You should have recently received a letter from us regarding some exciting changes coming to Glenwood State Bank. At the end of February, we’ll be undergoing a “Core Conversion”, which simply means we’re implementing a major system upgrade!
We’ve spent the better part of a year preparing for this upgrade; it’s been a major investment of dollars and staff time. We’re confident, however, this investment will pay off through happier employees and happier customers! As with all change, there will likely be some bumps along the way but know we’re doing everything we can to provide a smooth transition.
Included with this letter, you’ll find a timeline of events, which will give you a better idea of what to expect over Conversion weekend.
For more information about this upgrade, please visit www.glenwoodstate.bank/conversion. We’ll be updating this page as we get closer to our “live” date (February 25th), which will allow you to stay informed on the changes coming and how they affect you.
Should you have any questions in the meantime, please don’t hesitate to contact us. During and after Conversion, we’ll have knowledgeable staff available, by phone, for extended hours to answer any questions or concerns you may have.
IMPORTANT MESSAGE ABOUT HISTORICAL DATA:
Due to the large volume of data conversion required, there will be a delay in the accessibility of historical transactions and images. If you anticipate needing data older than 90 days, please take time prior to Conversion to download or print your statements in Online Banking. Historical data may take up to six weeks to appear in Online Banking. You may also contact the Bank, at any time, to acquire copies of your statements.
By: Peter Nelson, President
Over the next couple of months, we’ll be undergoing some very exciting changes! We’ve spent the better part of a year preparing for a “Core Conversion”, which essentially means we’re replacing many of our existing systems with new, cutting-edge technology! We’re rolling out the best of the best—because you’re worth it!
So, what does this mean for you? It means you’re going to have access to better products and services from Glenwood State Bank, which we’re very excited about! We’re introducing a brand new Online Banking platform, adding new features to Mobile Banking, updating our statements, refreshing debit cards, rolling out new services, and a whole lot more!
This conversion will take place over the weekend of February 22nd. On Monday, February 25th, we’ll be “live” on our new systems and will begin serving you from there! In preparation for the Conversion, you’ll start receiving different pieces of information over the next month or so; please be sure to read these communications, as they are very important.
If, in the meantime, you’d like to learn a little more, visit www.glenwoodstate.bank/conversion. We’ve devoted a page on our website to highlight the exciting changes coming, and to provide more detail on how it will impact you.
We’re doing everything we can to pave the way for a smooth transition; however, nothing is perfect and there will be some bumps along the way. We’ll ask for a little patience and grace over the next few months as we all adjust to these changes. Please know, this change is for YOU and we’re confident you’ll be happy with the end result! Should you have any questions in the meantime, please don’t hesitate to contact us.
By: Peter Nelson, President
August 03, 2018
At some point in life, your child will learn money management skills. However, it’s up to you, as parents, to make sure that happens soon enough! Many think the appropriate time is when your child gets their first job. The reality is, there’s a lot to learn before then!
Long before they collect their first meager paycheck, your child will likely have many opportunities to receive money. Birthdays, holidays, tooth fairies, and grandparents all tend to dish out the “dough”. It’s also common for children to earn money through allowances. Some allowances are given for completing chores around the house, others are given with no strings attached. Regardless of how your child receives their money, you should set guidelines early on about how much can be spent and how much should be saved.
Though a piggy bank is a simple instrument for your child to save money, opening and using a bank account paves the way for far more learning opportunities! As adults, we don’t throw our savings into ceramic figurines, so why would we teach our children that? By taking them to the bank, helping them make deposits and withdrawals, and interacting with the staff; they will be much more equipped for those real-world experiences later on in life.
Plus, most banks already have a fun children’s program that incentivizes saving money! Typically, each time your child makes a deposit into their account, they’ll earn a small gift from the bank. By rewarding good behavior (saving money) they’ll want to keep doing it!
It’s a fact of life: money burns a metaphorical hole in our pockets, no matter our age. This is why it’s important to teach your child to be a wise steward of their bank account early on. When your child wants something, have them set a savings goal for that item. Once they reach their goal, bring them to the bank to make a withdrawal and then encourage them to work with the cashier at the store. By giving them ownership of their money, they’ll come to understand the value it has.
Don’t wait; teach your child about saving and spending money now! All it takes is one great role model—you!!
By: Jordan McMahon, Marketing Manager
January 25, 2017
Your financial institution goes to great lengths to protect your bank accounts every day, however, they can’t always protect you from fraud or identity theft. This is where “falling asleep” on your finances becomes dangerous. If you don’t check your accounts for weeks or months at a time, fraudulent charges could be racking up on your account without your knowledge!
Scammers use many different tools and techniques to gain access to your bank accounts or convince you to send money—they get smarter every day! One of the most common types of fraud occurs when scammers impersonate someone you trust, like a family member, government official, a charity, or a company you do business with. They may call or send an email, asking for personal information or money; if you weren’t expecting this request, do not respond until you are absolutely certain of their identity and intentions.
Similarly, if someone asks you to pay for something in advance, use extreme caution! If they claim you won a prize or qualify for debt relief, but you must pay taxes or fees prior to taking advantage of it, it’s likely a scam. It’s also becoming increasingly common for scammers to ask you to cash a check for them—sending most of the cash back to them and keeping some for yourself; these checks are fraudulent and will be returned against your account.
If a company or organization asks you to pay using an uncommon type of payment method, like a wiring service or reloadable debit card, ask more questions! Real and honest businesses should accept cash, credit cards, or personal checks. When in doubt, however, always use a credit card to pay; they have the most fraud protection built-in and it’s much easier to recover lost funds if it does turn out to be fraudulent.
Unfortunately, we live in a world where fraud happens every minute of every day. We have to put up our defenses when it comes to our finances; don’t share your personal information with anyone until you are confident their identity and intentions are true. To learn more about current scams, visit the Federal Trade Commission’s website at www.consumer.ftc.gov.
By: Teri Etienne, Treasury Management
January 27, 2015
I would venture to guess that everyone has a bank account. Nowadays, people can’t live without their checking accounts and debit cards. I would also venture to guess that most people have a savings account (because that’s the usual setup at a financial institution). But do people really maximize their savings account, and therefore, their money? There are a multitude of products and services out there, offered by your financial institution, that will put your money to work for you and grow your savings…without even putting in extra hours at work!
Savings accounts typically have higher interest rates than checking accounts so it’s recommended to keep most of your dollars in savings so it can earn interest (aka free money!).
In other words, don’t stockpile too much money in checking or you’ll miss out on earning more interest (again, free money!)—only keep what you need in checking and transfer over from savings, when necessary.
Certificate of Deposits
A Certificate of Deposit (CD) is an investment that earns a premium interest rate and is used on money that you don’t anticipate needing in the near future. CD’s can generally be for any dollar amount and the length of time, or term, can be from 6 months to 10 years, with the interest rate being higher as the term lengthens. The interest rate is determined at the time of the investment and is locked at that rate for the life of the CD, which makes this a very safe investment because you can easily determine return.
Individual Retirement Accounts
Though your retirement may (or may not) be a long ways off, it’s inevitable and therefore, should be prepared for ahead of time—an Individual Retirement Account, or IRA, is a savings account designed to do just that! The key feature of an IRA is the ability to make contributions on a tax-free or tax-deferred basis, which can make you a lot more money because they typically hold higher interest rates as well. The beauty is anyone can start an IRA, regardless of your age or salary. Talk to your local financial institution to find out what’s right for you.
By: Jennifer Guderjahn, Personal Banker
(after 51 weeks)
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