How do I add a funding account for Bill Pay?

For consumer online banking, from within the Bill Pay screen in NB Online Banking, please select the “Manage Funding Account(s)” link on the bottom right side of the screen. 

Select “Add an account”. (Please note that funding accounts may only be Needham Bank checking accounts.) Enter the required information, including Needham Bank’s routing number of 211373539. 

Within 2-3 business days, two small deposits (less than $1.00) will be made into the account for confirmation purposes. 

Log back into your bill payment screen to validate these deposits and begin using your new funding account. 

For Business Online Banking, please send us a secure email stating the account you would like to add to your bill payment profile. We will email you a confirmation when the maintenance is complete.

Is there a limit to what I can borrow for a construction loan?

The Loan to Value may change depending on the project. Call for information on our current requirements.

How is financing structured for construction loans?

Financing for construction loans is usually interest only for an 18 month period at a rate determined by market conditions.

Does Needham Bank offer builder financing?

Builder financing varies depending on the project and market conditions. Needham Bank will usually finance a percentage of the acquisition and 100% of the hard construction costs.

Who can I talk to about a commercial loan?

You can contact one of our Commercial Lenders by selecting Commercial Lending in the menu, and clicking the Meet the Commercial Team link. You can also schedule a call with a Commercial Lender by navigating to any Commercial Lending page and filling out the Schedule a Call form.

What types of commercial loans do you offer?

Needham Bank offers a wide variety of commercial loans, including commercial real estate loans, builder to buyer loan programs, commercial and industrial loans, commercial term loans, working capital lines of credit, and letters of credit.

How do I apply for a construction to permanent loan?

To apply for a construction to permanent loan, please contact one of our team members.

What do I need to get started with NB Business Online and NB Business Mobile?

To use NB Business Online and Mobile Banking, please visit your local Needham Bank branch to complete a cash management service enrollment form and sign a Business Online Banking Agreement. 

Once you have completed and signed the necessary documents, your application will be sent to our Cash Management team to be processed. You will receive an email with secure attachments containing your Company ID, User ID, temporary password, and User Guide. Please follow the directions in the Welcome emails to retrieve your Welcome letter and User Guide via Needham Bank’s Secure File Transfer service.

What does it mean to be "Pre-Qualified"?

A pre-qualification is an estimate given by a lender stating that you "should" be able to buy a home up to a certain amount. This is an estimate only and may help you in deciding to make an offer on a home. Getting pre-qualified is an important step to being prepared to buy a home; it's FREE and takes only a few minutes.

What makes up my credit score?

There are five factors that impact consumer credit scores. They are listed here in order of importance: Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a negative impact. Outstanding Credit Balances have a 30% impact. Debt ratio of outstanding balance to available credit is important. Keeping that below 50% is wise and below 30% even wiser. It is never a good idea to close an account; the debt ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal relative to what the increased mortgage debt might be with a low credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower the debt ratio, provided they can do so without a hard credit history. Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger. Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only. Inquiries have a 10% impact. Hard inquiries for credit negatively impact the score. Auto and mortgage inquiries receive special treatment and 20 inquiries can be made in a 14-day period for auto or mortgage and will be treated as only 1 inquiry. The maximum number of inquiries that will reduce the score is 10. Any inquiries beyond that (11+) in a six-month period will have no further impact on the borrower. Each hard inquiry can cost 2-50 points on a credit score.

What are my construction to permanent loan options?

You may choose either a 15 or 30 year fixed rate loan.

How much can I borrow?

Needham Bank will loan up to 80% of the acquisition cost plus 100% of the construction "hard costs". Needham Bank does not usually fund for plans, engineering and soft costs such as permits.

How do I make a deposit to my Needham Bank account from a remote location?

At Needham Bank, you can make deposits to your Needham Bank account via NB Mobile with Mobile Deposit, Remote Deposit Capture for businesses, Direct Deposit, Mobile or Online transfers between accounts, and directly through a Needham Bank ATM.

Are wire transfers possible to and from my NB Personal Checking account?

Yes. Funds can be transferred to and from accounts by wire transfer or via ACH (Automated Clearing House) debits or credits. Contact one of our Personal Bankers for details and applicable fees.

How frequently is my account information updated?

With NB Online Banking and NB Business Online Banking, your account transactions are displayed in real-time as they post to your account. The same goes for account information on NB Mobile and NB Business Mobile.

Can I look at all of my transactions at any time?

Yes. With NB Online, NB Mobile, and NB Business Online, and NB Business Mobile you have access to your account information 24 hours a day, 7 days a week.

Is interest paid on my checking account?

Yes. NB Checking pays a competitive rate of interest. Please check out our Deposit Rates page for details.

What products can I apply for online?

Personal Checking, Savings, Money Market, and CD Accounts are available to open online. At this time, no business accounts or Individual Retirement Accounts (IRAs) can be opened online.

What types of savings accounts do you offer?

Needham Bank offers Money Market, Statement Savings and Passbook Savings Accounts. Please check out our Deposit Rates page for current rate information.

How do I set up Direct Deposit of my payroll check?

After your checking application has been approved, you will receive our routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company and your direct deposit will usually begin within thirty days.