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Starting March 15th, improvements to the Federal Reserve Bank’s check clearing system will allow you quicker access to the funds you deposit at United Prairie Bank (UPB).
“Basically, because the federal check clearing process has gone digital, banks are able to receive funds for deposited checks more quickly,” said Deb Gehrke, UPB’s Compliance Officer. “There’s no longer a need to physically ship in-process checks from one location to another.”
What does that mean to the customer? Once you deposit a check, you’ll be able to use (withdraw or spend) that deposited money sooner.
“And because of that quicker process, our cutoff time for deposits is going from 3 p.m. to 5 p.m.,” said Gehrke. “Currently if you make your deposit after 3 p.m., it is considered to be officially deposited the next day. Now, United Prairie customers have until 5 p.m. to deposit money and have it considered deposited the same day.”
Gehrke added that some bank locations close before 5 p.m. If that’s the case, the cutoff time will be when the bank’s closes for the day.
For a complete rundown on the new Funds Availability Policy, go to either the "Personal" or "Customer Service" top bar menu and select "Funds Availability Policy."
Most sources agree that the Roth IRA (Individual Retirement Account) has passed the traditional IRA in popularity. Have you been thinking about switching to Roth IRAs?
You should know that Congress has recently passed a new rule that eliminates the income limits on converting Traditional IRAs to Roth IRAs. Those individuals who earn more than $100,000 per year can now make that conversion of their current IRAs from Traditional to Roth.
When converting funds from Traditional to Roth, the contributed funds will be taxed at conversion due to the tax-free nature of Roth distributions. The taxation of these contributed funds can be taxed over a 2-year period as opposed to all in one year as part of the new rule.
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On October 22nd, the new full service location of United Prairie Bank in City Center Mankato opened for business. This bank marks the second office to open in Mankato in 3 years. The first is located at 10 Firestone Drive, across from Menards off Highway 22, which also serves as the United Prairie company headquarters.
Our NEW location dwells in the heart of the downtown in the newly renovated Graif Building, directly across from the Verizon Wireless Center. This historic building originally housed the first bank in Mankato in the late 1800s. Many architectural focal points have been restored to their original state in the bank's portion of the building.
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People are always attracted to a good deal. That’s why our Prairie LifeSTYLE checking account is the account of choice for many of our customers.
LifeSTYLE account holders get free LifeSTYLE checks, free safe deposit box rental, free online Bill Pay, no-fee travelers checks and money orders, free stop pays and a host of other bank-related benefits.
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As a United Prairie Bank customer, you have a way to pay your bills from the comfort of your own home with Online Bill Pay.
What is Bill Pay? Online Bill Pay allows you to pay anyone – an individual, business or even a utility – from within your online banking program.
It’s simple, fast and convenient. Once you’ve enrolled in Bill Pay (just sign up at your local United Prairie Bank). You will be able to open the Bill Pay program from within your eBanking service. So there is still just one log in procedure.
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IRS TAX TIP 2009-11
1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice.
2. If you receive a letter from the IRS that indicates more than one tax return was filed for you, this may be a sign that your SSN was used fraudulently.
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