News and Events
IRS Clarifies Rollover Rules for Individual Retirement Accounts
Beginning in 2015, IRA account holders can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own, based on a newly published clarification from the Internal Revenue Service. Previously, the IRS allowed one rollover per 12-month period from each IRA an individual owned.
Based on the current tax code and subsequent ruling by the U.S. Tax Court, rolling over multiple distributions may result in additional penalties. If you are considering an IRA rollover in 2015, please contact us. Additional information about rollovers and IRAs can be found be here.
Important Information About Debit Card Breaches
State Bank has been following the recent debit and credit card security breaches at U.S. retailers Home Depot and Goodwill, and card payment processer Signature Systems closely. The security of our customers’ funds and data are of the utmost importance to us, and we are taking appropriate action to protect them. At this time, if we discover your debit card was involved in the incident, we will notify you immediately and reissue your card. We encourage you to review your transaction history and monitor your account(s) activity on a regular basis through your account statement, Internet Banking or Mobile Banking. Please notify the bank immediately of any unusual account activity so that we may investigate any fraud related transactions. After bank hours you can call 1-800-472-3272.
The Home Depot is offering free identity protection sevices, including credit monitoring, to any customer who used a payment card at a The Home Depot store in 2014, from April on. Customers who wish to take advantage of these services can learn more at www.homedepot.com or by calling 1-800-HOMEDEPOT (800-466-3337). Additional information concerning The Home Depot Breach can be found here.
Goodwill Industries International confirms malware attack at third-party vendors payment systems enabling criminals to access card data at some Goodwill locations. A full press announcement and affected locations can be found here.
Siganture Systems, Inc. a provider of
point-of-sale systems for restaurants including 216
Jimmy John's locations and 108 other restaurant
locations acts to block payment card security incident. More
information including a detailed list of affected restaurants
can be found here.
Siganture Systems, Inc. a provider of point-of-sale systems for restaurants including 216 Jimmy John's locations and 108 other restaurant locations acts to block payment card security incident. More information including a detailed list of affected restaurants can be found here.Jimmy John’s Reastaurants is also offering identity theft protection services for affected customers. Additional information on the Jimmy Johns breach can be found here.
Welcome to our new website
We're so happy with the new gostatebank.com, and hope you are too!
We made some changes and added several new features and benefits designed with you mind, including:
- Fresh design, with improved navigation to make your banking faster and easier.
- Direct connection to specific State Bank products and services.
- Easy to find consumer and mortgage loan applications.
- Revamped news and events. Stay in the know quicker, easier, and up-to-date with State Bank programs and events.
- Better mobile experience. No more pinching and squeezing, get what you need when searching from your phone or tablet.
- And much more!
To make the experience even better, your online login process and online banking and bill pay remain the same.
As always, feel free to contact us with any questions, comments, or suggestions. Welcome to the new and improved gostatebank.com!
New Payment Options Available to Internet Banking Users
State Bank is excited to introduce two new payment methods for Internet Banking users. The first is Popmoney, a secure way to send or receive payments using an individual’s email or mobile phone number; and Expedited Payments, allowing you to pay a bill as soon as the next business day. Log in to your Internet Banking account to learn more.
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
WASHINGTON – The Bureau of the Public Debt has announced that as of January 1, 2012, paper savings bonds will no longer be sold at financial institutions. This action, which supports the U.S. Department of the Treasury's goal to increase the number of electronic transactions with citizens and businesses, will save American taxpayers approximately $70 million over the first five years.
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 America 's future – but in electronic form," said Public Debt Commissioner Van Zeck. "It's time for us to take a 1935 model and make it a 21st century investment tool."
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.
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.