State Savings Bank - Banking Smart Blog

Joe's Story

info@ssb.bank (State Savings Bank) — Wed, 03 May 2017 05:57:19 +0000

Meet Joe Logsdon

Being a relationship-based financial institution means we’re invested in you, your aspirations and growing your business! Congratulations to State Savings Bank customers Joe and Christina Logsdon on opening the third location of their bakery-cafe, La Mie.

Here's Joe's Story…

When La Mie first opened its doors in 2003, business was great. Then, a myriad of things happened. With nearby construction affecting accessibility, Jordan Creek Mall opening, and the recession all happening one after the other, Logsdon found himself needing to make a move and lacking the support to do so.

“I was at a point where I felt like we needed to grow and I was making a deal with my landlord to acquire more space. But the recession came and he told me not to do anything. It put me in a tough spot. My credit was in a bad place and owning a small business is difficult, especially a restaurant business. Unless you own the building, there’s not a lot of equity. It’s just your word, your food, and getting people in the door.

At that time, even if you had a decent credit score, banks wouldn’t lend to you because they were all in trouble for excessive lending. I was upside down and sideways when someone suggested that I talk to Tim Wolf at State Savings Bank. I don’t know if I’d call him a risk taker, but he’s more of a risk taker than some. To his credit (and maybe this will get me a little bit better interest rate next time I apply for a loan!) not only did he loan me money, but he sat me down and gave me pointers. He said, ‘Hey, here’s some ideas. Here’s what I think you should do and stick with it.’ From that point on, he really became more of a business advisor to me as well.

Things started moving, working, and making sense. We were able to get the money to do what we wanted to do, which was to move the kitchen to the other side of our restaurant and to add breakfast and more seating. After we got those pieces done, it just took off!”

Here's Tim's Comments…

“When Joe came to me, I took the time to really understand his business. Lending is never a one size fits all proposition and far more than adding up columns of numbers— it’s understanding how the business functions, the people behind the business, the story behind the numbers, and working as a team to problem solve and make it happen. We are delighted to see how successful Joe and Christina have become.”

So Why State Savings Bank?

“It’s a small bank, and at this point in time that’s really lovely. I have people come up to me all the time and say things like, ‘Hey, that guy Niko or that guy Michael who works for you—he’s great! How do you know him?’ We have 40 employees, believe it or not, and my retention is really high. I’ve had some people with us for 7-8 years. I see the same thing at State Savings Bank and love it, so that’s why. After all these years, I still go in and see Aaron, Bryan, Dan, Rick, Tim, and Paula. That’s a sign of security, commitment and trust to your employees and customers.”

La Mie Elevate is now open on the skywalk level of the Two Ruan Building downtown serving their signature pastries (if you have never bitten into the flaky, golden, goodness of a La Mie pastry, we suggest you stop whatever you’re doing and go there now) along with breakfast and lunch options. You can also find La Mie Express (1220 Locust St.) or their original café in The Shops at Roosevelt on 42nd St.

Put Some Away

info@ssb.bank (State Savings Bank) — Tue, 28 Feb 2017 16:20:39 +0000

The last week of February is annually designated “America Saves Week." There are numerous days, weeks and months dedicated to various groups of people and special interests each year, but a week dedicated to saving pertains to all Americans.

While there are many reasons people find saving hard, understanding the concept of saving is not hard. At its most basic level, when the money you spend is less than the money you have, what is left accumulates as “savings." This is true for children who receive gift money or an allowance and also true for working adults who earn paychecks and manage household expenses.

Things that are important to do often take planning and discipline to achieve and saving is no different. The America Saves website has many resources to help you set a savings goal and make a savings plan, as well as, a multitude of tips and ideas to keep you on track.

We encourage you to take the America Saves Pledge. Taking an action as simple as that can get you started and provide you with ongoing support, tips and resources to keep you going.

We Can Help

Come see us to set up your savings account. Even the smallest regular deposits add up over time and become a habit. You will enjoy watching your savings grow as you follow your plan and move toward your goal. When that special want or rainy day comes, you’ll be glad you did. And if you need help setting up automatic savings deposits, we can help with that too!

Insert the Chip or Swipe the Strip?

info@ssb.bank (State Savings Bank) — Mon, 13 Feb 2017 10:39:00 +0000

By now, you’ve probably heard of the term EMV Chip Card and you may even have one or more in your wallet. But do you understand how a chip card differs from a regular debit or credit card and why it’s such a big deal?

What is EMV Anyway?

EMV stands for Europay, Mastercard and Visa and is a global standard for cards equipped with computer chips. These chips produce a one-time code for each transaction — data that cannot be reused if stolen. This is unlike the older style cards that contain all the cardholder information needed to make purchases on a magnetic stripe that can be copied and counterfeited over and over again.

Rolling out EMV cards has been a slow process because it requires the terminals where you swipe your card to support the EMV technology. Sometimes you go to a business and find that they do not accept EMV cards, which means that for whatever reason, the business has not yet installed an EMV capable terminal. You can still use your card by swiping the magnetic stripe in these cases.

Another reason for a slow rollout has been the costs associated with reissuing cards. There is cost involved with producing and distributing cards to customers which the card issuer has to bear. Depending on how many cards are involved, this can be a large expense so many card issuers are spreading out that expense by rolling them out over time rather than all at once.

Is the expense to merchants and card issuers worth it? According to information supplied by the American Banking Association, consumer use is up, merchant use is up and fraud is down. While using the chip card may take a tiny bit longer to complete the transaction, when presented with an option, we recommend you choose inserting the chip over swiping the strip to take advantage of its enhanced security! Take a look at this EMV Infographic to see how this technology is driving down fraud.

When Will I Get Mine?

State Savings Bank has had EMV cards available for some time and is no longer issuing the older style magnetic stripe card. We’re rolling them out as existing cards expire or need replacing for any other reason. If you have questions about this, don't hesitate to call your branch.

Keep Your Children Safe from Financial Fraud

info@ssb.bank (State Savings Bank) — Mon, 30 Jan 2017 08:57:45 +0000

It’s important for kids to gain financial experience and providing them with opportunities to begin managing their own finances is a great start. Unfortunately, identity theft and fraud aren’t exclusive to adults. In today’s digital world, children and adolescents are also susceptible to these threats. According to a 2012 survey by the Identity Theft Assistance Center and the Javelin Strategy & Research group, 1 in 40 families with children under 18 had at least one child whose personal information was compromised.

Because children and adolescents may not know how to identity online scams and parents may not think to check their child’s credit score, thieves can get away with opening false accounts or cards in children’s names.

There are some simple preventative measures parents can take to help keep their child safe from financial fraud.

Talk with your child about shopping online safely. A news article reports that 86% of teen boys and 76% of teen girls shop online, with a strong majority purchasing from Amazon. Given the increase in the amount of purchases made online by kids, it is important to teach them the importance of account protection and password security. Check out our recent blog of tips for preventing cybertheft.
Talk with your child to decide an appropriate spending limit and work with the bank to set it up. For example, rather than accept the bank’s default per day limit on debit card transaction amounts, perhaps you’d prefer to start with a smaller limit.
Insist your child sign up for online banking and encourage them to regularly review their account activity. Not only does this keep the account balance fresh in their mind to discourage overspending, but also allows you to set up text message or e-mail alerts when certain account activities occur. When an alert is received, you can quickly investigate whether this was initiated by the child or is an indication of fraud.
Ask your bank about additional available account security tools. State Savings Bank accounts work with the free app, ShazamBolt$ which allows you to instantly pause a debit card if the card is lost or stolen and also notifies you of suspicious transactions or suspected fraud.
Check your child’s credit score. There may be fraudulent activity associated with your child’s credit score even if they don’t have a credit card or any loans, so it is beneficial to routinely check his or her credit score. Children are an appealing target for identity thieves because they may be able to take out loans or credit-related products using a child’s social security number and because children don’t have any credit blemishes, fraudulent activity can easily go undetected for long stretches of time.
Discuss and review apps together. Increasingly, kids are using smartphone apps to split costs between friends and make entertainment purchases. Make sure to go over the apps on their phone and identify which ones are safe to use for in-app purchases.

State Savings Bank is and will always be a relationship-based financial institution that serves its customers with safety. We love when families bank with us and we’re happy to offer advice or answer any questions you may have about best practices for financial security.

If you need additional ideas or help call us at 641-227-3161 in Baxter and 515-457-9533 in West Des Moines. You can find our locations and hours here.

The Clock Starts Now!

info@ssb.bank (State Savings Bank) — Mon, 23 Jan 2017 14:00:00 +0000

2017 tax season begins today! Did you know that roughly $1 billion in additional revenue is generated each year from tax errors? To ensure that you don’t end up paying more than you need to in taxes, it is important to stay organized when filing before the April 15 deadline, but also as you collect statements, invoices, and receipts throughout the year. We will be covering one particularly simple and efficient organizational method: the three-folder system.

Folder 1: Income

Make a list of all your income sources (jobs, investments, interest from rewards accounts, etc.) and keep those documents in this folder. Once your W-2 and 1099 forms arrive, double-check their accuracy and tick them off your income source list.

Folder 2: Deductions

Keep track off all your applicable deductions throughout the year. Part of this is already being done for you through a W-2 if you’re a salaried worker. However, if you donate to charities frequently, participate in any kind of tax-exempt activity or conduct freelance/contract work, this folder is important! According to TurboTax, there are numerous tax exemptions available to people that get overlooked regularly. For instance, there could be tax exemptions for moving expenses to begin your first job if you moved more than 50 miles or for refinancing your mortgage.

Folder 3: Investments

This folder includes any monthly, quarterly or annual statements, as well as purchase receipts, sale confirmations and dividend notices from investments you made throughout the year. If you have several types of investments subject to tax, try creating separate folders for different categories. Example: a folder for deductible or tax-deferred investments, which include Roth 401(k) accounts or IRAs and another folder for taxable investments like stocks and bonds.

The fastest way to get your refund is to file early. If you do it yourself, pick the e-file option, and ask for direct deposit, which is guaranteed to arrive in your bank account within 21 days. If you use a tax professional, schedule an appointment right away. If you prepare by organizing, filing early, and taking advantage of the deductions available to you, you will avoid paying unnecessary taxes.

Reward Yourself, It's Simple!

info@ssb.bank (State Savings Bank) — Sun, 15 Jan 2017 18:36:10 +0000

Checking accounts are designed with daily use in mind. They can accumulate dozens of transactions per day. Since most consumers have a nonstop relationship with their checking account, some banks offer reward checking accounts for customers who want to earn higher interest. Typically a reward checking account pays significantly higher interest than a traditional account if you meet a list of requirements. Often there is a maximum balance amount that can earn the high rate with balances over the stated maximum earning a lesser rate.

You may already have one, but have you given much thought to comparing them to learn if yours is the best one for you? We encourage you to compare yours with ours. With our Rewards Checking Account, customers earn high interest on balances up to $20,000. You can find all the details here. Shop around and compare minimum balances, the requirements necessary to earn higher interest, the maximum balance that earns the high interest rate and the APY and you'll see that State Savings Bank's Reward Checking account rates among the best in Iowa. And if you've never had one, do the math and you'll be surprised at the difference high interest makes.

The requirements to qualify for our Rewards Checking Account are simple:

15 or more debit card purchases.
5 or more ACH debits (automatic debits) OR 5 or more Bill Pay transactions OR 1 or more State Savings Bank automatic loan payments to State Savings Bank loans.
1 or more direct deposits such as payroll, social security, or disability income deposit.

**If the following minimum transactions do not post and settle to your account during a monthly statement cycle, the interest rate paid on the entire balance in your account will be 0.00% with an annual percentage yield (APY) of 0.00%:

You earn high interest doing what you already do with no minimum to open the account or minimum balance to maintain. If you don’t make the requirements each month, you won’t get stuck with penalty fees chipping away at your account. Instead, we provide a detailed breakdown on your statement showing you where you missed a requirement and how much interest you would have earned if you had met the requirements, as a nice reminder.

If you’re considering switching your checking account over to State Savings Bank to take advantage of this great account, we would love to speak with you and help make the transition. In addition to our deposit accounts, State Savings Bank also offers commercial, mortgage, personal and agricultural loans. Our friendly, community bank is here to see you through every stage and venture of your financial journey. Call or visit us at one of our locations:

West Des Moines
4800 Mills Civic Parkway, Suite 100
West Des Moines, IA 50265
515-457-9533

Baxter
102 S. Main Street
Baxter, IA 50028
641-227-3161

Preventing Cybertheft

info@ssb.bank (State Savings Bank) — Mon, 09 Jan 2017 14:00:00 +0000

We take protecting customer information seriously. At State Savings Bank, it is one of our top priorities. While we take pride in employing robust security measures to serve customers with safety, we understand that we cannot do it all from our end. Customer awareness and involvement both on and offline is a crucial line of defense. We’re here to help you know how to be proactive in prevention of cybertheft.

To protect your bank accounts, we recommend taking the following precautions:

Protect your email account. Did you see the recent news that over three billion Yahoo email accounts were compromised? Email compromise attacks are predicted to become cybercriminals’ next new favorite in 2017 as a means to perpetrate financial fraud. Once someone gains access to your email account, they can scan its contents looking for banking, credit card or other nonpublic personal information they can use to access your accounts or send emails that appear to be from you. Routinely purge your email folders of anything that could be misused if an unauthorized person gained access.
Double-up on your password protection by choosing passwords that have a variety of uppercase and lowercase letters, numbers, and symbols. Memorize your passwords and PINs rather than writing them down or storing them on your smartphone and do not use the same password on multiple online accounts. Also, make sure the answers to your security questions are ones only you would know.
Enroll in electronic statements to prevent the possibility of a paper statement being stolen out of a mailbox, off a desk, or from a garbage bin. If you prefer to receive paper statements, retrieve your mail promptly, and discontinue delivery while you’re out of town. Whenever possible, mail bills from your post office, not your mailbox. Shred papers containing any personal information.
Beware before you share any password, account information, or PIN over the phone or internet. Always err on the side of caution when opening an unsolicited email and do not click on links in the message. Please be cautious if ever asked to reveal or confirm non-public information online if you believe it isn’t associated with State Savings Bank. We do not ask you to verify any personal or account information over the internet or via email. If you have any questions regarding an email you have received, please contact us at 515-457-9533 and we will verify that it was sent from a State Savings Bank employee.
Use wireless networks you trust. Try not to check your accounts at work, on public computers, or using a public wireless network. Only use secure wireless networks that you trust. If you have a home wireless network, ensure it is secured and that any default passwords associated with your equipment have been changed. When you're finished with an online banking session, make sure you logout of your account and close the browser.
Regularly review your account statements to ensure all transactions are correct. If an account statement is late in arriving or does not arrive, call your financial institution to find out why. Check your account activity online regularly to catch suspicious activity early. It’s a good idea to also review your credit report at least once a year to check for changed addresses and fraudulent charges. Go to the Federal Trade Commission’s authorized website (https://www.annualcreditreport.com/index.action) for your free credit report.
Be smart about software. Keep your firewall turned on to protect your computer from hackers, install or update anti-virus software to prevent malicious software from embedding itself on your computer, and promptly update your operating system to fix security holes. And don't forget to update your phone.

Being Known is a Good Thing

Banking at a smaller community bank like State Savings Bank, where you know your banker and your banker knows you, is a great way to thwart cybercrime. We’ve detected and stopped an increasing number of fraud attempts in the last year by recognizing when someone’s account activity or communication style suddenly deviates from their customary pattern. Getting to know you goes beyond being friendly, it’s our way of working to keep your money safe.

Unfortunately, despite everyone's best efforts, cybercrime still happens. If you fall victim to fraud or have your debit or credit card stolen, our Security Center details steps you can take to stop further theft.

You Can if You Plan

info@ssb.bank (State Savings Bank) — Mon, 02 Jan 2017 08:30:00 +0000

Whether this is your first or fifteenth time creating a budget, it doesn’t matter because the most important thing is to find a budget that WORKS. We recommend following these steps to find your sweet spot, set your goals, and succeed in 2017!

Decide what your budgeting strategy is

First you should decide HOW you want your budget to work.

Do you need to cut back on personal spending? Give the envelope budgeting system a try.

If you’re a budgeting newbie, start with using the 50-30-20 rule:

50% for fixed expenses (rent, utilities, groceries, phone bill, etc.)
30% for discretionary spending (a.k.a “fun money”)
20% debt repayment and savings (student loans, credit cards, retirement, etc.)

Maybe you simply want to pay your bills and then spend the leftover however you’d like. In that case, take your monthly take-home pay and subtract your monthly fixed expenses, financial goal contributions and any non-monthly savings contribution you’re setting aside. Now that you’ve accounted for your expenses and goals, what’s left over is your flexible spending amount!

Pay, then play

Always pay yourself first! If you spend first and then assume you’ll make savings or debt payments at the end of the month with what is left over, you’ll be disappointed every time. After paying yourself, if you really want to make progress toward your goals, you can always allot yourself less “fun money”.

Budget to spend

Research shows that if you allow yourself indulgences here and there, you’re less likely to completely derail from your goals. Make sure to budget some fun personal splurges big or small to avoid budget burn out.

Evaluate and tweak

Regularly review your spending. This allows you to correct the course and make adjustments if for example, you notice that you’re spending too much on clothing or paying too much credit card interest. Using the categorize transactions feature in our online banking can help you with this.

Set up an emergency fund

This is a separate savings account where you have enough money stashed away for true emergencies: loss of your job, major car repair, and illness. This is money to get you through those tough times, which inevitably will come. Even if you have debt to pay off, it might be a good idea to establish the emergency fund first. If you spent all of your money paying off debt and had no e-fund, then in the event of an emergency, you’d have to use the cards again. Emergency funds break the debt-payoff-debt cycle.

Use our resources to help

Budgeting can be hard to love. But it is an important way to discover problem areas and keep your finances on track. Our budgeting calculators here can make the task easier. If your budget process leaves you feeling frustrated, please come and see us. We may have products or services that can ease your stress by improving the interest rates you pay on your debt or earn on your deposits and get your overall financial picture headed in the right direction.

When NOT Using Credit Cards Can Hurt You

info@ssb.bank (State Savings Bank) — Mon, 26 Dec 2016 08:00:00 +0000

Credit cards can lead to overspending and debt, which is why many people keep their plastic tucked away, collecting dust. While it seems counter-intuitive, not swiping your credit card could slow your progress toward home ownership or other big financial goals. When used with intention and responsibility, they can be a helpful financial tool! Here are a couple of ways not swiping your credit card might actually hurt more than help:

Struggling to Build Credit

A strong credit profile generates significant interest savings when going to finance a larger purchase like a home or car. Consumers don’t necessarily need to use their credit card frequently and carry a large balance to build good credit. By making on-time payments, paying at least the minimum balance over time, and keeping modest balances, consumers increase their score.

Struggling to Get a Mortgage or Car Loan

Since most Americans don’t have enough cash to purchase a car or home upfront, they typically need financing for this kind of purchase. Mortgage and auto lenders put a premium on credit history when making decisions about loans. If you have a good credit score, you will qualify for more attractive rates.

While using your credit card to build a good credit score, you can also take advantage of rewards that earn you travel points or cash back and comprehensive fraud protection. Understanding how to use credit cards with care and intention is something we would love to help you with! Building your credit score is important if you want to save and get better rates when applying for a loan, so we are here to answer any questions you may have that will help you reach your financial goals.

Stop by and see us or give us a call at 515-457-9533 in West Des Moines and 641-227-3161 in Baxter.

We Resolve in 2017...

info@ssb.bank (State Savings Bank) — Sun, 18 Dec 2016 07:02:00 +0000

At State Savings Bank, we would all agree that anytime is the perfect time to start setting financial goals or resolutions. However, the New Year brings about a sense of ambition, excitement, and optimism for many people wanting focus and a fresh start. So, let’s “bank” on that!

If you don't know where to start with making financial resolutions, these personal goals from our staff might give you some inspiration.

Aaron Spooner

Loan Officer

Life changed for the better for me when I got married in June. I have three financial goals I’m hoping to accomplish in 2017.

After spending all of 2016 saving for a down payment, I plan on purchasing my very first house
For the first time in my life, I hope to meet my yearly maximum allowable Roth IRA contribution in 2017
College was expensive! In 2017, I want to make a large dent in paying back my federal student loans

Cindy De Glopper

Information Security and Marketing Program Manager

My husband is already retired and I’m creeping closer myself. We have a big task to accomplish in 2017.

We plan to get all our financial, insurance and other important estate documents together in one secure location
We plan to make sure that our designated estate executor knows where and how to access these important records

Dan Flaucher

Vice President / Ag & Commercial Lender

Our family moved to Baxter in 2015 when I came to work for the bank. Big moves bring to mind other changes to consider. In 2017 I have a long list.

Restart my Christmas Club account
Update my Personal Financial Statement
Review my life, auto and home insurance coverages
Review my investment accounts
Take a look at my will to see if there are any updates needed
Try to add to my emergency fund
Establish a vacation account
Eliminate at least one credit card or loan in 2017

What Are Your 2017 Financial Resolutions?

Whatever your age or stage of life, thinking about financial goals is always important. Remember, if you want help setting money-related goals, we’re here to help! Visit one of our bankers and we can discuss what specific, attainable resolutions you can make that will be measurable and timely on your financial journey! If you need additional ideas or help call us at 641-227-3161 in Baxter and 515-457-9533 in West Des Moines. You can find our locations and hours You can find our locations and hours here..