Frandsen Bank and Trust Ever see a bank named “Something Bank & Trust Inc.?” It’s an odd combination and makes you think, “Why are ‘Bank’ and ‘Trust’ together in one name? What’s the difference? Can these two actually pull together as one? Tag along to figure it all out.
Community Bank Frandsen Bank is a community bank. That means it’s a relatively small bank that mostly lends to local towns and small cities. It’s not national banks that serve millions of people nationwide.
The bank is headquartered in the Midwest (Minnesota, North Dakota, and Wisconsin). The bank was started by a businessman, Dennis Frandsen, who has said he created it to serve small communities where people often feel neglected by the big banks.
What is ‘Trust’ Doing in a Bank’s Name?
“Trust” in a bank name means that you don’t just trust them (although that’s important too). It’s talking about trust services, when a bank helps you protect your money over time.
That’s because spending, saving, and borrowing are what the banking part makes you do. A portion that allows you to plan, whether it is for retirement or preparing a will or taking care of a loved one’s money. Both are significant, but they play different roles in your life.
Can These Two Make This Work?
Yes! They can, and they do. They are a good match for each other; here’s why: The bank helps you now, today. The trust services will assist you later (tomorrow).
It’s as if you had a checking account for your monthly bills, savings for next year, and a trust fund for your children when they’re older.
By providing both services in one location, Frandsen Bank & Trust provides consumers with a sense of security when managing their money throughout the process.
What Does the Bank Side Do?
So a little further into what is handled by the bank part:
1. Checking Accounts
For your everyday money. You rely on this money to pay bills, shop, and take out cash.
2. Savings Accounts
To save money for the future. You earn interest, in effect meaning that your money grows.
3. Loans
Want a car, a house, a business? The bank gives you money, and you slowly pay it back. If applicable, debit cards and online banking. You receive a card and can track your spending from your phone or computer. Put more simply, the bank is for the day-in and day-out of your financial life.
What Does the Trust Side Do?
Now the trust side. This is where it can all start to sound messy, but don’t worry, we’ll keep it simple.
1. Wills and Estates
If a person dies, the trust department is responsible for helping to manage their money, pay their debts, and send assets to the correct people.
2. Trust Funds
A trust fund is cash that’s reserved for someone (such as a child or relative) to be used at a later time. The bank ensures the money is used properly.
3. Retirement Planning
The trust department assists people in planning for retirement, taking care of their 401(k)s, and the wise investment of money.
4. Guardianship Accounts
If someone is unable to manage his or her own money (because of age or illness), the trust side of the product structure safeguards and manages their money. Essentially, the trust department is a long-term money babysitter.
Why is This Merge Valuable?
Good question! Here’s why it can be useful to get both banking and trust services under one roof:
On one team, with one goal, your banker and trust officer can communicate and collaborate. No jumping around as you won’t have to use two different companies for banking and future planning.
Trust inspires confidence; the more you trust the bank, the easier it is to trust them with your long-term plans. Frandsen Bank is FDIC insured, so your money is safe up to $250,000.
Keep your long-term money safe: The trust department is governed by pretty strict rules and regulations and is very conservative by nature. They maintain tight security online and watch for fraud. You can also receive alerts if something appears fishy.
Who Can Use These Services?
Almost anyone, like:
1. Teens and Students
Start with checking or savings.
2. Adults
Add loans, debit or credit cards.
3. Parents and Grandparents
Use trust services to safeguard the future of your family.
4. Entrepreneurs
Apply for business loans and find assistance for payroll and retirement plans. If you are just beginning or if you are planning for the next generation, Frandsen Bank & Trust is made for you.
How to Get Started
Getting started is easy.
1. Go to a branch (in Minnesota, Wisconsin, or North Dakota).
2. Talk to a banker about what you want.
3. Open an account or reach a trust officer.
4. Bank on the go with their mobile app or website at pnc.com.
5. They have friendly staff who explain things in plain language. ” You don’t need to know about financial terms; they can help with that.
Can You Use Just One Side?
Yes, totally. If you don’t need the loan and only want a checking account, you can apply using just the bank. Or the trust department only, if you’re interested only in estate planning.
But millions use both, for convenience’s sake. Imagine it as dinner and dessert in the same place — it just lightens the load on life. If you like straightforward, friendly banking or love to plan long-term with trusted experts, then this bank is right for you.
If you live in the Midwest and don’t care about fancy banking apps (you just want something that works). Finally, if you want local support with actual people, not robots or 1-800 numbers. If you leave the Midwest, though, you can still take advantage of Frandsen’s online banking, but you might not have a branch nearby.
In that case, you can still use the mobile app to access all your accounts, call for help from anywhere, and control trust services from a distance while maintaining secure access. So for you transplants, you don’t have to break up with Frandsen (even if you move).
Final Thoughts
Frandsen Bank is your let’s-make-it-happen kind of local bank where every offer of business loans, cash management, and apt banking, comes in.
Together, they provide a complete money journey, from your first paycheck to your last retirement check. Imagine having a reliable car (the bank) and a GPS (the trust department).
They each help you end up where you want to be, both right now and right down the road. So yes, Bank and Trust can be compatible, and Frandsen demonstrates that every day.
