Equifax Breach

• Have you set up a PIN on your State Savings Bank accounts and can you remember it? (This is not your debit card PIN, but a separate PIN set up at account opening allowing us to verify your identification over the phone.) If you do not have or remember your PIN please go to your branch and get it set up. You'll need it if you telephone for account information.
• Have you set up a "my Social Security" account? Creating an account takes away the risk of someone else trying to create one in your name. Learn more here: https://blog.ssa.gov/protecting-your-social-security/ 
• Learn about protecting your driving record, your health insurance benefits and other information at risk due to this breach here: https://www.consumerreports.org/equifax/a-freeze-wont-help-with-all-equifax-breach-threats/
• Have you considered protecting your minor children from fraud? There are steps you can take. Learn more here: https://www.consumer.ftc.gov/articles/0040-child-identity-theft

What's New

• We're excited to announce that State Savings Bank is now a Farmer Mac approved lender. You've likely heard of Fannie Mae and Freddy Mac, programs that help banks provide affordable mortgage financing to consumers. Farmer Mac is a similar program for Ag real estate. The benefits Fannie Mae and Freddy Mac brought to consumer real estate financing, Farmer Mac brings to agriculture real estate financing, namely, affordable fixed-rate Ag real estate loans with local decisions and servicing. For details, call your loan officer or read more here: https://www.statesavingsonline.com/agriculture/farmermac/

Worth Mentioning

• A customer told us recently that he was a target of a rental property fraud attempt. He deposited a check from a person answering a "for rent" ad but before the check had a chance to clear, was contacted by the renter with an elaborate story about urgently needing a portion of that money back so he could cover moving expenses. In fraud attempts like these, the "renter" hopes the property owner believes the story and quickly sends the cash. When the rent check bounces due to insufficient funds, the property owner is out the money sent to the fraudster. Fortunately our customer sniffed out the fraud and did not send money. As expected, the deposit bounced. Always exercise caution before using funds from a deposited check until you know for sure that the check is good.

• With all the natural disasters in the news, we've been reviewing our Disaster Plan. We're betting against these particular events happening here but we're making sure ours is up to date. Is your business prepared?

• At its September 20th meeting, the Federal Reserve kept interest rates unchanged. While we have no crystal ball, current expectations are that the fed will stick to its forecast of three rate hikes in 2017 with the third likely to come in December. Call your loan officer if you have questions about if or how this could impact you.

• State Savings Bank debit cards work with the Shazam Bolt$ app. You can use the app to view balance information, set up transaction alerts, receive suspicious transaction alerts and temporarily block or unblock your own card. Visit the Shazam Web Portal to set up a Shazam Bolt$ account. Mobile users can download Shazam Bolt$ at the Apple® App Store or Google Play™.

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