Monday, October 3, 2022

Is Allied First Bank Legit

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Check For An Online Presence

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Before you do business with an online lender, do an internet search for the company name.

You can also look up the domain name registration to see when a website was registered. This may help you spot a site that is brand new and may have been created for unscrupulous purposes.

Loan brokers and loan companies must be registered in certain states. If they are, they will list that license information on their website. Look for it, and when in doubt, verify it.

Most importantly, before you enter any information on an online lenders website, check for a padlock in the URL to make sure the site is secure. You can then click on the padlock to see if the security certificate is up to date.

Pro tip: Never enter personal information or sensitive business information on a website that is not secure!

A Major Credit Card Payment Processing Provider

Fiserv, formerly known as First Data Merchant Services, is a large credit card processing company headquartered at 255 Fiserv Drive Brookfield, WI 53045. The companys main bread and butter is providing back-end card processing services for Independent Sales Organizations , banks, and other merchant service providers across the world. It has also has entered the tablet-based point-of-sale software market with its Clover POS system. In May 2017, the company purchased CardConnect for $750 million, and in October, it announced its acquisition of BluePay. In January 2019, First Data was acquired by Fiserv, major global provider of financial services technology, in an all-stock transaction valued at $22 billion. Frank Bisignano was CEO of First Data and remains as CEO for Fiserv. In 2021, Fiserv purchased Radius8 for $14 million and Ondot Systems for $270 million as well as BentoBox for an undisclosed amount.

What Mortgage Rates Does Allied First Bank Offer

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Allied First Bank mortgage offers home loans with APRs starting at 3.725% .

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How Many Types Of Va Loans Are Out There

In simpler terms, there are four types of VA loans.

Type 1. This type applies when you purchase a property. If youre looking to buy a house, the VA loan allows you to purchase it with no down payment.

Type 2. This type comes into play if you already have a VA loan, but you got it in the past, and your rate is higher than the current market rate is. This type is called a VA Streamline Refinance where with very minimal underwriting and no appraisal youre able to drop down to the current market rate.

Type 3. This type is called the Cash-out Refinance. The cash-out refinance allows you to take cash out at closing above the amount you owe on your home up to 95% of your homes value. Its a very helpful loan because no other conventional type loan allows anyone to do something like that.

Type 4. This type is the regular Rate and Term Refinance. If you have a regular conventional loan with a national bank, and your rate is higher the bank is saying You dont have enough equity to refinance out with us, right now the VA loan will allow you to refinance at 100%. That means that if your loan amount is $100,000US and your property appraisal values $100,000US you can get refinanced into the VA loan at 3.25% for 30-year fixed.

Typically, the VA rates are a little bit lower than standard rates. Also, the lender closing costs are lower as well. That 3.25% rate comes with no lender closing costs .

Allied First Bank Information

Allied First Bank, Ballston Spa New York (NY ...

Allied First Bank was founded in January 1994 and is based in Oswego, Illinois. The bank operates as a subsidiary of Allied First Bancorp, Inc.. According to the Federal Deposit Insurance Corporation records and based on the institution’s charter type, Allied First Bank is classified as a savings banks, state charter, supervised by the FDIC. Allied First Bank is a FDIC-insured bank with certificate number of 55130. The assigned Fed RSSD ID of Allied First Bank is 2140348.

Allied First Bank currently operates with 1 branch located in Illinois. The bank does not have any offices outside Illinois.

Bank routing number is a 9 digit code which is necessary to process Fedwire funds transfers, process direct deposits, bill payments, and other such automated transfers. We currently do not have a routing number for Allied First Bank in our database.

The full address of bank headquarters is 3201 Orchard Rd, Oswego, IL 60543. You can visit the official website of the bank at for more information and online banking service if available. For a list of all Allied First Bank branches and detailed branch information like hours of operation, phone number and address please refine your search by selecting a location from the map or list.

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What Is A Va Loan

A VA loan is a mortgage loan in the United States ensured by the United States Department of Veterans Affairs . Certified lenders could issue the financing. The VA lending was designed to provide long-lasting financing to eligible American veterans or their surviving partners .

The fundamental objective of the VA direct home loan program is to provide residence financing to eligible veterans in areas where private funding is not usually available and also to help veterans buy homes with no down payment.

According to Wikipedia, eligible areas are designated by the VA as housing credit shortage areas and are rural areas and small cities and towns not near metropolitan or commuting areas of the major cities. The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA this fee may also be financed.

In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws.

Merchant Services & Merchant Accounts

Under their Fiserv Merchant Services division, Fiserv processes credit cards and debit cards from all major card brands. Fiservs credit card processing services are most often received through a resellers who market themselves as independent companies under their own branding. As a direct processor, the company offers an extensive array of services. These include the popular Clover POS system family, credit card readers, e-commerce payments, ISV payment integration, multi-currency payment processing, B2B payments, analytics, and new payment technologies such as touchless payments. It should be noted, that businesses processing credit card transactions through a Fiserv reseller may have a different array of payment options to choose from.

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Fiserv Lawsuits & Government Fines

Fiservs $22 billion acquisition of First Data was challenged by a minority stockholder in First Data. The complainant, Alan Skulsky, filed a class-action lawsuit in Delaware Chancery Court.

In 2017, First Data was also sued in a separate class-action lawsuit arising out of New York alleging that the company charges excessive termination fees on equipment leases. A jury trial has been demanded by the plaintiffs in the latter of the two lawsuits.

We have also been made aware of a 2016 lawsuit filed against First Data by a First Data reseller called Peel Payments. Among other things, this lawsuit alleges that First Data dramatically increased some of its merchants authorization fees from $0.05 per transaction to more than $0.60 per transaction. Even in the most extreme card-not-present payment environments, authorization fees typically do not exceed $0.30. In light of these allegations, First Data merchants are advised to check their statements for any fee increases and renegotiate their contracts if they are being overcharged.

Fiserv was involved in another suit in April 2019, when Bessemer System Federal Credit Union sued the company for allegedly failing to address persistent vulnerabilities in the platform that powers its banking websites and online applications. At the time of this writing, the merchant providers lawsuit appears to be ongoing.

Fiserv/First Data has also been repeatedly fined for labor violations.

Wide Range Of Contract Terms And Fees

Allied First Bank

Pricing, payments, and fees of Fiservs merchant services will vary by reseller, agent, and business. Merchant accounts that process up to $50,000 each month are marketed to receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Merchants whose monthly charges exceed $50,000 are promoted to receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19. Fiserv allows resellers to choose between selling month-to-month contracts or service contract agreements ranging from one to five years. Cancellation fees and contract conditions can vary widely by reseller, so merchants are advised to read their contracts carefully when deciding on financial services.

Many merchants also report non-cancellable, multi-year leases for point-of-sale equipment offered by First Data Global Leasing. Generally speaking, Fiserv will enforce the contract terms set by a reseller as long as they fit within the companys sales policies. See the First Data Program Guide. We also encourage business owners to check out our list of the providers of thebest merchant accounts.

Fiserv offers access to many e-commerce solutions including virtual terminals

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Va Loan Eligibility Scam: How To Avoid

First things first, you have to learn everything you need to know about a VA home loan before you take an official step. Below you have several details that might help you with that process.

You may see some tempting offers online, but those that seem too good to be true, they usually are. There are some more trustworthy organizations where you can apply for any loan but be very wary of any place you havent heard of.

What Do These Va Refinance Loan Red Flags Mean

Knowing why scam loan or deceptive practice red flags should raise your concern goes a long way toward a higher awareness of which types of lending situations are not in the borrowers best interests.

Why are the above issues considered warning signs? Part of the answer has to do with standard banking industry practices. In the case of interest rates for VA refinance loans, standard practices are to offer the applicant a rate based on a variety of factors including market forces, but also the applicants FICO scores and other financial qualifications.

Your lender will negotiate an interest rate with you based on these factors if you know you have credit issues going into the refi loan process but your offer includes the lowest interest rates ever! you should do some research to see what other lenders are offering, too.

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Va Refinance Loan Scam Warning

The Department of Veterans Affairs and the Consumer Financial Protection Bureau warn those eligible for VA home loans to use caution when replying to offers to refinance VA loans with terms too good to be true, especially when that contact was not initiated by the homeowner.

CFPB found deceptive refinance loan practices widespread enough to issue a VA home loan-related Warning Order, saying the agency is working to stop companies from using exaggerated, misleading, or seemingly official presentations that fool borrowers into thinking they are looking at a VA sanctioned program.

The CFPB and the Department of Veterans Affairs both urge VA loan borrowers to be educated consumers and learn about how refi loan scams and deceptive offers work.

Research The Business Location

ALLIED FIRST BANK

Look under the website contact information for a physical address, then look that address up on google maps. You may be surprised how many of these searches result in a residential home address or a business that has nothing to do with lending! If the only address is a P.O Box, make sure you do additional research to verify the company is legitimate. You can also do a reverse search on the phone number calling you.

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Why Lenders Send Letters Like This

Just because a lender says you could refinance, doesn’t necessarily mean it’s in your best interest to do so.

Baron Christopher Hanson, lead consultant and owner of RedBaronUSA, explains: Such letters are purely marketing and sales gimmicks that enable their slick salespeople to build a database of leads and make a quick commission for many refinancing transactions they can generate.

You likely got targeted because your financial data was legally sold and bought, according to Ailion.

Lenders, especially predatory lenders, will search for homeowners with equity in their homes. This is typically determined by a tax appraisal minus a mortgage balance, Ailion says.

Once this group is identified, they will crossreference with borrowers who often have high automobile and credit card debt to determine who would be a target for loan consolidation by refinancing.

Who Is At Risk Of A Loan Scam

The more desperate you are to get financing quickly, the more you will be a target for predatory lenders or scams. Youll need to be especially careful if you are looking for:

  • A debt consolidation loan because you are falling behind,
  • A bad credit loan because your credit history is not good,
  • A large loan amount with minimal qualifications, or
  • A business loan even though youve been turned down by multiple lenders.

That doesnt mean you cant find a loan but you must be very careful not to get taken in by a scam.

Warning: Watch out for loan offers that are too good to be true!

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How Does The Letter Know My Account Balance

But as long as the letter doesnt include your mortgage account number, its probably just using public information about your loan to calculate your loan balance and the amount of funds you have available as home equity.

Anyone who knows your full address can use online search tools, in most U.S. counties, to find public information about your mortgage.

Even if your account balance isnt available as public information, the date you closed the loan and the term of your loan can be used to estimate your mortgage balance.

Its also possible your loan servicer has legally sold some of your account information to a third party.

No matter what a letter seems to know, you should never provide additional information such as your debit card PINs, your ACH or routing numbers, or your online banking login credentials in response to an unsolicited letter.

If youve shared this kind of account information already, report this to your financial institution right away. Youll likely need to open new accounts as soon as possible and to keep a close eye on your online banking or mobile app.

And, once again, when you suspect fraud, report it at consumerfinance.gov. You may also want to report the letter to the Better Business Bureau .

Not Recommended For Small Businesses

Chicago bank outfitted with basketball court

Fiserv is a large poorly rated merchant services provider and credit card processor. Numerous merchant account reviews report of various problems with fees and contract term disclosure, particularly with resellers. Since Fiserv primarily acts as a behind-the-scenes credit card processor for most resellers, a merchant can have completely different experiences depending on which reseller he or she chooses. Working directly with Fiserv may not be advisable for small merchants since it doesnt guarantee lower rates and Fiservs direct merchant support is notoriously poor. That being said, Fiserv does have the ability to offer lower rates than many of its resellers and may be a good fit for high-volume merchants.

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Business Savings With Allied First Bank

Business Savings accounts lay the groundwork for a strong and stable savings plan and provide the opportunity to earn interest on your excess funds while maintaining liquidity.

There is no minimum deposit required at the opening and you have convenient access to your funds.

Business Savings accounts have these great features and benefits:

No minimum opening balance required

Interest compounded and credited monthly

FDIC insured

Nominal monthly maintenance fee that is waived with a low average account balance

No maturity dates or early termination fees

Up to six pre-authorized transfers, including phone, overdraft, or computer transfers, each month

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Office: 272-3286 554-8899Open weekdays 8am 5pm , Saturdays 8am -12pm . The Bank is closed on these holidays.

Fax: 554-3311

Phone 24: 272-0328

Mortgage Hotline: 272-3286

Customer Service Email Address:

First Data Merchant Services Location & Leadership

While the Fiserv headquarters is at the Wisconsin address listed above, it appears the old First Data buildings are still in operation. As such, the former First Data headquarters at 2900 Westside Pkwy, Alpharetta, GA 30004 is likely still in use by the companys processing division. The BBB lists Nancy Whitt as the principal at First Data, while LinkedIn lists Michael Ross as the Senior Account Executive for Fiserv/First Data.

Video Summary

Fiserv Review Table of Contents

  • Costs & Contract: Fiserv typically offers a multi-year contract with a variable early termination fee ranging from
  • Complaints & Service: Prior to becoming Fiserv, First Data had received more than 1,000 public complaints regarding
  • BBB Rating: First Data has a rating of A- with the Better Business Bureau and had received 665 complaints of
  • Sales & Marketing: Fiserv hires independent sales agents and has received a high number of complaints about its

Fiserv offers a large number of payment processing services

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