Community Corner allows all of us at Lafayette Community Bank to shine a spotlight on many of our business partners in the community. Since 1977, Buckles Feed Depot and Pet Supply has provided Lafayette pet owners with quality products. From exotic lizards and snakes, to fuzzy rabbits and hamsters, Buckles has a wide variety of animals to choose from. Visit Buckles and bring home a new furry friend, or one that slithers, today!
The quick answer is: in many of the same ways technology has changed almost everything in our lives. This blog can only contain a few of them, so to name a few:
“Back in the day”
- Fifty years ago, many banks still posted deposits and checks by hand.
- Electronic transfers of any kind (automated deposits, wire transfers, etc.) were rare. One of the results was that no one was paid directly into their account. Lines were long on payday!
- Most transactions had to be mailed-in or presented in-person at the bank.
- If you wanted to know how much interest was added to your savings account, you had to go to the bank and get it entered in your “passbook.”
- Once negotiated, checks had to be transported, often over long distances, back to the bank on which they were written.
- If you went to a store, and found you were $5 short, and they wouldn’t take your check, you were out of luck if the bank was closed.
- You can access your account 24/7.
- Get text alerts.
- Real-time activity reports.
- Checks are now images, not stuffed in bulky envelopes crowding your mailbox every month.
- Information available on your personal hand-held device.
- Debit cards so you don’t have to carry around large amounts of cash or checkbooks.
- Fraud monitoring and protection.
- Ability to pay your bills without writing and mailing checks.
- Direct deposits—no worrying about losing your paycheck!
What is coming tomorrow? Truly, nobody knows. The bankers of 1964 had no idea what was coming. The children and grandchildren of today’s banking customers may not know what a check book is, much less the checks in it. Their children probably won’t recognize a debit card or an ATM. The future will be exciting, but it won’t be predicable!
A debit card is connected to your checking account and allows you to pay for goods and services through the Visa network in a way that will come directly out of your checking account. When using your debit card, you can use it in two ways: 1) As a PIN (personal identification number) based transaction, where you swipe your card and then enter your PIN number at the time of purchase, or 2) As a credit based transaction, where instead of using your PIN, you swipe your card and then sign your name at the time of purchase. Regardless of which method you use, your purchase will be deducted directly from your checking account. There is no charge for obtaining a debit card and you may use it as many times as you wish without any monthly service charges.
A credit card is a payment card issued to users (card holders) who then pay for goods and services based on the card holder’s promise to pay for them at a later time. The card issuer (Bank) creates a revolving account and grants a pre-determined line of credit to the card holder from which they can borrow money for payment of goods or services and/or as a cash advance to the card holder. Credit cards allow the consumers to maintain a continuing balance of debt, subject to monthly interest charges along with a required monthly minimum payment from the card holder. Note that the card holder can choose to pay off the balance of the outstanding charges on a monthly basis and avoid paying any interest charges. Monthly payments must be made by the due date to avoid late charges. Be aware that some credit cards have annual fees associated with them, while most do not.
A gift card in most cases resembles a credit card as there is a display or specific theme on a plastic card about the size of a credit card. The card is identified by a specific number or code, not usually with an individual name, and thus could be used by anyone. They are backed by an online electronic system for authorization. In most cases the cards will have a magnetic strip, which is read by an electronic credit card machine. Many cards have no value until they are sold, at which time the cashier enters the amount which the customer wishes to put on the card. Gift cards are divided into “open loop” cards and “closed loop” cards. The former are issued by banks or credit card companies and can be redeemed by different establishments, the latter by a specific store or restaurant and can only be redeemed by the issuing provider. Be aware that some gift card issuers impose expiration dates and/or fees, so it pays to shop around.
Lafayette Community Bank is completely invested in our community. Once a month we will share a story about an organization, business, club or school via Community Corner. Community Corner is our way of supporting our friends and neighbors; perhaps uncovering a hidden gem you haven’t heard about. Our first Community Corner story features Walt’s Other Pub:
Locally owned and operated by Walt and Kristy Foster, Walt’s Other Pub has grown from the couple’s vision and their twenty plus years of experience working in and operating such local favorites as The Pub and The Other Pub. Walt and Kristy purchased The Other Pub in 2007 and in 2012 they moved across South 9th Street into a beautiful new building and changed the name to Walt’s Other Pub.
Walt’s Other Pub’s friendly and open atmosphere offers fun for all ages. With 2 levels of seating, the restaurant is a relaxing and cozy place to eat. They also have great outdoor seating including a balcony. Come to Walt’s Other Pub for the big game, for a night out with friends or family, or even have an event in our separated banquet room.
Walt’s Other Pub:
3001 S. 9th Street
If you have a suggestion of a business or organization in our community to feature in our Community Corner email us your suggestions or comment below!
Identity theft affects millions of people every year, but there are several simple things you can do to help protect yourself.
- Shred your bills, receipts, financial statements or any record with your name address or birthday with a crosscut shredder.
- Review your bank statements, annual social security earnings statement and your annual credit report for abnormal activity or changes.
- Your wallet and purse are a big target for thieves. Empty your wallet of all extra credit cards, social security cards, birth certificate, passport, identification cards you don’t need on a weekly basis, as well as receipts and credit card statements.
- Be careful using an ATM’s or prepaid phone card. “Shoulder surfers” can get your “pin” and get access to your accounts.
- Protect your mail. Identity thieves are always on the lookout for incoming mail just sitting in your mailbox. Have your checks delivered to the bank or pick your checks up at the bank. Do not put checks in the mail from your home mailbox. Drop them off at a U.S. Mailbox or the U.S. Post Office. Get your mail as soon as possible. If you are going away, arrange for a trusted friend to pick up your mail.
- Always log out of websites you shop or bank on.
- Erase financial programs and stored information from your computer’s hard drive and your old cell phone before you dispose of them.
- Create strong passwords that use a combination of letters, numbers and symbols, and avoid using the same password and username for multiple accounts.
- Cancel all credit cards that you do not use or have not used in 6 months. Thieves use these very easily—open credit is a prime target.
- Do not put your telephone numbers on your checks.
- In conjunction with a credit card sale, do not put your address, telephone number, or driver’s license number on the statement.
- Make a list of all your credit card account numbers and bank account numbers with customer service phone numbers and keep it a safe place. (Do not keep it on the hard drive of your computer if you are connected to the Internet.)
While Identity theft is a growing and serious problem, you will never completely eliminate the risk. These are a few suggestions that will help you significantly reduce your exposure and risk to Identity theft.
Lafayette Community Bank owes its very existence to the Greater Lafayette community. Founded in 2000, local business owners and community leaders came together to start a new bank. Our primary focus then, and now, is to provide banking services to the community we call home.
There is a quote by John F. Kennedy that says, “To whom much is given, much is expected.” The Greater Lafayette community has entrusted us to safeguard their deposits, and they trust that we will reinvest those deposits for the betterment of our community. That requires a high level of trust and confidence. We return that trust and confidence every day in the form of loans and financial services that benefit our customers and our community at large.
But that’s not quite enough. We believe that we must make tangible contributions to the community we serve. We have a philosophy that promotes and encourages volunteerism. We have a total of 40 employees at our bank, and in any given year we have over half of our employees involved and participating in organizations throughout our community. We also provide monetary support. In the last 13-years we have contributed over $250,000 to local organizations. From United Way, to March of Dimes, to Almost Home Humane Society, local schools, youth sports, and the Honor Flight just to name a few. Every year we support nearly 70 different organizations or charities in our community.
We do this because it’s the right thing to do. We are proud members of this community, and we plan to be for many years to come. We have been given the opportunity by all of you to become your community bank, and serving and supporting our community is our way of saying thank you. We are honored to provide banking services in what we believe to be the greatest place to live in Indiana—the Greater Lafayette community.
Why should I sign up for e-statements?
- There is no charge for e-statement service.
- Review your statements and canceled checks online anywhere and anytime.
- E-statements can be accessed days before a paper statement would arrive in the mail.
- E-statements contain the same information as the traditional paper statement.
- You reduce the risk of statements being lost or stolen in the mail.
- Your e-statement is protected by the latest security measures.
- Environmentally Friendly. Make a positive impact on the environment by eliminating the need for paper statements and reduce clutter in your home or office.
To enroll for e-statements, visit our website at www.lafayettecommunitybank.com or contact one of our convenient branches for assistance.