Financial Tips for 2012 Graduates

As students graduate from high school, colleges, and universities across the country and begin to plant the seeds for their financial future, the Independent Community Bankers of America (ICBA) and Union State Bank offer tips to help graduates manage finances in the “real world.”

“Graduation is an exciting time for students who are often anxious to gain financial independence,” said Terry Jorde, ICBA senior executive vice president and chief of staff.  “It’s important to remember that the financial decisions you make now will affect your future for years to come, so take a moment to outline your short- and long-term financial goals and come up with a monthly budget that will work for you.  Believe me, this is one simple exercise that will be well worth any recent grad’s time.  You’ll thank yourself a few months and a few years down the line.

Jorde suggested that students who don’t already have their own individual bank accounts (not cosigned by mom and dad) open one immediately.  “Look to a community banker who can work with you one-on-one to make a financial plan that suits your individual needs,” said Jorde.  You can find a community bank near you by visiting www.banklocally.org or downloading the free ICBA locator app for your iPhone, Android or BlackBerry.”

 Other tips from ICBA and Union State Bank include:

• If you don’t have strong financial literacy skills, take some time to educate yourself on money matters, such as credit and ways to save for retirement.  There is an abundance of resources available from programs such as FDIC Money Smart. 
• Understand credit, how to build it and what hurts it.
• Set up online banking to help you manage your finances from anywhere, especially if you will be leaving the area and attending college. 
• Start saving for retirement now even if it does seem like a long way away. Many employers offer investment matching plans to help you get started.
• Set up an automatic savings account that pulls from your account every month as soon as you get your paycheck.  Some employers also allow you to defer savings to another account.  If you don’t see it, chances are you won’t miss it so much.  Having a safety net in your savings account will help you stress less.  
• Stay on top of any student loans, don’t miss deadlines and consolidate if appropriate. Some companies will help you pay off your student debt; make sure to ask about this when negotiating your new job.
• Review your banking, credit card and loan statements regularly so you can be aware of any errors.
• If you move, notify your bank, card and loan issuers immediately.
• If closing a bank account, confirm that the account and appropriate lines of credit have been closed by verifying with the bank. 
• Take advantage of working with financial planners at your bank who can help you create your financial roadmap and a smart monthly budget for this stage in your life. 

This stage of a grad’s life is all about empowerment—and financial matters are no different.  Union State Bank congratulates this year’s graduatess and wish them a prosperous financial future.  We’re here to serve them in whatever way we can.

ICBA and Union State Bank Celebrate National Small Business Week

The Independent Community Bankers of America (ICBA) and Union State Bank are joining the Small Business Association (SBA) in celebrating National Small Business Week, May 20 through May 26.  ICBA, which represents the nation’s more than 7,000 community banks, is reminding everyone about the critical role community banks serve in supporting local small businesses.

“Small businesses are critical to the economic stability of this country,” said Jeff Gerhart, ICBA chairman and chairman, Bank of Newman Grove, Neb., noting that small businesses have accounted for 65 percent of the private sector job creation over the past 15 years.  “Not only do community banks support local small businesses through unparalleled lending, they are also local small businesses themselves.  This means that community banks understand their local markets better than anyone and also understand the challenges their customers face.”

Community banks under $10 billion in assets provide nearly 60 percent of small business loans between $100,000 and $1 million. For their size, community banks are prolific small business lenders—providing a substantial number of small business loans across the country, including SBA loans. 

“By lending to local entrepreneurs and small businesses, community banks help local economies thrive—driving economic growth and prosperity,” said Jeff Kleiman, President of Union State Bank.  “We are honored to serve our communities’ small businesses and are proud to recognize the important role they serve during Small Business Week.” 

Representing more than 24,000 locations nationwide and employing nearly 300,000 Americans, ICBA members hold more than $1.2 trillion in assets, $1 trillion in deposits and nearly $750 billion in loans to consumers, small businesses and the agricultural community.

Gerhart went on to say that small business owners and consumers can find their local community bank by visiting ICBA’s Community Bank Locator at www.banklocally.org.  “Simply type in your ZIP code and the app will show you all the community banks in your area. You can even download free ICBA locator apps for your iPhone, Android or BlackBerry,” he said. 

To follow the conversation on Small Business Week, follow the hashtags #SBW2012 and #golocal on Twitter.  To learn more about community banks, visit www.icba.org. 

The Independent Community Bankers of America, the nation’s voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.

How to Guard Against I.D. Theft

An estimated 10 million Americans become victims of identify theft annually. For thousands of Wisconsinites each year, I.D. theft is a real-life tragedy that steals their money, cause enormous aggravation, and takes many valuable hours to recoup their losses and recover their financial reputation.

Sometimes I.D. theft is unavoidable-a hacker invades a retail chain’s computers or a thief steals credit card offers from your mailbox. Still, there are a number of simple steps consumers can take to manage their personal information and make it harder for thieves to find social security or credit card account numbers, or to gain access to online accounts. In the case of I.D. theft, the old adage, “An ounce of prevention is worth a pound of cure,” is certainly true!

A few easy actions take only minutes, for example, shred old bills, credit card offers, and other documents containing personal information that might pose a risk in the wrong hands. In addition, do not routinely carry your Social Security number in your purse or wallet. Carry it and your passport only when needed, and carry no more than one or two credit cards.

            Here are a few more suggestions:

1. Review your credit card statements and phone bills for unauthorized charges.
2. Avoid using easily decoded PINs or passwords-for example, the last four digits of your Social Security number, telephone number, or even your mother’s maiden name.
3. Keep a list of credit card numbers, bank checking account numbers, and customer service phone numbers of all your accounts in a safe place, so that you can call quickly if you think an account may have been unlawfully assessed.
4. Check your credit report regularly. You can get your free credit report from the three major credit reporting agencies (Equifax, Experian, and TransUnion) by calling 877-322-8228 or online at www.annualcreditreport.com/cra/index.jsp.

Wisconsin offers a wealth of assistance related to the risk of I.D. theft, including classes, fact sheets, and online information. Here are a few places to start:

• The Office of Privacy Protection in the Department of Agriculture, Trade, and Consumer Protection has taught thousands of consumers, businesses, and law enforcement agencies about I.D. theft and fraud prevention. Fact sheets available in English, Spanish, and Hmong cover such topics as protecting your identity while shopping, medical I.D. theft, and safeguarding your Social Security number: http://privacy.wi.gov/factsheets/factsheets.html.
• The Department of Financial Institutions offers a list of frequently asked questions to help prevent I.D. theft and steps to take if you become the victim of I.D. theft: http://www.wdfi.org/wca/faq.htm#preventidtheft.
• The Wisconsin Department of Justice offers prevention tips and contacts to help if you experience I.D. theft: http://www.doj.state.wi.us/dls/ConsProt/cp_identitytheft.asp. It also offers a Consumer Protection Hotline: 800-998-0700 or 608-266-1852.
• The Wisconsin Attorney General’s office provides a brochure on protecting your name and credit, including a list of how thieves may access your personal information:  http://www.doj.state.wi.us/docs/ID_theft_broc.pdf.
• The Identity Theft Resource Center provides links to Wisconsin laws addressing I.D. theft, scam alerts, and a reference library: http://www.idtheftcenter.org/artman2/publish/states/Wisconsin.shtml.

Love My Community Bank

Earlier this year the Independent Community Bankers of America (ICBA) had a campaign to solicit feedback from those individuals that bank with local community banks.  Following is the announcement of the winners.  Be sure to check out why people love their community bank at http://www.ilovemycommunitybank.com/.  Also, leave a comment on this blog about why you love your community bank!

ICBA Announces “I Love My Community Bank Because” Winners

ICBA is happy to announce the five winners of the “I Love My Community Bank Because 2.0” contest. Each contest winner will receive a $500 gift card for sharing why they love banking locally with their community bank. With nearly 1,400 testimonials received on behalf of 450 participating community banks, this year’s campaign was a great success. Without further adieu, the winners are: Patricia Lynn Synclair, Albina Community Bank, Portland, Ore. Milah McGraw, Delta Bank, Vidalia, La. Rich Coccaro, First Citizens National Bank, Dyersburg, Tenn. Ginger Warner Shouse, Valley Bank, Roanoke, Va. Joyce and Ken VonRueden, Farmers Savings Bank, Mineral Point, Wis. ICBA thanks all the community banks and their customers who participated and supported the campaign.

Are You Covered?

Seal of the United States Federal Deposit Insurance Corporation. It is primarily based on the the Treasury seal, especially the older version which was still in use in 1933. (Photo credit: Wikipedia)

The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage for depositors at most banks and savings associations.  There are some banks that do not offer FDIC coverage.  You should always look for the FDIC gold logo at your financial institution.  Each depositor at a covered financial institution is insured up to $250,000.  Should a financial institution fail, the FDIC will guarantee availability of the funds. 

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system.  The FDIC receives no federal tax dollars.  The insured banks pay insurance premiums on the deposits held. 

The $250,000 of coverage can be confusing to many depositors.  The FDIC website has a page dedicated to answering questions related to insurance coverage.  Click the link to go to the page.  https://www.fdic.gov/edie/fdic_info.html. 

The FDIC also has a calculator that can be used to calculate if your deposits are covered.  The following link will take you to the calculator.  https://www.fdic.gov/edie/calculator.html.  If you are unsure if your bank is covered, you can select the state and city of your bank and it will show a listing of covered institutions in that city.  When using the calculator, it is important to list the ownership of the account correctly.  There is a drop down box that will allow you to choose the ownership and if there are beneficiaries.  The calculator will then show you a report showing what portion of your accounts are covered and not covered. 

Until December 31, 2012, transaction accounts, those checking accounts that do NOT pay interest, have unlimited FDIC coverage. 

If you have any questions about your FDIC coverage, stop in to see a personal banker who will be happy to sit down with you and go over your accounts.

Teach Kids to Save

Earlier this week, employees of Union State Bank taught the importance of saving money to Kewaunee Elementary School’s second grade classes.  It is never too early to teach children to save money.  Some of the activities included the Savings Game where students had to make a choice of spending money on something now or saving it so they could buy something bigger later, information about what a bank does, and how banks help the community and the people who live in the community by lending money. 

If you are interested in teaching your children more about savings, check out the FDIC website at www.fdic.gov/moneysmart.  They have material available to the public geared for elementary students, young adults, and adults.  It may be a good way for you to brush up on savings as well! 

Also, as part of Union State Bank’s committment to educating people to save, we welcome you to meet with us regarding savings programs or a bank tour provided by our marketing department.  If you would like to set up an appointment, please contact marketing at 388-3466.

Internet Banking

Union State Bank’s new internet banking website has been up and running for about two weeks now.  If you have not logged on, please do so to check out the new and expanded features this website offers.  You can also once again view check images.  This is something the old website could not do anymore as we upgraded other software. 

 The new website also allows you to see pending debit card transactions that have not formally posted to your account.  This is very helpful when checking your balance as well as detecting any fraudulent activity. 

If you have any problems with your access id or password, please do not hesitate to contact us.  We also appreciate any feedback you may have on the website.

April is Community Banking Month

 

Reprinted from  http://www.icba.org/news/newsreleasedetail.cfm?ItemNumber=124272&sn.ItemNumber=1733

Washington, D.C. (April 2, 2012)—April is Community Banking Month, and the Independent Community Bankers of America (ICBA) and its nearly 5,000 community bank members are encouraging consumers and small business owners to Go Local by banking locally with a community bank. Because community banks put local deposits back to work in the community, and are financial first responders both in good times and in bad, consumers will be reinvesting in their neighborhood and making it a better place to live and work for generations to come.

States, local governments, and community banks recognize Community Banking Month. Some community banks partner with local charities to host special events, while others promote economic development initiatives. Many community banks traditionally mark the month by highlighting their community service or financial education programs.

“Community banks proudly embody the American spirit of Main Street by lending to local small business owners, helping area families achieve financial stability and enabling their local economy and community to thrive. And this isn’t a new phenomenon. Many community banks have been around for over a hundred years, and like mine, many are still family owned and operated,” said Jeff Gerhart, ICBA chairman and chairman of Bank of Newman Grove, Neb. “I’m so proud to be a community banker and I’m thrilled to celebrate Community Banking Month by encouraging consumers and small business owners to Go Local so they too can realize the benefits of banking locally, and make a real difference in their community and local economy.”

By driving local economies and creating local jobs, community banks are an integral part of our nation’s financial system. Of the more than 7,000 community banks across the country, nearly 5,000 are ICBA members. Representing more than 24,000 locations nationwide and employing nearly 300,000 Americans, ICBA members hold more than $1.2 trillion in assets, $1 trillion in deposits, and nearly $750 billion in loans to consumers, small businesses and the agricultural community. Located in small towns, suburbia and big-city neighborhoods, community banks improve the nation’s communities by lending to local customers and funding nearly 60 percent of all small businesses under $1 million.

“As small businesses themselves, community banks are relationship lenders that only thrive when their customers and communities do the same, so taking care of their customers and looking out for the best interest of their community is the way they do business,” said Camden R. Fine, ICBA president and CEO.

Fine went on to say that he encourages consumers to make Community Banking Month a reason to find their local community bank. He said consumers can do so by visiting ICBA’s Community Bank Locator at www.banklocally.org. “Simply type in your zip code and the app will show you all the community banks in your area. You can even download free ICBA locator apps for your iPhone, Android or Blackberry,” he said. “We’ve made it simple so all you need to do go down the street, meet with a community banker face-to-face and see if making the switch is right for you.”

To follow the conversation on Community Banking Month, follow the hashtag #golocal on Twitter. To learn more about community banks, please click on the following links or visit www.icba.org.

Union State Bank is proud to be a member of ICBA and works hard everyday to support and grow our local communities!

Current Debit Card Fraud in Northeastern Wisconsin

Recently Union State Bank customers and non-customers in the area were sent a text message stating “Your card starting with 5511 has been deactivated.  Please contact us at 920-562-6757.” 

This is a scam set up to get debit card numbers and PIN numbers from unsuspecting card holders.  Your best protection is to ignore these types of texts.  If you did call this number, please contact Union State Bank immediately at 920-388-3466 or 1-888-958-6466 so we can lock your card and prevent theft from your account. 

This is a good time to brush up on debit card security.

The bank knows your debit card account number.  We would never ask you for it.

• Never give your PIN to ANYONE!  The bank and bank employees do not know this code and there is no reason for us to know it.  That is why if you lose your PIN, a computer generated, sealed envelope is sent directly to you with bank employees never seeing your PIN.   
• A PIN should only be used when withdrawing money from an ATM or making POS purchases.  It should never be given out verbally to anyone.
• If you are unsure of a text or phone call you receive, hang up and call the phone number you are familiar with for the bank and explain what you were asked to do.
• If you do give the card information out and later realize it was a scam, contact the bank immediately so the debit card can be blocked.  If it is after hours and you have internet banking, you can move the money out of the checking account and into another account that is not linked on your debit card.
• Check your internet banking account for any suspicious activity.  Some scammers may only take $50 out of your account.  This is a small enough amount that you might not notice it right away. 
• If you are unsure of the number calling you or sending you a text, or the callback number, try Googling it.  Many times the number will come up with information stating that the number is a scam. 

Potential Scam with Debit and Credit Cards

Just a heads up for  everyone regarding the latest in Visa & MasterCard fraud.  This is happening in the Midwest right now and moving!

This one is pretty slick since they provide YOU with all the information, except the one piece they want..

Note, the callers do not ask for your card number; they already have it..

This information is worth reading. By understanding how the VISA & MasterCard telephone Credit Card Scam works, you’ll be  better prepared to protect yourself. Individuals receive a call from Visa or MasterCard.

The scam works  like this:

Person calling says – ‘This  is (name), and I’m calling from the Security and Fraud Department at VISA. My Badge  number is  12460, Your card has been flagged for an unusual purchase pattern, and I’m calling to verify. This would be on your VISA card  which was  issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a marketing company based in Arizona ?’ When you say ‘No’, the  caller continues  with, ‘Then we  will be  issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?’ You say ‘yes’.

The caller continues – ‘I will be  starting a  Fraud Investigation. If you have any questions, you should  call the 1-  800 number  listed on the  back of your  card  (1-800-VISA)  and ask for Security. You will need to refer to this Control Number. The caller then gives you a 6 digit number. ‘Do you need me to read it again?’

Here’s the IMPORTANT part  on how the  scam works -  The caller  then says, ‘I  need to verify  you are in  possession of  your card’. He’ll ask you to ‘turn your card over and look for some numbers’. There are 7 numbers; the first 4 are  part of your  card number,  the last 3 are the Security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will  ask you to  read the last  3 numbers to  him. After you  tell the caller the 3 numbers, he’ll say, ‘That is correct, I  just needed to verify that  the card has  not been lost  or stolen, and  that you still  have your card  Do you have any other questions?’

After you say no, the caller then thanks you and  states, ‘Don’t hesitate to  call back if you do’, and hangs up. You actually say very little,  and they never  ask for or  tell you the  card number.  But after we  were called, we  called back within 20 minutes to ask  a question. Are we were glad we did! The REAL VISA Security Department told us it was  a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card. We made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of  the card.  Don’t give it  to them. Instead, tell them you’ll  call VISA or Master Card directly for verification  of their conversation.

The real VISA told us that they will  never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you’re receiving a credit; however, by the time you get your statement you’ll see charges for purchases you didn’t make, and by then  it’s almost too late and/or more difficult to actually file  a fraud  report.