Q: How are Minnwest Bank and Roundbank alike?
A: Roundbank and Minnwest are strong, family-owned community banks that share similar values and dedication to the communities they serve. This merger brings an exciting opportunity to leverage our combined expertise and provide our customers an even stronger network to depend on.

Q: How does this merger benefit me as a customer?
A: While the Minnwest name may be new to you, we are committed to providing the same level of customer service and community banking experience that you have come to appreciate from the Roundbank team. In addition to an expanded product line, you will now have 36 locations to serve you throughout Minnesota and South Dakota.

Q: What’s the difference between ‘closing date’ and ‘conversion date’?

• Closing date: As of November 19, 2021, Roundbank and Roundbank Insurance Agency will legally become Minnwest Bank and Minnwest Insurance Agency, Inc. While the name “Roundbank” will be rebranded to Minnwest Bank, everything will be business as usual until the conversion date. In the interim period between closing and conversion, any new products opened at Roundbank locations will be traditional Roundbank products, not products available at Minnwest Bank.
• Conversion date: Also referred to as the operational merger, is when the traditional Roundbank products and services (e.g. account offerings, online banking, mobile app, website) will be converted to Minnwest Bank products and systems. This will happen the weekend of May 20-22, 2022. 

Q: Will my branch location and hours remain the same?
A: Following the conversion weekend of May 20-22, 2022, there will be no changes to current branch hours of operation.

Q: Will my branch process transactions as it does today?
A: Beginning Monday, May 23, you’ll begin to have an extended end-of-day cutoff. All transactions completed at a branch will be posted during the current business day. Currently, Roundbank has a 4:00 p.m. cutoff for all transactions. Your new end-of-business-day will be 6:00 p.m. or the time that your branch closes, whichever is earlier.

Q: Will anything change with my Night Depository Service?
A: You can continue to use the night depository as you do today. The night depository will be opened once during the business day at 9:00 a.m.

Q: Will my account numbers stay the same?
A: The vast majority of Roundbank account numbers will not change. However, there are a few customers who will be issued new account numbers. Those customers have been notified about their new account numbers.

Q: Can I continue to use my checks?
A: Yes, you may continue to use your current checks until your supply is depleted. To order new checks, visit your local branch or call 1-844-MINNWEST to speak with a Customer Care Representative. At that time, you’ll receive Minnwest Bank checks with the same account number. However, the routing number will change to 091915845.

Q: Will my Roundbank account type(s) be the same?
A: Kasasa accounts will remain as is. All other checking or savings account types have been matched with a Minnwest Bank account that most resembles your existing Roundbank account. You can find additional information related to your accounts, as well as any changes in names or terms, within your conversion packet that was mailed out. 

Q: Will my Roundbank debit card still work?
A: Yes, you can continue to use your current Roundbank debit card(s) through Sunday, May 22. Look for a new Minnwest MasterCard ATM/Debit card in the mail approximately two weeks before conversion weekend. We’ll also send you instructions on how to activate your new card and how to create a new Personal Identification Number (PIN). You can begin using your new card on Monday, May 23. Additional information is available in the Helpful Tips section of this packet.

Q: I currently have automatic payments set up to process on my debit card. What do I need to do?
A: On Monday, May 23, you’ll need to update any automatic or recurring charges you’re currently paying with your Roundbank debit card with your new Minnwest Bank debit card number. This will help you avoid any potential late payments or interruption of services.

Q: What about my direct deposit and/or automatic payments?
A: All direct deposits and automatic payments linked to your current account (such as Social Security benefits, payroll deposits, and loan payments) will continue to process. Be sure to use Minnwest Bank’s routing number, 091915845, for any new direct deposits or automatic payments established on or after May 23.

Q: Will the statement date for my accounts change?
A: Possibly. Minnwest Bank’s account statement cycles include the second Monday of each month, the second Wednesday of each month, month’s end and end-of-quarter. Your statement date depends on the type of account you have.

Q: I have a Safe Deposit Box at Roundbank. Will this change?
A: Your annual rent for your Safe Deposit Box will increase by $2. The discount for automatic payments will go from $3 to $5.

Q: How often will I receive IRA account statements?
A: You’ll receive your annual fair market value IRA statement (for the prior year) each January.

Q: How will I be notified of my CD or IRA maturity?
A: You’ll receive a maturity notice on the status of your account(s) approximately 30 days before your maturity date.

Q: Will my interest payment change on my CD or IRA?
A: The frequency and type of your interest payments will remain the same as they are today until maturity.

Q: What will happen with my Health Savings Account (HSA)?
A: On Monday, May 23, all existing HSA products will be converted to a Minnwest Bank HSA product. Customers will receive monthly statements along with annual fair market value statements in January.

Q: Will there be any changes to early withdrawal penalties on my Roundbank CD?
A: There will be changes to the early withdrawal penalties. If you withdraw any funds before maturity, your account may be charged an early withdrawal penalty in the amount equal to:

• 91 days interest for certificates with a term of 12 months or less
• 182 days interest for certificates with a term greater than 12 months but less than 24 months
• 273 days interest for certificates with a term of 24 months or greater but less than 60 months
• 730 days interest for certificates with a term of 60 months or greater

Penalties are assessed only on the amount withdrawn, using the rate being paid on the certificate at the time of withdrawal. This early withdrawal penalty may reduce principal and earnings.

Q: I have a loan at Roundbank. Do I have to pay it off or get it refinanced somewhere else?
A: No. All loans will convert to loans under Minnwest Bank. Your current terms and conditions will remain unchanged until your loan matures.

Q: If I have a variable rate loan tied to the WSJ Prime Rate or the Roundbank Reference Rate, what will happen?
A: Although the index value and margin will not change as part of the conversion, the WSJ Prime Rate and Roundbank Reference will now be called the New York Prime and Minnwest Reference Rate, respectively.

Q: Will I continue to receive credit for my loan payment on the same date as it’s received?
A: Yes. Your loan payments will be credited on the same date received unless we receive them on the weekend or on holidays. Those payments will be posted the next business day.

Q: Where should I mail my loan payment?
A: Following the conversion weekend of May 20-22, you may continue to make your loan payments at any branch or mail them to:

Minnwest Bank
300 South Washington Street
PO Box 439
Redwood Falls, MN 56283

Q: Will I receive a loan statement?
A: All home equity lines of credit, personal lines of credit, and ready credit (overdraft protection) customers will receive monthly statements. Your monthly statement may have a slightly different appearance than what you’re used to, but it will contain the same information you’re accustomed to seeing. If you currently receive combined loan and deposit account statements, you’ll receive separate statements after May 23.

Q: Will my loan statement continue to be generated at the same time each month?
A: Home equity lines of credit, personal lines of credit, and ready credit (overdraft protection) statements will continue to generate on the last business day of the month. All other loan statements will be mailed 15 days before the payment due date.

Q: Who should I contact if I have a question about my loan?
A: You can contact your local banker, or call 1-844-MINNWEST to speak with a customer care representative.

Q: When is the last day and time I can have full access to my Roundbank Retail Online Banking?
A: You will have full access through 4:00 PM on Friday, May 20. After this time, you will have inquiry access only until the morning of Monday, May 23. Please plan accordingly.

Q: I am a Roundbank Consumer Online Banking customer. Will I have the same access after May 23?
A: Visit www.minnwestbank.com and login using the same Username as you previously had with Roundbank, but you will need to use the “Forgot Password” link and accept the terms and conditions to re-establish your connection.

Q: When is the last day and time I can have full access to my Roundbank Business Online Banking?
A: You will have full access through 4:00 PM on Friday, May 20. After that time, you will not have access until the morning of Monday, May 23. Please plan accordingly.

Q: I’m a Roundbank Business customer using Online Banking. Will I have the same access after May 23?
A: If you are currently utilizing Business Online Banking to access your business accounts, your access will continue after conversion weekend using your existing User Name and Password. You will be prompted to establish security questions and answers.

If you are a business that is accessing your business accounts from the Retail Online Banking module you will need to be enrolled in Business Online Banking. Please contact a Minnwest Cash Management Specialist to get your access switched over to the Business Online Banking. Email cashmanagementsupport@minnwestbankgroup.com or call 1-866-752-8135 to contact a member of our Cash Management team.

Q: I have alerts set up through online banking. Will those remain?
A: Alerts for both Consumer Online Banking and Business Online Banking will need to be set up on Minnwest Online Banking.

Q: Will I be able to see my Roundbank transaction history, or will my previous online statements be available after May 23?
A: If you were previously enrolled in Retail Online Banking or Business Online Banking, your transaction history and online statements will be available after May 23, 2022.

Q: I currently use Online Bill Pay for my consumer accounts. Will my payee information transfer to Minnwest Bank?
A: Yes. Your current payees and current automatic transfers in Bill Pay will remain. Popmoney users will need to set up their recipients.

Q: I currently have external transfers established. How will these be affected?
A: External transfers will need to be set up on Minnwest Online Banking.

Q: I currently use Online Bill Pay for my Business Accounts. Will my payee information transfer to Minnwest Bank?
A: We are able to transfer your existing payees for your business accounts, but you will need to establish Small Business Bill Pay access. Call 1-866-752-8135 or email cashmanagementsupport@minnwestbankgroup.com to contact a member of our Cash Management team and get the process started.

Q: I have a Bill Pay payment that was issued shortly before conversion and I don’t see it in my history. What should I do?
A: Don’t re-schedule before contacting Minnwest Bank Customer Service to research at 844-MINNWEST. There are certain forms of payments that may take up to 4 days to appear in your Bill Pay history.

Q: How will my Online Bill Payments be processed during conversion weekend?
A: Established Online Bill Payments will continue to process.

Q: I currently use Mobile Banking to access my consumer accounts and make deposits. What should I expect?
A: If you currently have the Roundbank consumer app, you will be prompted to download the Minnwest consumer app from the Apple App Store or Google Play. If you do not have the app, you can download the app directly from the Apple App Store or Google Play. Your default mobile deposit limit will be $5,000 unless you have previously been approved for a higher limit. In that case, your higher limit will remain.

Q: I currently use Mobile Banking to access my business accounts and make deposits. What changes should I expect?
A: You will need to download the Minnwest Bank Business Mobile Banking App after you have successfully logged into Minnwest Business Online Banking. Your default mobile deposit limit will be $10,000 unless you have been previously approved for a higher limit. In that case, your higher limit will remain.

Q: Will I have access to Telephone Banking at Minnwest Bank?
A: You can begin using Minnwest Bank MoneyLine on Monday, May 23, by calling 1-888-616 BANK (2265). Enrollment details are included in the Helpful Tips section of this packet.

Q: Our business currently deposits using Remote Deposit Capture (RDC). What changes should I expect?
A: A Minnwest Cash Management Specialist will be contacting you to schedule the installation of new drivers to your computer(s) and training for the new service prior to conversion weekend. You will continue to use your existing scanner.

Q: Will my current sweep for Check Guard (Overdraft Protection) still be available?
A: You’ll still have your current sweep available, but it will be referred to as Minnwest Bank Ready Credit. Your current terms and conditions will go unchanged.