News & Newsletter

News

G2G:) got to go checking

Healthy relationships and good saving habits develop early. That's why Dairy State Bank is offering G2G, a checking package for young adults 14 - 25. It delivers card-carrying convenience plus the access that many parents and guardians want. The G2G checking account includes:

No minimum balance and no monthly service charge
Free Check Card. A Photo Check card is available for a one-time fee of $5
Free Online Banking
Free Online Bill Pay ($5 monthly inactivity fee is not used at least one time per month)
Every month as little as $10 can be automatically transferred from your G2G account to a savings account
Free First Box of Basic Check

To set up your new G2G checking account, stop in to any of our branches and talk to a Customer Service Representative!

36 month CD Special

Dairy State Bank is offering a 36 month CD effective July 7, 2008.

Interest rate is 4.00% with an APY of 4.00%.
The minimum balance to open and earn the APY is $5,000.
The Annual Percentage Yield (APY) assumes that interest will remain on deposit. If a withdrawal occurs, earnings will be reduced.
A 6 month penalty may be charged for early withdrawal.
Certificates of deposit automatically renew at maturity.
Compounding of interest is annually.
During the original term of this certificate, you have the option to change the rate on the certificate one time. If you exercise this option, the interest rate will be changed to the rate in effect on a non-escalator certificate with a similar term and amount. The rate change option expires at first maturity.

7 month CD Special

Dairy State Bank is offering a 7 month CD effective March 19, 2008.

Interest rate is 3.00% with an APY of 3.02%.
The minimum balance to open and earn the APY is $5,000.00.
The Annual Percentage Yield (APY) assumes that interest will remain on deposit. If a withdrawal occurs, earnings will be reduced.
A 90-day penalty may be charged for early withdrawal.
Certificates of deposit automatically renew at maturity.
Compounding of interest is at maturity.

Great News! dairy state bank offers Online Bill Pay!

No more running to the post office to get postage. No more writing paper checks. Now you can pay your bills using our internet banking service! It's the fastest way to pay recurring bills and make one-time payments. Sign up today at any of our four locations!

*This service is free as long as you use it at least one time per month. If you do not use it, there is an inactivity fee of $5.00 per month.

Get the Picture for better security!

Now you can add your photo to your Check Card for extra security! There is a small $5 one-time fee for the Photo Check Card.....a small price to pay to protect your identity! Regular check cards are still available at no charge. Ask for details at all four of our locations!

misinformation could lead to personal safety issues

The internet can often quickly spread "urban myth" stories but few stories gain such rapid appeal with so many potentially negative impacts on cardholders safety and confidence as the misleading stories circulating the internet regarding PIN reversal to signal distress. PIN reversal technology is a concept based upon the possibility that a cardholder could remember (and reverse) his or her PIN at an ATM to draw attention to a dangerous situation like a kidnapping or a robbery. Critics say that it is unlikely that anyone under duress could successfully employ this technique without compromising personal safety.

Financial institutions within the United States have not deployed this technique despite several well circulated email chain letters that have misstated this fact. The PIN reversal functionality is not a valid security option at the ATM.

HSA accounts

Do you have a High Deductible Health Plan? Then you may be eligible for a Health Savings Account!

A Health Savings Account (HSA) is a tax-exempt custodial account opened exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse or your children.

To be eligible, you must:

Be covered under a high-deductible health plan (HDHP) on the 1st day of the month
Are not also covered by any other health plan that is not an HDHP
Are not enrolled in Medicare
Cannot be claimed as a dependent on another person's tax return
Your HDHP plan has an annual deductible of at least $1,100 for single coverage and $2,200 for family coverage

The tax benefit to the customer is that the contributions are tax-deductible and the distributions are tax free if used for qualified medical expenses. The maximum annual contribution is $2,900 for single coverage and $5,800 for family coverage. Non-qualifying expenses are subject to federal income taxes and an additional 10% penalty tax by the IRS.

Interest is also tax-free if used to pay for qualified medical expenses and tax-deferred if it is held in the account until the age of 65 and then used for purposes other than qualified medical expenses.

If you think that you may qualify for this account, please call or stop by any of our branches for more information.

What Is Check 21?

The Check Clearing Act for the 21st Century was signed into law by President Bush on October 28, 2003 and went into effect October 28, 2004. As of today, most checks must be physically transported before they can be cleared, which is expensive and time-consuming. Under this law, checks that you write should clear sooner, raising the possibility that some checks will be returned NSF if there were non-sufficient funds in the account when you wrote the check. You should not write checks for amounts that can't be covered by funds already in your checking account.

Check 21 also creates a new legal document, called the "substitute check", which can be used for proof of payment or for any other reason that might require an original canceled check. A substitute check is a legally sanctioned document, with all the rights and obligations given the original check written from your checkbook. These checks are paper copies created from electronic images of original paper checks (front and back, with all endorsements) although not all images meet the "substitute check" requirements. (Typical check image statements are not considered substitute checks.) Each substitute check also includes a statement identifying it as a legal copy of the original check. Beginning October 28, 2004, every bank will be required to accept substitute checks and at least some of the checks or check copies you receive from us may be substitute checks.

Not only will Check 21 speed up check clearing, it will also detect check fraud faster. Faster fraud detection means faster resolution for customers. Another safeguard is that the bank that creates a substitute check must warrant that the check is accurate. The bank also has to make sure the substitute check is produced in accordance with industry standards for quality.

Long story short, efficient check clearing allows for faster payment processing, decreased fraud, less paper and increased security for you, the banking customer!

Online Banking is free to our customers!

Dairy State Bank is proud to offer a convenient, easy way to bank anytime, anywhere and best of all, it's free of charge! Whether you're checking an account balance while in the office or moving money from one account to another at home, Online Banking is available to you 24 hours a day, 7 days a week.

Your Online Banking account allows you to:

Transfer funds between your accounts until 4:30 p.m. each business day, excluding weekends and holidays.

View your account information.
View your current transactions.
View and print your statements.
View and print your check images (front & back) as soon as the check clears the bank.
Make payments to your Dairy State Bank loans.
Advance funds from your Home Equity Line of Credit.
Download information directly into Microsoft Money and Quicken.
Remember - never send personal non-public information via email, nor will we solicit for this information via email.
Re-order checks from Deluxe.
Pay your monthly bills with Bill Pay.

Stop in and talk to any of our Customer Service Representatives to sign up for Online Banking or print and complete the application on our Online Banking page and return it to the bank.

Cash Management is available for our Business customers

Dairy State Bank also offers Cash Management services to our business customers. This service will definitely benefit the customer's access to their accounts including extended cut-off times. Your accountant will benefit by being able to save time and receive bank information quicker, view current and previous day balances and upload ACH files at their convenience. Check out the list of features below to see what best fits your needs!

Have controlled and administrative access levels for multiple users
Do ACH Origination (Payroll) - Any NACHA formatted file can be uploaded
Transfer funds between accounts
Make Loan Payments and Advances Online
View account balance information
View account transactions and histories
View check images
View statements
Place Stop Payments
Initiate Wire Transfers
Make Electronic Tax Payments

For further information, please contact Tina or Margie at 234-9181 and get signed up!

Dairy State Bank's newsletter, Notes of Interest, is now available to you online. The Summer 2008 newsletter contains information regarding staff promotions, HSAs, Travel & Gift Cards, and outlines all the personal checking accounts that Dairy State Bank has to offer. It also has investment advise from our investments reps, Mike Martin and David Thoe. Follow the link below for further details!