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New Passcode Requirement Begin This Month for Internet Banking Users
To enhance your online security, State Bank is implementing the following new Online Banking passcode requirements:
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Passcodes will be case sensitive. To help alleviate mistyped passcodes,
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Passcodes must have a combination of alpha, numeric and special
Note: A special character is anything that is not alpha or numeric (including spaces).
*These
rules apply beginning with future passcode changes only – subsequent to
this initial required change.
Sometime
in the next few weeks when you log into Online Banking, you’ll see a
request to change your passcode to conform to the new requirements listed
above. You can change your passcode at that time or click ‘Remind
Me Next Day’ to bypass until the next weekday that you log in, and you
can change your passcode then.
Chillicothe State Bank and The State Bank Named To Seifried & Brew's Top 15th Percentile of Community Banks
Seifried & Brew LLC, a community bank risk
management firm, named Chillicothe State Bank and The State Bank in its
2011 Top 15th Percentile of Community Banks. To gain entry into this
distinguished ranking, a bank must demonstrate exemplary performance of
balancing risk and reward based on the Bank’s S&B Total Risk/Return
Composite Ranking. This is no small feat considering that the Banks not
only survived the Financial Crisis but actually thrived. Chillicothe State
Bank and The State Bank are among only 28 banks headquartered in the state
of Missouri to receive the award.
U.S. Savings Bonds are Going
Paperless in 2012
But savings bonds, introduced in 1935, are not going away. Electronic
savings bonds in Series EE and I will remain available through purchase in
TreasuryDirect®, a secure, web-based system operated by
Public Debt – where investors have been purchasing savings bonds,
available 24/7, since 2002.
"Savings bonds are very much a part of this country's history and
culture, and will remain a part of
Ending over-the-counter (OTC) sales of paper savings bonds at financial
institutions is a continuation of Treasury's all-electronic initiative
announced in April 2010. As part of the initiative, Treasury stopped the
sale of paper bonds through traditional payroll plans, effective December
31, 2010. It is estimated that ending the sales of paper payroll and new
issues of OTC bonds will save a total of $120 million over the next five
years in areas such as printing, mailing, storing bond stock and fees paid
to financial institutions for processing bond applications.
"Through TreasuryDirect, investors have an easy and convenient way
to purchase and manage their bonds free of charge," Commissioner Zeck
said. "Investors will no longer have to worry about misplacing,
losing or storing paper savings bonds."
Opening a TreasuryDirect account is free, and, once it's established,
investors can:
- Buy, manage, and redeem Series
EE and I electronic savings bonds.
- Convert Series EE and I paper
savings bonds to electronic through the SmartExchange®
feature.
- Purchase electronic savings
bonds as a gift.
- Enroll in a payroll savings
plan for purchasing electronic bonds.
- Invest in other Treasury
securities such as bills, notes, bonds, and TIPS (Treasury
Inflation-Protected Securities).
Those currently holding paper savings bonds can continue to redeem them
at financial institutions. Bonds, which have not matured, but were lost,
stolen or destroyed, can be reissued in paper or electronic form.
Series I paper savings bonds remain available for purchase using part
or all of one's tax refund. For more information on this feature, visit
www.irs.gov.
For more information about the elimination of paper savings bonds and how to enroll in TreasuryDirect, visit www.treasurydirect.gov.
The Safest Place For Your Money is Still in the Bank - FDIC increases insurance coverage from $100,000 to $250,000 per person per institution.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.
To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.
Basic FDIC Deposit Insurance Coverage Limits*
| Single Accounts (owned by one person) | $250,000 per owner |
| Joint Accounts (two or more persons) | $250,000 per co-owner |
| IRAs and certain other retirement accounts | $250,000 per owner |
| Trust Accounts | $250,000 per owner per beneficiary subject to specific limitations and requirements |
* These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
Chillicothe State Bank, State Bank of Missouri and The State Bank are all members of the Federal Deposit Insurance Corporation.
Important Debit Cardholders Information: Debit Card Scams
Criminals are becoming increasingly more effective in crafting and executing clever plans to obtain confidential cardholder information. The following examples highlight the latest attempts to capture data from your debit card:
#1: The scam begins with a telephone call from the fraudster to you claiming to be from MasterCard® or Visa® and wanting to verify unusual purchases from your account. Since there were really no purchases made, the cardholder will state and transactions are not valid and is then told by the scam artist that a credit will be issues to his/her account. In order to process the credit, the cardholder is asked to provide card number and the three digit code on the signature panel of the card, or the card verification value. If the cardholder provides the code, the caller will indicate the code verifies the card is in the cardholder's possession and hangs up. The fraudster now has the three digit code in conjunction with the card number and expiration date they already know. The scam artist can now begin making fraudulent Internet or telephone purchases. Typically, if you receive a call with a fraudster claiming to be from MasterCard® , the next day you may receive one claiming to be from Visa® or visa versa.
#2: The scam begins with a fraudster posing as a representative of MasterCard® or Visa® asking cardholders for account information to confirm a prize they have supposedly won. The caller may already have some information about the cardholder, such as name, card number and card expiration date. The caller asks questions to get the three digit code on the signature panel on the back of the card. Once the scam artist has this information, they are able to shop online or by telephone.
These requests sound legitimate. In both scams, the fraudsters go as far as providing employee identification numbers and fake names. They sometimes give the cardholder a reference or control number and advise them to call the toll-free number on their card if they have questions. Please be advised neither MasterCard® or Visa® makes calls directly to cardholders and would never call to verify or ask for any proprietary information, including the card verification value code. If you receive a telephone call requesting card information, it is imperative you do not disclose any personal information, account details or card information.
Cardholders should promptly notify the bank and local law enforcement if you receive suspicious calls or give out your three digit code. Cardholders should also closely monitor their statements for any unfamiliar or unauthorized transactions.
When Internet Scam Artists Go "Phishing," Don't Take the Bait, FDIC Consumer News
How to avoid being lured into giving out personal information
Law enforcement officials use the word "phishing" to describe a
type of identity theft by which scammers use fake Web sites and e-mails to
fish for valuable personal information from consumers. The FBI also is
calling it the "hottest and most troubling new scam on the
Internet." Even the FDIC's good name was used fraudulently in a
phishing scheme.
In the typical phishing scam, you receive an e-mail supposedly from a company or financial institution you may do business with or from a government agency. The e-mail describes a reason you must "verify" or "re-submit" confidential information — such as bank account and credit card numbers, Social Security numbers, passwords and personal identification numbers (PINs) — using a return e-mail, a form on a linked Web site, or a pop-up message with the name and even the logo of the company or government agency. Perhaps you're told that your bank account information has been lost or stolen or that limits may be imposed on your account unless you provide additional details. If you comply, the thieves hiding behind the seemingly legitimate Web site or e-mail can use the information to make unauthorized withdrawals from your bank account, pay for online purchases using your credit card, or even sell your personal information to other thieves. (See article link below for full text)
Individual Retirement Account Insurance Coverage Increases to $250,000
Effective April 1, 2006, the Federal Deposit Insurance Corporation (FDIC) increased the coverage amount on Traditional and Roth IRA products. The new coverage amount of $250,000, up from $100,000 previously, also applies to self-directed Keogh accounts, "457 Plan" accounts for government employees and employer-sponsored "defined contribution plan" accounts that are self-directed. Under the new rules, all of your deposits held at the same insured financial institution (State Bank) that are in the included category of retirement accounts are added together and the total is insured up to $250,000. Your retirement accounts are also separately insured from any other deposits you may have at the bank. Click Here for more information on the new rules from the FDIC.
State Bank Offers Access to Multi-Million Dollar
Federal Deposit Insurance Coverage
State Bank customers can now access
mulit-million dollar FDIC insurance with the Certificate of Deposit Account Registry Service, or
CDARS.
“With the safety and convenience that our bank offers through CDARS, our customers have a new, smart option to help them manage their money,” says Mark Simmer, Chillicothe State Bank President, “There are few guarantees in life, FDIC Insurance is one of them.”
“Who needs it? Not just the wealthy. Retirees, small business owners, nonprofit organization managers – anyone who wants security,” Mark Heins, State Bank of Missouri President added.
How does CDARS work? Your large deposit is broken into smaller amounts
and placed with other banks that are members of the CDARS Network. Then
those banks issue CDs in amounts under the standard FDIC insurance maximum
($250,000), so that your investment is eligible for FDIC protection.
“Customers benefit from the ease of working with only one institution – State Bank -- and receiving only one statement,” Vickie McGinnis, The State Bank President in Richmond said.
CS Bancshares, Inc. is a multi-bank holding company headquartered in Chillicothe, Missouri. Chillicothe State Bank, The State Bank in Richmond and State Bank of Missouri, with locations in Alma, Concordia and Grain Valley are all members of the CS Bancshares, Inc. family. We continually strive to bring our community innovative banking solutions. For more information on the CDARS
service at State Bank, please contact your local bank branch.
Limits apply. Funds may be submitted for placement
only after the depositor enters into a CDARS Deposit Placement Agreement
with us. The agreement contains important information and conditions
regarding the placement of funds by us. CDARS and Certificate of Deposit
Account Registry Service are registered service marks of Promontory
Interfinancial Network, LLC.
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