How is Your Bank Like a Movie Plot?

According to New York Times bestselling author Donald Miller, nearly every movie you see at the theater follows this plotline:
  1. A character
  2. Has a problem
  3. And meets a guide
  4. Who gives them a plan
  5. And calls them to action
  6. That ends in a success
  7. That helps them avoid failure.
Last month we told you about our new mission statement, "You are our most valued asset. We commit our resources to help you build wealth." As we think about how that happens in our relationship with you, we hope you see your banker as your financial "guide" working with you when financial problems or opportunities arise to create solutions that end in success. That's always our goal. 

Our business customers are our highest priority. Read on to see some of the things we're working on to help you and your business. Oh, and the next time you see a movie, pay special attention to see if it follows the plotline described above!

Third and Final Phase of Same Day ACH Coming

Since September of 2016 you have had access to same day ACH credits and in September of 2017, same day ACH debits became possible. On March 16, 2018, the third and final phase of "same day ACH" takes effect. This means that receiving banks must make funds available from same day ACH credits (such as payroll Direct Deposits) to their depositors by 5:00 PM at the bank's local time. While State Savings Bank has been doing this for some time now, when the March deadline comes, all banks must follow this rule. The bottom line, money has the potential to move faster than ever and you have more options for last minute, time sensitive payments. Some exceptions apply. For more information, talk to your account officer.

Business Online Banking is Becoming Mobile Friendly
Those of use who use our Business Online Banking, we have a new release coming out this year that will give you new features. The new design will be "responsive" which means that it will look the same on your phone or tablet as is does on your PC. Along with a better mobile design, it will also come with the option to use a different type of authentication method, meaning you won't necessarily have to carry your hard token with you to access it. Soft token options (software based rather than a physical token) will be available. We think this will make our business product more mobile friendly for busy people on the go while still ensuring strict security.

We will work with those of you currently using this product when the upgrade is ready. If you are not currently using this product but would like to know more about it, call your account officer.

Coming Soon - Health Savings Account (HSA) CDs
Last summer, we began offering Health Savings Accounts and it has been a popular account. To help our HSA account holders maximize their funds, we are adding the ability to take money from a Health Savings Account and purchase a higher interest bearing Health Savings CD without violating any of the contribution/distribution rules for this type of account. This is good news for those of you who have HSAs and also good news for those of you who offer your employees HSA eligible High Deductible Health Plans. We'll let you know when we are ready to roll this out; it should be soon! Let us know if you'd like more information about this.

Watch out for Tax Scams

If your tax refund shows up before you even file, you could be a victim of the latest tax fraud. The IRS issued a scam alert last week describing the latest tax fraud schemes and what to do if it happens to you. Click here to read the IRS alert. If you have any questions or concerns about this, please call us.

CD Rates Have Risen

We raised our CD rates again last week. If you have excess funds to invest, take a look at our current rates.

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Copyright © 2018 State Savings Bank, All rights reserved.

Baxter: 641-227-3161      West Des Moines: 515-457-9533

Our mailing address is:
State Savings Bank
4800 Mills Civic Parkway
Suite 100
West Des Moines, IA 50265

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State Savings Bank · 4800 Mills Civic Parkway · Suite 100 · West Des Moines, IA 50265 · USA

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