News & Information

Events and News from USBMarch 21, 2008 News Release Contact: Steve Zeman 608-786-0600 Your Bank Accounts Are Safe In the wake of the collapse of investment bank Bear Stearns and the subprime mortgage crisis, local bankers are getting some questions about the safety of customer deposits. "While investors may want to rethink any risky investments, consumers would be wise to leave their hard-earned money in their savings accounts, certificates of deposit, and their checking accounts at local banks," Steve Zeman, President of the Union State Bank of West Salem said. The Federal Deposit Insurance Corporation (FDIC) guarantees accounts up to $100,000 in the event of a bank failure. FDIC coverage insures checking, savings, money market deposit accounts and certificates of deposit (CDs) for each depositor at every insured bank. "Some consumers may not know that FDIC coverage can exceed $100,000 if a customer owns different types of accounts, for example, single accounts, joint accounts, a revocable trust account or retirement accounts," Zeman said. Federal law provides for coverage up to $250,000 for some retirement accounts. An individual with several accounts could actually have more than $1 million insured at a single bank. No funds deposited in FDIC-insured accounts have ever been lost. "And, unlike the large Wall Street firms, there is no mortgage lending crisis for Wisconsin Community Banks," Zeman said. Community banks continue to have strong capital levels and 93 percent were profitable in 2007. The Union State Bank is one of those Wisconsin Community Banks and has been serving the West Salem area since 1903. Union State Bank Calendar of Events April April 3-6 - Bowl for Kids Sake "Big Brothers, Big Sisters Fundraiser" April 5-6 - Spring Craft Show - Omni Center, Onalaska April 6 - Celebrate West Salem April 8 - "Get Out and Go Travel Club" Breakfast at the Hayfield April 19 - "Get Out and Go Travel Club" trip to the Fireside Dinner Theater April 19 - La Crosse Fairgrounds Speedway opening night! May May 2 - West Salem Volunteer Fire Dept. Dance May 4 - Mayfair Art Show - Heider Center May 11 - Happy Mothers Day! May 13 - "Get Out and Go Travel Club" breakfast at Taylors May 16 - Westby Syttende Mai May 22-25 - Onalaska SunFish Days May 26 - Memorial Day - Bank Closed May 30-31 - WIAA State Track Meet at UW-L Memorial Field May 30-June 1 - June Dairy Days Don't Become a Victim of Identity Theft! Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. The Federal Trade Commission estimates that as many as 9 million Americans have their identities stolen each year. Identity theft is serious. While some victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good and credit record. Identity theft starts with the misuse of your personally identifying information and skilled identity thieves may use a variety of methods to get hold of your information, including: 1. Dumpster Diving. They rummage through trash looking for bills or other paper with your personal information on it. 2. Skimming. They steal credit/debit card numbers by using a special storage device when processing your card. 3. Phishing. The pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information. 4. Changing Your Address. They divert your billing statements to another location by completing a change of address form. 5. Old-Fashioned Stealing. They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information. 6. Pretexting. They use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources. To find out if your identity has been stolen, monitor your accounts and bank statements each month, and check your credit report on a regular basis. Unfortunately, many consumers learn that their identity has been stolen after some damage has been done. If you find out your identity is stolen, file a police report, notify creditors and take steps immediately to restore your good name. Credit reports are located at: www.equifax.com www.transunion.com www.experian.com Awareness is an effective weapon against many forms of identity theft. Arm yourself with knowledge and protect yourself. Educate your family and friends.