Posts Tagged ‘ Banking ’

www.citizensmn.com is now www.citizensmn.bank

shutterstock_46078138What is .BANK?

.BANK is a new Internet web domain for the banking community! It is directed by banking and leading security experts, and will allow banks to more securely and effectively communicate with their customers. .BANK domains are only sold to verified members of the banking community.

Who can have a .BANK domain?

  • Banks
  • Bank Associations
  • Government Regulators
  • Select Service Providers

Why would a bank secure a .BANK domain?

  • Higher level of security than non-financial domains
  • It will help prevent users from being re-directed to fake bank websites

citizensmn.com re-direct

Website: 

Customers who access the bank’s website via the citizensmn.com address will be automatically re-directed to the .bank address.

Online Banking:

Currently when you log into your Online Banking, you are re-directed from the Citizens website to netteller.com. This is a secure site from Jack Henry and Associates, our Core Processor, and their web address will remain the same.

Questions?

For any questions you may have regarding our .bank domain, please call us at 800-549-0194 or email us at customerservice@citizensmn.com.

By: Sarah Seifert, Digital Marketing Coordinator

Planning one last summer vacation?

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Here at Citizens Bank Minnesota, safety and security of our clients’ accounts is priority.  As a precaution there are states and countries that are blocked for Debit Card use based on monitored fraud patterns. Just a reminder, when traveling out of state it is important to notify Citizens at 1-800-549-0194 or (507) 354-3165 with dates and the location of your travel so your card will be available for use.

Tips for your Travel:

  • Travel with more than one form of payment, i.e. debit card, credit card, pre-paid card, cash.
  • Check the expiration of your Debit Card to assure it will not expire while you are away.
  • Know and memorize your Pin.  Call 1-866-985-2273 if you need to reset your Pin.
  • When using ATM’s, stay in well-lit areas and be aware of the surroundings.
  • Do not leave receipts at the ATM.
  • Store your Debit Card account number and the lost/stolen customer service telephone number separately and in a safe & secure location – Card Member Services (800) 535-8440.
  • Monitor your transactions regularly via Online Banking at www.citizensmn.com, through an iPhone or Android App, or Telephone Banking 507-233-2265 (or) 1-888-476-2265
  • ATM and Debit Card Transactions are protected under the Electronic Fund Transfer Act.  To limit your liability, you will need to monitor and immediately report any unauthorized charges to the bank.

By: Melissa Bergeman, Citizens Connection Manager/Complaint Resolution Officer

Are You Ready to Leave Your Credit Cards at Home … and Pay by Smartphone?

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Paying for purchases by smartphone is becoming increasingly viable. Three major companies now enable consumers to buy goods at participating merchants with their credit or debit card by just waving a smartphone over the payment terminal. In fact, a major smartphone manufacturer recently teamed up with many banks and merchants to make the service available to anyone buying the newest version of its smartphone. What should you know about using your smartphone to pay in a store or a restaurant?

You need the right equipment. Your smartphone must contain a contactless or “NFC” (near field communication) computer chip that allows it to “talk” to the payment terminal via a wireless connection, as well as a digital wallet to store your payment card information. If you are buying a new smartphone, you can ask the salesperson if it has an NFC chip. For a phone you already have, check the “settings” menu and look for “NFC.” Your phone may already have a digital wallet feature. You can also download one through an app store or other online marketplace.

You have to load your credit or debit card information onto the phone. The setup procedure can be as easy as taking a picture of the front and back of the card with the mobile wallet application. The app will then send it to your bank for approval and to confirm that it’s really you. Some mobile wallets may allow consumers to load “loyalty” cards from favorite retailers. You may also receive store or restaurant coupons or other offers through your phone, based in part on your recent purchase history with the company.

Most merchants that accept mobile payments are large national chains, but smaller stores are beginning to sign up. A merchant must first install card terminals that accept contactless payments; they look different than the swipe terminals you are used to and display the symbol shown on the left.

As with any electronic transaction, pay attention to security issues. According to Jeff Kopchik, a Senior Policy Analyst at the FDIC, “Many security experts believe that mobile payments are more secure than swiping your magnetic stripe credit card because the mobile service keeps your credit number in encrypted form and does not transmit it to the merchant. But you still should make sure your phone is protected, such as with a password, so it cannot be accessed by a thief. Some of the newest smartphones use fingerprint readers to control access, which can be secure and convenient.”

Also make sure your phone “times out” and re-locks itself after it isn’t used for a short period of time. If you lose your smartphone, notify the bank or other issuer of any credit or debit cards that may be loaded on the phone.

“Remember that if there is a problem with a transaction, you will receive the same federal protections that otherwise apply to the underlying payment source,” noted FDIC Senior Policy Analyst Elizabeth Khalil. “For example, if the transaction drew on a credit card for payment, you will be protected by the same laws and regulations that cover credit cards.”

To learn more, start by contacting your smartphone service provider or credit card issuer.

Article courtesy of FDIC Consumer News

Banking Acronyms 101

Ever received a text you didn’t understand? For example; Ur my BFF! LOL! IDK, where r u? They assume you understand all the little acronyms in the message. Well, don’t assume anything. The same goes with banking. Because I have been in banking for several years I assume everyone knows the banking acronyms as well as I do. I see them everyday, you don’t. So, here’s a small lesson in banking acronyms: 

ACH – Automated Clearing House
A computer-based clearing and settlement facility for interchange of electronic debits and credits among financial institutions.

APR – Annual Percentage Rate
The amount of interest the borrower actually pays, including loan interest points, and origination fees.

APY – Annual Percentage Yield
The amount of interest expressed as a percentage rate, a deposit account (or a share draft account) would earn in a year at a stated interest rate. The APY disclosure, showing the effect of interest compounding, assumes that funds remain on deposit for a full 365-day year at the advertised rate, and no additional deposits or withdrawals are made.

ATM – Automated Teller Machine
A computer terminal activated by a magnetically encoded bank card, allowing consumers to make deposits, obtain cash from checking or savings accounts, pay bills, transfer money between accounts, and does other routine transactions as they would at a bank teller window.

CD – Certificate of Deposit
A receipt for a time deposit  issued for a stated time period and normally paying a fixed rate of interest.

DBA – Doing Business As
A name used for business purposes that is not the legal name of the individual or organization actually conducting the business. A proprietorship commonly operates under a DBA, as in John Smith DBA John’s Auto Body.

DDL – Daily Dollar Limit
Refers to the maximum dollar amount you can withdrawal from your ATM card at an ATM within a 24-hour period.

EFT – Electronic Funds Transfer
A transfer of funds between accounts by electronic means rather than conventional paper-based payment methods, such as check writing.

EIN – Employer Identification Number
A Taxpayer Identification Number  for entities other than individuals, such as partnerships, corporations, estates and trusts.

FRB – Federal Reserve Bank
One of the 12 banks that, with their branches, make up the Federal Reserve System.

FHA – Fair Housing Act
A law enacted as part of civil rights legislation that prohibits discrimination of home sales, rentals and financing based on race, color, national origin, religion, sex, familial status or those with disabilities.

IRA – Individual Retirement Account
A tax-deferred retirement account allowing an individual to contribute a pre-set amount annually from personal income.

IRS – Internal Revenue Service
An agency of the federal government that is responsible for the administration and collection of federal income taxes.

PIN – Personal Identification Number
A numeric identification code used by bank customers when making transactions at a self-service electronic banking terminal, such as an automated teller machine.

POA – Power of Attorney
An instrument by which one person, as principal, appoints another as his agent and confers upon him the authority to perform certain specified acts or kinds of acts on behalf of the principal.

POD – Payable on Death
A regular bank account that names a specific person as the beneficiary of all funds once the bank account holder dies.

POS – Point of Sale
A system that uses a computer terminal located at the point of sales transaction so that the data can be captured immediately by the computer system.

PR – Personal Representative
The generic term for an executor for the estate of a deceased person who left a will or the administrator of an intestate estate.

RTN – Routing Number
A numeric coding facilitating check clearing among banks. The ABA numbering system, managed by the American Bankers Association, assigns a unique identifier to each U.S. financial institution.

SBA – Small Business Administration
A United States government agency that provides support to small businesses.

TIN – Tax Identification Number
An identifying number used for tax purposes in the United States. It is also known as a Tax Identification Number or Federal Taxpayer Identification Number. It may be assigned by the Social Security Administration or by the IRS (Internal Revenue Service.)

UGMA – Uniform Gift to Minors Act
A UGMA provides a child under the age of 18 (a minor) with a way to own investments. The money is in the minor’s name, but the custodian (usually the parent) has the responsibility to handle the money in a prudent manner for the minor’s benefit. The parent cannot withdraw the money to use for his or her own needs.

UTMA – Uniform Transfers to Minors Act
The Act allows the donor of the gift to transfer title to a custodian who will manage and invest the property until the minor reaches a certain age. The age is generally 21, but is different in some states (usually 18 in those cases). In the interim, the custodian can also make payments for the benefit of the minor out of the corpus of the gift.

By Cindy Lewis, Customer Service Director

Equal Housing Lender - larger

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