Frequently Asked Questions

Auto Loans

  • Dealer purchases
  • Independent dealer purchases
  • Private party purchases
  • Refinance

We do offer auto loans for businesses.

Applicants must be U.S. citizens or legal permanent residents to apply.

You will be notified within 1-2 business days after we receive your application. Notification may be given either by telephone or via email. If you have a preference let us now. If you have any questions concerning your application please give us a call.

  • Sign up for automatic debit and we will debit your account for your payment every month.
  • Pay via your online banking—just log into your account and go to “express transfers.”
  • We accept debit and credit card payments—call the Loan Department at 1-870-763-8101.
  • Use your Bill Pay account from your Farmers Bank & Trust checking account or from a different financial institution.

In most situations you can expect to receive your paid note statement and title within 2-3 weeks after we receive your payoff.

Home Buying

  • Lender Fees – Fees paid to the lender for the processing of your loan, such as loan origination.
  • Third-party fees – Fees paid for services rendered by parties other than the lender, such as title insurance, appraisal, flood certification, and recording fees.
  • Prepaid Costs – Costs that are collected at the time of closing for items such as prepaid interest, property taxes, and hazard insurance.

You will be provided with an estimate of these costs prior to closing.

The amount of home you can afford is based on the amount of mortgage loan you can comfortably handle. This is generally based on 3 factors:

  • Your total monthly debt payments as a percentage of your income
  • How much cash you have for the down payment and closing costs
  • Credit history

As a condition of your loan, you will need hazard insurance. If your property is located in a special flood hazard area, you may need additional flood insurance.

Checking Account

A checking account is a great way to store your money. An account also helps you keep track of your spending: you can simply record transactions in your account register. Checking accounts are also very convenient. As mentioned previously, your paycheck can be deposited into a checking account, and you can pay bills and make purchases without cash.

We offer a variety of personal checking accounts. Some accounts may require you to keep a minimum balance at all times. If you fail to do this, you can be charged a service fee. Talking to one of our friendly Customer Service Representatives at Farmers Bank will help you evaluate the right checking account option for you.

Bill Pay is a banking service that allows you to pay your bills online. You don’t have to worry about writing checks or buying stamps. You can contact one of our friendly Customer Service Representatives at Farmers Bank at 870-763-8101 to find out more about our Bill Pay service.

A checking account may be a good way to teach children financial responsibility. Farmers Bank offers a Student Checking account for students who are 16 to 24 years of age and enrolled in at least 6 hours of classes per semester.

Yes, based on ownership, your deposit account will have coverage of at least $250,000.

Your statement will arrive monthly via electronic statement or mail depending on the type of checking account.

A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee’s bank account.

Direct deposit is not required. But it is a good idea. Save yourself a trip to the bank by having your paycheck, Social Security benefit, or even interest and dividend payments automatically deposited into your account.

Gotten married or divorced? Visit one of our friendly Customer Service Representatives at any of our full-service locations, with a valid ID card or Social Security Card with your new name as well as your Marriage Certificate/License or Decree of Dissolution of Marriage. For other events, bring an official document that specifies your new name.

You may order checks by dropping off your reorder form at your nearest branch of Farmers Bank, come in to see one of our Customer Service Representatives, or order online via Deluxe.

Avoid service charges by maintaining the required minimum balance on your account. You can find the minimum balance requirements for our checking accounts in our Personal Checking section.

It’s a fee that’s assessed to an account when an item presented for payment posts against the account and the Available Balance is insufficient to cover the item.

Savings Account

Yes, there are regulatory limits for all savings accounts. You may make:

  • Unlimited withdrawals and transfers at any ATM, by mail, or in person at any of our Farmers Bank locations, however there will be a charge per transaction over the number allowed per statement cycle.
  • Up to six debit transactions by third parties from your account per statement period. See your Farmers Bank Deposit Account Agreement for more details.

Interest is compounded quarterly and paid to the account quarterly. Interest rates may change at our discretion; we may change the interest rate on the account at any time. If the account is closed before interest is credited, you will not receive the accrued interest.

We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 on Personal Savings and $1,000.00 on Insured Money Market Savings each day to obtain the disclosed annual percentage yield.

Open a Farmers Bank Personal Savings Account with $100.00; open an Insured Money Market Savings account with $1,000.00.

Yes, there is a minimum balance requirement on Personal Savings account. If the balance in your Personal Savings account goes below $100.00 any time during the quarter, you will be accessed a charge of $6.00. On Insured Money Market Savings, if the balance in your Insured Money Market Savings account goes below $1,000.00 any day during the statement cycle, you will be accessed a charge of $8.00.

Yes, based on ownership, your deposit account will have coverage of at least $250,000.

Debit Card

Some people prefer to use their debit card for everyday transactions; others choose to use their debit cards and checks. The choice is up to you.

Debit cards look just like credit cards, but are different in a handful of important ways. The main difference is that a debit card is linked directly to your checking account instead of a line of credit. Many people find this important distinction a benefit since it helps you budget and avoid overspending. Farmers Bank offers debit cards that can be used at ATMs and millions of locations worldwide that accept Visa® Debit.

All of our checking accounts include a free Visa® Debit Card, if you meet the qualifications, and there’s no monthly service fee. You get benefits and convenience with your Farmers Bank Instant Issue Debit Card.

Just ask one of our friendly Customer Service Representatives. We’ll take care of the rest.

No. You do not receive a bill and do not have the ability to pay over a period of time. The funds MUST be in your account to make a purchase using your Farmers Bank Debit Card. Please note that a Farmers Bank Visa® Debit Card should not be used to “balance” your checkbook or used to find out when you have a zero balance. If you choose to opt-in, you can access your overdraft protection by using your Debit Card at an ATM or merchant.

Immediately place a call to get your card cancelled. During regular lobby business hours, you can contact the Main office M-F, 8:30 a.m. – 5 p.m. at 870-763-8101; our Manila office M-F, 8:30 a.m. – 6pm at 870-561-8101; or our Wilson office M-F, 8:30 a.m. – 5 p.m. at 870-655-8800. AFTER HOURS (CST) call 1-800-472-3272 to reach our Lost Card Hotline. Don’t forget to come by the bank to request a new Instant Issue Debit Card.

You can use your Farmers Bank Debit Card wherever Visa Debit Cards are accepted. Most retailers and service providers will allow you to use your card as a Point of Sale (POS) signature-based transaction or as a Personal Identification Number (PIN) based transaction. Some banks will charge you per POS transaction. Farmers Bank does NOT have a per-item POS transaction charge.

Yes. The amount, date, and the name of the place where you used it will all appear on your statement along with checks you write and ATM transactions. Having all of your transactions on one statement helps you keep better track of your spending.

Currently we have our daily limits set at $500 for ATM transactions and $2,000 for Point of Sale (POS) transactions.


A Traditional individual retirement arrangement (IRA) is a special domestic trust, custodial account, or annuity contract established to hold assets for an individual’s retirement. An IRA is not a certificate of deposit, money market account, or any other type of investment.

All taxpayers should have a savings plan to guarantee a financially secure retirement. IRAs can be an important part of this savings plan because they provide significant income for retirement and offer tax benefits along the way.

IRA holders may have more than one Traditional IRA. If an individual signs one set of opening documents and makes contributions for subsequent tax years under that same plan agreement, only one Traditional IRA exists. If an individual has more than one IRA (including deemed IRAs established through qualified employer plans), they must aggregate all their contributions made for a given year to stay within specified annual contribution limits.

An IRA holder must have compensation from personal services rendered to contribute to a Traditional IRA. Compensation generally is what an individual earns from working.

The law dictates the maximum IRA contribution amount. Following are the contribution limits.

Year Age Amount
2021 under 50 $6,000
2021 over 50 $6,000
2022 under 50 $6,000
2022 over 50 $6,000

Eligible individuals age 50 and older may make additional contributions to their Traditional IRAs in the form of catch-up contributions. EGTRRA sets the maximum amount for catch-up contributions to IRAs as $1,000 for 2006 and beyond.

IRA holders must begin taking money out of their Traditional IRAs by April 1 following the year in which they turn 72 (also known as the IRA holder’s required beginning date). The minimum amount that the IRA holder must distribute for a given tax year is called the required minimum distribution (RMD). Failure to remove the RMD results in an excess accumulation penalty equal to 50% of the amount that should have been withdrawn.

A Roth IRA is a type of IRA, first available January 1, 1998, where contributions are not deductible, but distributions can be tax free if certain circumstances exist. This IRA is named after former Senate Finance Committee Chairman William Roth (R-Delaware), who spearheaded the campaign to enact these types of IRAs.

To contribute to a Roth IRA, an individual (or spouse) must have eligible compensation (i.e. earned income) equal to or greater than the amount of the Roth contribution (the maximum annual contribution is $6,000 for 2021 and 2022, plus catch-up contributions (if eligible). Compensation for Roth IRAs is defined the same as for Traditional IRAs. In addition, a person’s modified adjusted gross income (MAGI) must fall within the applicable limits for her tax filing status. Unlike a Traditional IRA, there is no age limit for making contributions to a Roth IRA.

An eligible individual may contribute the lesser of the annual contribution limit, or 100% of eligible compensation to a Roth IRA. The maximum applies to all Traditional and Roth IRA contributions made for the tax year, in aggregate. These contribution amounts may be adjusted for cost-of-living increases.

Also, IRA holders who are 50 and older may make catch-up contributions of up to $1,000 annually.

The contribution deadline is the taxpayer’s tax return due date, excluding extensions.

Yes. Spousal contributions may be made to Roth IRAs.