, serving as a source of continuing income and support for your spouse, a child or others whom you designate.

Q:  Is it difficult to set up a trust?

A:  No.  To put us to work as your trustee, you take two steps.  You deliver the money and/or securities that you wish to place in trust.  And you give us your written instructions in the form of a trust agreement.  The agreement, drawn up by your attorney, is signed by you (as creator of the trust) and by us (as trustee).  That’s all there is to it.

Trusts of this type are often called LIVING TRUSTS to distinguish them from TESTAMENTARY TRUSTS (those established under the terms of a will.  Living trusts created for the purpose of personal asset management are also known as REVOCABLE TRUSTS.  That’s because the person who creates the trust reserves the right to cancel or revoke it.

Q:  If I create a trust, can I keep control?

A:  Certainly.  Usually our trust clients keep control in three ways:
First, the trust agreement specifies that they may make withdrawals (or additions) at any time. 
Second, as just mentioned, they reserve the right to cancel the trust.
Third, they reserve the right to give us new or different instructions by amending the trust agreement.

Q:  Can I make the investment decisions?

A:  If you wish.  Most of our clients look to us for objective, unbiased portfolio supervision because they lack the time or specialized knowledge to do all the necessary investment homework themselves.  But you can delegate as much or as little investment responsibility as you want.  After all, it’s your trust.

For example, you might spell out your goals and requirements in some detail, then leave the selection of specific investments to us as a trustee.
Or you might start out by asking us to submit each proposed investment change for your approval until you’re satisfied that we’re interpreting your requirements accurately.
Or you might ask us to submit recommendations while also researching some opportunities on your own.
Or….But by now you have the picture.  With a trust, you make the rules.

Q:  Is trust service expensive?

A:  No.  Our fees are competitive with those charged by investment advisory firms (for services that may not include custodianship of securities, recordkeeping and other conveniences) or by mutual funds.

Q:  How big must a trust fund be?

A:  If you think of millions of dollars when you hear the word “trust,” you’re the victim of a widespread misconception.  Today’s trust institutions have developed ways to handle even relatively small trusts efficiently.  In any case, we don’t think in terms of fixed minimums.  Instead we ask ourselves, “Is a trust the best way to meet this person’s financial management needs?”

To find out whether a trust would be right for you, schedule an exploratory talk with a trust officer.

Q:  How much of a return will I get on my money?

A:  That depends on your goals – current income, long-term growth to offset inflation, or some balance of the two – and on ever-changing investment conditions. 

Over roughly the past 75 years, diversified portfolios of good-quality stocks have produced a total annual return (dividends plus growth in principal value) averaging around 11%.  Bonds have produced somewhat lower returns overall, but they offer a higher level of current income than stocks.
As trustee our goal is to provide reasonably consistent returns over the years.  We emphasize careful asset allocation, the selection of quality investments and constant vigilance. 

Q:  Who should be the trustee of my trust?

A:  Look for experience first.  Look for someone – or a financial organization, such as us – who has handled every type of market for diverse sorts of families.  You’ll want such experience brought to bear in providing financial security for you and your family.

Your trustee should have financial strength as well as professional investment capabilities.  The trustee should participate in the financial markets every day, and trusteeship must be treated as a full-time job.
That describes us perfectly.

Q:  How can I find out more about trusts?

A:  That’s easy.  Our trust and investment pros will be glad to assemble further information for you, analyze your investment requirements and answer questions not covered here.  Please call on us.

MORTGAGE LOAN SERVICES

Q:  What is a credit score and how will my credit score affect my application?

A:  A credit score is one of the pieces of information that we'll use to evaluate your application.  Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments.  A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers.  They have proven to be a very effective way of determining credit worthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

Credit scores used for mortgage loan decisions range from approximately 309 to 839.  Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application.  However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

Q:  How are interest rates determined?

A:  Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.  Over time, inflation has the largest influence on the level of interest rates.  A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase.  Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

Q:  Should I pay discount points in exchange for a lower interest rate?

A:  Discount points are considered a form of interest. Each point is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.

To determine whether it makes sense for you to pay discount points, you should compare the cost of the discount points to the monthly payments savings created by the lower interest rate. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you actually begin to save money by paying discount points. If the number of months it will take to recoup the discount points is longer than you plan on having this mortgage, you should consider the loan program option that doesn't require discount points to be paid.

If you'd prefer not to make this calculation the "old-fashioned way," we have a discount points calculator!

Q:  Are there any prepayment penalties charged for these loan programs?

A:  None of the loan programs we offer have penalties for prepayment.  You can pay off your mortgage any time with no additional charges.

Q:  What is title insurance and why do I need it?

A:  If you've ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan or you are refinancing, you may be wondering why you need another insurance policy.

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:

1) Owner's Policy. This policy covers you, the homebuyer.

2) Lender's Policy. This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase.  If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so we'll only require that a lender's policy be issued.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title plant.

After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.

This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.

Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and that the odds of a claim being filed are slim indeed.

Q:  I can’t take phone calls at work.  Can you contact me during non-business hours?

A:  We ask for your daytime phone number so that we know the best way to reach you.  If you can't take calls during the day, please don't answer the daytime phone question.  We'll contact you after work hours or via e-mail, if you prefer.

Q:  I’ve heard that some lenders require flood insurance on properties.  Will you?

A:  Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency.   The law can't stop floods.  Floods happen anytime, anywhere.  But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding. 

We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area.  If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding.

Q:  Will my overtime, commission, or bonus income be considered when evaluating my application?

A:  In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue.  We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven't been receiving bonus, overtime, or commission income for at least one year, it probably can't be given full value when your loan is reviewed for approval.

Q:  I was in school before obtaining my current job.  How do I complete the application?

A:  If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields.  You can enter a position of "student" and income of "0."

Q:  I am relocating because I have accepted a new job that I haven’t started yet.  How should I complete the application?

A:  Congratulations on your new job!  If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location.

If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month.  The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your loan for approval.

Q:  I am retired and my income is from pension or social security.  What will I need to provide?

A:  We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account.  Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life.  This can usually be verified with a copy of your award letter.  If you don't have an award letter, we can contact the source of this income directly for verification.

If you're receiving tax-free income, such as social security earnings in some cases, we'll consider the fact that taxes will not be deducted from this income when reviewing your request.

Q:  I am selling my current home to purchase this home.  What type of documentation will be required?

A:  If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing.  Often the closing of your current home is scheduled for the same day as the closing of your new home.  If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.

Q:  What will be required if I withdraw money from a 401K account for my down payment?

A:  If you'll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we'll probably ask you to provide evidence that you have the funds available by providing a recent statement.  We may also need to verify whether or not repayment is required.  If repayment is required, it's not a problem.  We'll just consider that monthly payment when making your loan decision.

Q:  Can I really borrow funds to use towards my down payment?

A:  Yes, you can borrow funds to use as your down payment!  However, any loans that you take out must be secured by an asset that you own.  If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds.  If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

Q:  If my property’s appraised value is more than the purchase price, can I use the difference towards my down payment?

A:  Unfortunately, if you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement. 

It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don't allow us to use this "instant equity" when making our loan decision.

Q:  What, exactly, is an installment debt?

A:  An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan.  Do not include payments on other living expenses, such as insurance costs or medical bill payments.  We'll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.

Q:  The interest rate you offer is just a little less than what I am paying now.  How do I know if it makes sense to refinance?

A:  The simple rule of thumb for determining if it makes sense to refinance is to analyze the amount that it will cost you to refinance compared to the monthly savings you'll have by reducing your payment.  By dividing the cost of refinancing by the monthly savings you can determine how many monthly payments you'll have to make before you've recaptured the initial refinance cost.  If you plan on staying in your home longer than the recapture time it may make sense for you to refinance.

To fully analyze whether it's the time to refinance you'll have to look deeper.  The remaining term of your current loan must also be considered, as well as your tax bracket.  Our refinance calculator can help you determine if it's the right time to refinance.

Q:  Will I need to have an attorney represent me at closing?

A:  In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing.  In other areas, attorneys are not as common at a real estate closing.  Please contact the closing agent if you have questions about attorney representation.  By all means, we recommend that you have an attorney at the closing if it would make you more comfortable.  If your attorney has any questions about your new mortgage, please refer them to your Mortgage Specialist. We'd be happy to provide any information necessary.

Q:  What is a Home Equity Line of Credit?

A:  A home equity line is a form of revolving credit in which your home serves as collateral. Because your home is likely to be your largest asset, you should consider a home equity line of credit for the purchase of major items such as education, home improvements, or medical bills and not for day-to-day expenses.

With a home equity line, you will be approved for a specific amount of credit—your credit limit—meaning the maximum amount you can borrow at any one time while you have the plan. Since you can get approved for an amount of credit now and not access the funds until you need them, a home equity line of credit is a good choice if you simply want the ability to access cash as you need it.

With our home equity line, you'll have the ability to access funds, up to the amount of your credit limit, by simply writing a check. A supply of checks will be sent to you after closing.

 The monthly payment for a home equity loan is typically based on your daily balance and the daily interest rate.

If you are thinking about a home equity line of credit you also might want to consider a more traditional second mortgage loan. This type of loan provides you with a fixed amount of money repayable over a fixed period. Usually the payment schedule calls for equal payments that will pay off the entire loan within that time. You might consider a traditional second mortgage loan instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home.

Q:  What’s the difference between a home equity loan and a refinance?

A:  A home equity loan is generally a second mortgage against your home, meaning it is a loan that you take out using your home as collateral without paying off your first mortgage. A refinance typically means that you'll be paying off your existing first mortgage and replacing it with a new first mortgage.

 Determining whether it's best to refinance or to obtain a home equity loan is very complicated and depends on many factors.  You should consider contacting your tax advisor to determine what makes the most sense for you.

In general, a home equity loan should be considered:

  • The lower the interest rate on your first mortgage is
  • The shorter the remaining term on your first mortgage is
  • The shorter the term is on the second mortgage you are considering
  • The higher the rate and points on a new first mortgage
  • The requirement of mortgage insurance for a new first mortgage

Comparing monthly payments of your existing first mortgage and a new home equity loan as opposed to a new first mortgage should help.  You should also keep in mind the term of each of your loans, especially if monthly payment is not a significant issue for you.

Q:  Does the purpose of my home equity loan make a difference?

A:  The purpose of your home equity loan doesn't make a difference to us and won't affect your approval decision.  It does make a difference to the federal government, however!  We'll use the information you provide about the purpose of your loan to determine if certain characteristics of your loan must be reported.

Q:  Am I too old to get a 30 year mortgage?

A:  You are never too old for a 30-year mortgage!  Seriously, Federal law prohibits all lenders from discriminating based on age.  You should apply for whatever mortgage you are comfortable with - no matter what your age.

Q:  Should I share my pre-qualification letter with real estate brokers or sellers?

A:  A pre-qualification letter can be very comforting to any seller you might be negotiating with.  It tells them that if they accept your offer, they won't have to worry that you won't qualify for the financing you need to buy their home.  You may provide it to your real estate broker or to sellers - the decision is yours!

Q:  Why do you need information about properties I own if I am not financing them?

A:  We need information about all the real estate you own to insure we have a reasonable estimate of your net worth.  If you don't know the exact value of your real estate holdings, provide your best guess - in most cases that is all we will need to process your new mortgage request.

Q:  I have income from dividends and/or interest.  What documents will I need to provide?

A:  Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

Q:  Do I have to provide information about my child support, alimony or separate maintenance income?

A:  Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

Q:  What is an adjustable rate mortgage?

A:  An adjustable rate mortgage, or an "ARM" as they are commonly called, is a loan type that offers a lower initial interest rate than most fixed rate loans.  The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

Against the advantage of the lower payment at the beginning of the loan, you should weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. It's a trade-off.  You get a lower rate with an ARM in exchange for assuming more risk.

For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for three to five years.

Here's some detailed information explaining how ARM's work.

Adjustment Period

With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as one year, three years, five years, or seven years.   After the initial fixed period, the interest rate can change periodically.  For example, one of our most popular adjustable rate mortgages is a five-year ARM.  The interest rate will not change for the first five years (the initial adjustment period) but can change every five years thereafter.

Index

Our ARM interest rate changes are tied to changes in an index rate. Using an index to determine future rate adjustments provides you with assurance that rate adjustments will be based on actual market conditions at the time of the adjustment.  The current value of most indices is published weekly in the Wall Street Journal.  If the index rate moves up so does your mortgage interest rate, and you will probably have to make a higher monthly payment. On the other hand, if the index rate goes down your monthly payment may decrease.

Margin

To determine the interest rate on an ARM, we'll add a pre-disclosed amount to the index called the "margin."

Interest-Rate Caps

An interest-rate cap places a limit on the amount your interest rate can increase or decrease. There are two types of caps:

1. Periodic or adjustment caps, which limit the interest rate increase or decrease from one adjustment period to the next.

2. Overall or lifetime caps, which limit the interest rate increase over the life of the loan.

As you can imagine, interest rate caps are very important since no one knows what can happen in the future.  All of the ARMs we offer have both adjustment and lifetime caps.  Please see each product description for full details.

Negative Amortization

"Negative Amortization" occurs when your monthly payment changes to an amount less than the amount required to pay interest due.  If a loan has negative amortization, you might end up owing more than you originally borrowed.  None of the ARMs we offer allow for negative amortization.

Prepayment Penalties

Some lenders may require you to pay special fees or penalties if you pay off the ARM early. We never charge a penalty for prepayment.

Contact a Loan Advisor

Selecting a mortgage may be the most important financial decision you will make and you are entitled to all the information you need to make the right decision. Don't hesitate to contact a Loan Advisor if you have questions about the features of our adjustable rate mortgages.

Q:  How much money will I save by choosing a 15-year loan rather than a 30-year loan?

A:  A 15-year fixed rate mortgage gives you the ability to own your home free and clear in 15 years.
And, while the monthly payments are somewhat higher than a 30-year loan, the interest rate on the
15-year mortgage is usually a little lower, and more important - you'll pay less than half the
total interest cost of the traditional 30-year mortgage.

However, if you can't afford the higher monthly payment of a 15-year mortgage don't feel
alone.  Many borrowers find the higher payment out of reach and choose a 30-year mortgage.

Who Should Consider a 15-Year Mortgage?

The 15-year fixed rate mortgage is most popular among younger homebuyers with sufficient
income to meet the higher monthly payments to pay off the house before their children start
college. They own more of their home faster with this kind of mortgage, and can then begin
to consider the cost of higher education for their children without having a mortgage
payment to make as well. Other homebuyers, who are more established in their careers,
have higher incomes and whose desire is to own their homes before they retire, may also
prefer this mortgage.

Advantages and Disadvantages of a 15-Year Mortgage

The 15-year fixed rate mortgage offers two big advantages for most borrowers:

  • You own your home in half the time it would take with a traditional 30-year mortgage.
  • You save more than half the amount of interest of a 30-year mortgage. Lenders usually offer this mortgage at a slightly lower interest rate than with 30-year loans - typically up to .5% lower. It is this lower interest rate added to the shorter loan life that creates real savings for 15-year fixed rate borrowers.

The possible disadvantages associated with a 15-year fixed rate mortgage are:

  • The monthly payments for this type of loan are higher per month than the payment for a 30-year.
  • Because you'll pay less total interest on the 15-year fixed rate mortgage, you won't have the maximum mortgage interest tax deduction possible.

Compare Them Yourself

Use the "How much can I save with a 15 year mortgage?" calculator in our Resource Center to help decide which loan term is best for you.

Q:  What is an appraisal and who completes it?

A:  To determine the value of the property you are purchasing or refinancing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states.

The appraiser will create a written report for us and you'll be given a copy at least three days prior to closing.

After the appraiser inspects the property, they will compare the qualities of your home with other homes that have sold recently in the same neighborhood.  These homes are called "comparables" and play a significant role in the appraisal process.  Using industry guidelines, the appraiser will try to weigh the major components of these properties (i.e., design, square footage, number of rooms, lot size, age, etc.) to the components of your home to come up with an estimated value of your home. The appraiser adjusts the price of each comparable sale (up or down) depending on how it compares (better or worse) with your property.

As an additional check on the value of the property, the appraiser also estimates the replacement cost for the property. Replacement cost is determined by valuing an empty lot and estimating the cost to build a house of similar size and construction. Finally, the appraiser reduces this cost by an age factor to compensate for depreciation and deterioration.

If your home is for investment purposes, or is a multi-unit home, the appraiser will also consider the rental income that will be generated by the property to help determine the value.

Using these three different methods, an appraiser will frequently come up with slightly different values for the property. The appraiser uses judgment and experience to reconcile these differences and then assigns a final appraised value.  The comparable sales approach is the most important valuation method in the appraisal because a property is worth only what a buyer is willing to pay and a seller is willing to accept.

It is not uncommon for the appraised value of a property to be exactly the same as the amount stated on your sales contract. This is not a coincidence, nor does it question the competence of the appraiser. Your purchase contract is the most valid sales transaction there is. It represents what a buyer is willing to offer for the property and what the seller is willing to accept. Only when the comparable sales differ greatly from your sales contract will the appraised value be very different.

Q:  I’m purchasing a home.  Do I need a home inspection AND an appraisal?

A:  Both a home inspection and an appraisal are designed to protect you against potential issues with your new home.  Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home.

The appraiser will make note of obvious construction problems such as termite damage or leaking roofs. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.

However, appraisers are not construction experts and won't find or report items that are not obvious.  They won't turn on every light switch, run every faucet or inspect the attic or mechanicals.  That's where the home inspector comes in.  They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.

Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.

Q:  If I have income that’s not reported on my tax return, can it be considered?

A:  Generally, only income that is reported on your tax return can be considered when applying for a mortgage.  Unless, of course, the income is legally tax-free and isn't required to be reported.

Q:  I’ve co-signed a loan for another person.  Should I include that debt here?

A:  Generally, a co-signed debt is considered when determining your qualifications for a mortgage.  If the co-signed debt doesn't affect your ability to obtain a new mortgage we'll leave it at that.  However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last twelve months.

Q:  How long does it take for the property appraisal to be completed?

A:  Licensed appraisers who are familiar with home values in your area perform appraisals. We order the appraisal as soon as your review your disclosures and give us your intent to proceed with TB&T as your lender and a check for the appraisal fee.  Generally, it takes 7-10 business days before the written report is sent to us.  We follow up with the appraiser to insure that it is completed as soon as possible.  If you are refinancing, the appraiser should contact you to schedule a viewing appointment.  If you don't hear from the appraiser within five days of the order date, please inform your Loan Advisor.  If you are purchasing a new home, the appraiser will contact the real estate agent, if you are using one, or the seller to schedule an appointment to view the home.

Q:  What happens at the loan closing?

A:  The closing will take place at the office of a title company or with an attorney in your area who will act as our agent.  If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you.

During the closing you will be reviewing and signing several loan papers. The person conducting the closing should be able to answer any questions you have or you can feel free to contact your Mortgage Specialist if you prefer.

The most important documents you will be signing at the closing include:

HUD-1 Settlement Statement

This document provides an itemized listing of the final fees charged in connection with your loan.  If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller.  If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate that will be provided to you after you make application for the loan.  The HUD-1 Settlement Statement is also commonly known as the closing statement and both the buyer and seller must sign this document.

Truth-in-Lending Statement (TIL)

This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is exactly the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information. Federal law requires that all lenders provide you with this document at closing.

Note

This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage / Deed of Trust

This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.

If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents.  This means that the loan funds won't be disbursed until three business days have passed.  The closing agent will provide more details at the closing.

Q:  Can I get advanced copies of the documents I will be signing at closing?

A:  The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Mortgage Specialist.

Q:  Do you provide financing for properties on large tracts of land?

A:  In most cases we are able to offer financing for homes on large tracts.  What's most important is to determine if the size of your property is common for the area.  The appraiser must be able to provide detailed information about the recent sale of similar homes on similar lots that have occurred recently.  If that's not possible, we may not be able to provide the financing that you are looking for.

It's also important that your property be residential in nature.  If the property is a working farm or is used for any commercial purposes, it could present a problem.  Contact a Mortgage Specialist if you have concerns about the acceptability of your property.

Q:  How quickly can you close my loan?

A:  Our goal is to have your loan ready for closing as soon as possible!  Generally the items that take the longest to receive are things such as the appraisal and the title work.  We'll want to get those ordered as soon as possible to avoid any delays.

If you are purchasing a new home, we'll do our best to meet the date you and the seller have agreed upon.  If you are refinancing or obtaining a home loan, it rarely takes more than 30  - 45 days to close.  If you are refinancing and have a second mortgage that you don't want to pay off with your new loan closing could take a little longer since we'll need the permission of your second mortgage holder before we can close.

Q:  I am purchasing a home, why do you need the name of the real estate broker?

A:  One of the first things we'll do after your loan is approved is to contact the broker to discuss the items required for closing that the broker or seller might be responsible.  We'll make sure that everything necessary has been taken care of so that your closing happens as efficiently as possible.

The broker may also want to know that you have taken the steps to obtain financing and that your loan request has been approved. We'll only provide basic information about your loan approval. It's really up to you to decide what details you want to share.

Q:  I’m not exactly sure of the amount of my real estate taxes.  What should I do?

A:  If you're not sure exactly how much the annual real estate taxes are for the property you are purchasing, an estimate will do.  The title company will provide us with the exact amount later.  If you do need to estimate the amount, shoot for the high side just to be sure.

Q:  What is mortgage insurance and when is it required?

A:  First of all, let's make sure that we mean the same thing when we discuss "mortgage insurance."  Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower's death. Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending.  By purchasing mortgage insurance, lenders are comfortable with down payments as low as 5% of the home's value.  It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.

The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. The premium is included in your monthly payment.

It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount - below 75% to 80% of the property value.  Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78% of the original property value. Some loan programs do not require mortgage insurance.  Please contact your Loan Advisor for more information or if you have questions.

Q:  Can I waive my monthly escrows?

A:  We may be able to waive your escrows under certain circumstances.  Please contact your loan advisor to discuss your options.  This may affect your rate or fees.

Q:  Will the inquiry about my credit affect my credit score?

A:  An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing. 

But don't worry.  The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated.  In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry.  Don't limit your mortgage shopping for fear of the effect on your credit score.

Q:  Why does it matter if I have obtained another home equity loan or home equity line of credit loan in the last 12 months?

A:  You cannot have more than one home equity loan or home equity line of credit loan on the same property within a 12 month period.

Q:  Can I apply for a loan before I find a property to purchase?

A:  Yes, applying for a mortgage loan before you find a home may be the best thing you could do!  If you apply for your mortgage now, we'll issue an approval subject to you finding the perfect home.  We'll issue a pre-qualification letter online instantly.  You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer.  Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, you'll simply call your Loan Advisor to complete your application. 

Q:  I’m self-employed.  How will you verify my income?

A:  Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. 

We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify.  We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need a full two-year history of self-employment to verify that your self-employment income is stable.

Q:  What is the down payment required to avoid Private Mortgage Insurance (PMI)?

A:  To avoid PMI, a 20% down payment is required.

Q:  How long must my loan be insured by PMI?

A:  You have the right to request the PMI be canceled the date the principal balance if your loan reaches 78% of the original value of the property.  If you fail to request the PMI be canceled once your loan-to-value is 78%, the PMI will automatically terminate on the date the principal balance of your loan reaches 80% of the original value of the property.

Q:  How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

A:  Generally, it will be very difficult to impossible to obtain a new mortgage until the following time periods have elapsed:

  • Time elapsed after a Chapter 7 bankruptcy is four years or greater from either the discharge or dismissal date.
  • Time elapsed after a Chapter 13 bankruptcy is two years or greater from the discharge date or four years or greater from the dismissal date.
  • Time elapsed after completion of foreclosure is seven  years or greater.

ONLINE BANKING / TECHNOLOGY

Q:  I downloaded the TBTgomobile app for my smartphone, but I am unable to log in.  Why?

A:  For security and authorization purposes, you must first sign into your Online Banking account on your computer to "enable web access for your mobile device."  To do this, follow these steps:
1.  Sign in to your Online Banking account from your computer 
2.  Click the "Personal/Alerts" tab across the top
3.  Click on "Mobile Settings"
4.  Checkmark the box that says "Enable Web Acess for Your Mobile Device"

Once you have done this and have set up your mobile customizations, you should be able to log in to your account from the TBTgomoble app on your smartphone.  This is a one-time process.  After your mobile device has been authorized, it should not have to be set up again within Online Banking. 

Q:  Do I have to download the TBTgomobile app from my phone's app store in order to access account information from my smartphone? 

A:  No, the app is not the only way to access your account from a mobile device.  You can also visit www.texasbankandtrust.com from your smartphone, which is a mobile version of our website.  Simply click "TBTgomobile" from the menu and log in.  Please note - The security and authorization steps mentioned in the previous question must still be performed prior to being able to view your account from a mobile device. 

Q:  I am locked out of online banking. How do I reset my password?

A:  In order to reset your Online Banking Password, please contact T3 Support @ (903) 237-1881 or if you have previously activated the “Reset PASSWORD” option you can reset your password from the Login Screen (full site). This may be done by selecting the “Reset PASSWORD” link to the right of the Online Banking ID & Online Banking Password fields then simply follow the prompts.

Q:  How do I change my Password/ ID?

A:  To change your Online Banking Password, simply login to your account from your computer and then select the “Personal/Alert Options” tab. From this menu, scroll down to the “Modify Login Information” section and from here you will have the option to change your password. If you do not remember your password to login to your Online Banking Account then you can contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  How do I change my email address on file? 

A:  To change your email address, simply login to your account from your computer and then select the “Personal/Alert Options” tab. From this menu, the first box- “Modify Personal Settings” will have the option to add/change your email address. Should you have any trouble, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  How I do I find older transactions past 30 days?

A:  First login to your Online Banking Account from your computer and then choose the account you wish to work with. Once you are in the “Current Transactions” screen you will notice the word “Search” under the navy tool bar. Click “Search” and then fill in all applicable fields. *Reminder: the system will only allow you to review the previous 90 days transaction history. Should you have any trouble, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  How do I send a secure message?

A:  First login to your Online Banking Account from your computer and then in the top right corner next to “Exit” you will see the “Contact” button. Click “Contact” then in the navy tool bar select “New”. This allows you to send T3 Support a secure email message. You can request a change to your Online Banking Account or should you have any other banking needs, please include that in an email and we will make sure it gets forwarded to the appropriate department. Should you have any trouble, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  I'm getting redirected to the login screen every time I try to click on a new tab. Why?

A:  Typically, this is an indication that your security cookies have expired and you need to delete the old ones. If you are unfamiliar on how to delete your security cookies, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  Can I order checks online? 

A:  Yes, simply login to your Online Banking Account from your computer and once logged in select “Order Checks” located in the navy tool bar under the “Account Services” tab. Should you have any trouble, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  Can I reorder or report a lost/stolen debit card?

A:  Yes, simply login to your Online Banking Account from your computer and once logged in select the “Personal/Alert Options” tab and then select “Manage- ATM/checkcard” located in the navy tool bar. Should you have any trouble, please contact T3 Support @ (903) 237-1881 and they will be glad to assist you.

Q:  When I get a notification that someone has sent me a secure email from the TBT SecureMail service, how do I retrieve it?

When the bank sends you a secure email message, you will receive a notification message via standard Internet email. Copy the link contained in the notification message and paste it into your browser to be taken to the login screen, where you will be prompted to enter your email address and password that you establish. Once logged in, you can read your SecureMail message, download it to your computer, or send a secure reply.  Click here for more information.

 

MERCHANT SERVICES

Q:  How much will this cost? 

A:  Your rate is determined by your processing method, volume and average ticket. Once we have that information, we can give you a quote.

Q:  How long will it take to get set up?

A:  From the time we receive your completed application, it takes about 5 days for you to be able to process credit cards.

Q:  Can I use my existing equipment?

A:  We support a variety of terminal types. We will need to know what terminal you are currently using in order to determine if it is compliant with VISA® and MasterCard regulations.

Q:  What is "interchange" and how does it affect my fees?

A:  Interchange is the largest portion of your Discount Rate. Interchange is the fee charged by the card issuer to reimburse them for the expense of processing the transaction through their settlement systems. VISA, MasterCard, and Discover Network have more than 100 different interchange pricing levels. The qualification requirements for each level vary depending on the card type (consumer, business, purchasing, international, rewards, etc.), the merchant type (retail, hospitality, fuel, etc.) and how the card was presented and processed by the merchant (swiped, key entered, internet, etc.).

Q:  What is a Discount Rate?

A:  For retail merchants, the Discount Rate charged on your merchant statement assumes that qualification requirements are met. The requirements include:

  • The credit card is swiped for authorization
  • The cardholder signs the receipt
  • The transaction is batched out (settled) within 24 hours
  • The authorization amount and settlement amount are equal
  • The credit card is a consumer card without a reward program

A consumer card has the cardholder's name instead of a business names, does not have "purchasing" or "business" on the front, and is associated with an individual instead of a company.

When a card does not meet the requirements of the Discount Rate criteria, it is processed at higher interchange fees. These fees are captured in the line item on your statement and may be labeled as several things, including "Non-Qualified".

Q: What are Non-Qualified Transaction Fees?

A: Transactions that fail to meet the Discount Rate requirements may be settled at a Non-Qualified rate. This "downgrade" in qualifications can be caused by any combination of reasons. Merchants that have a portion of their transactions qualifying as Non-Qual should make sure that they are:

  • Swiping cards instead of hand-keying in the card numbers
  • Entering AVS (address information) for the billing address
  • Settling (closing) the batch in a timely manner, usually within 24 hours
  • Not over-settling transactions. Over-setting means that a merchant obtains an authorization for $5.00 and settles the transaction for $10.00. This practice is most common with mail order merchants that charge shipping "after the fact." These merchants should re-authorize the card for the appropriate amount
  • Enter in invoice numbers when prompted
  • Entering tax amount and customer code when prompted

Q:  When will I receive the money from the batch deposits made through my point of sale unit?

A:  Funding generally occurs anywhere from two to five business days from the time of the batch deposit. The actual number of days depends upon the setup of your account.

Q:  What information is required when I call Merchant Support for service?

A:  You should have you Merchant ID number readily available to expedite your service.  If this is not available, you should be prepared to answer questions specific to your account establishment for security purposes.

 
 

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