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Bank Supports Baraboo Children's Museum

Baraboo Children's Museum check present

Bank of Wisconsin Dells' Jon Bernander and Brandon Wegner present a $3,000 donation to Baraboo Children's Museums' founders, Jed and Traci Crouse. Pictured, from front left, Andrew Crouse; back row, Brandon Wegner, Jed Crouse, Traci Crouse and Jon Bernander.

Maki Celebrates 25 Years

tammy - 25 years

Business Online Banking Customers...

Have you heard of “dual control” and how it can help you manage your Business Online banking and prevent monetary losses to your accounts? Are you aware that once you submit a wire and the Bank processes it, the likelihood of recovering those funds is almost none? Maybe you don’t do million dollar transactions, but what amount of money are you willing to lose before you choose to add an additional layer of security for your high risk transactions?

Dual control is a feature available in BWD’s Business Online banking that requires your high risk transactions, such as ACH, Wire and Bill Payment, to be initiated by one authorized user and approved by a second authorized user prior to submission to the bank.

BWD recently had a customer that utilizes the dual control feature for their wire transfers that noticed a wire was waiting for approval. The employee questioned the person who initiated the wire and found that the transaction was fraudulent. Because of the customer’s excellent internal processes and the dual control feature of BWD Business Online, the wire transfer never reached the bank for processing, thus preventing any loss to the customer.

Does the dual control feature sound like something you would like to set up for your high risk transactions to help prevent possible fraud losses? If so, please contact a BWD Personal Banker to get the process started.

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SBA 504 Loan Program Interest Rates at Historic Lows

The SBA 504 loan program provides long-term, fixed rates up to 25 years on the purchase of real estate and equipment with as little as 10% down payment. August 2019 interest rates for the program were 3.531% fixed for 20 years and 3.630% fixed for 25 years on the purchase, construction, and renovation of real estate.

SBA 504 refinance program allows businesses to get an SBA 504 loan on existing real estate and equipment that has been owned for at least 2 years and current on payments for at least the past 12 months. The refinance rates in August 2019 were also at historic lows; 3.565% fixed for 20 years and 3.661% fixed for 25 years.

Call your local BWD lender today for more information on how an SBA 504 loan can benefit your business.

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What to Do When a Data Breach Occurs

The recent Capital One data breach affected millions of consumers, and Wisconsin’s banking industry stands ready to assist. Wisconsin Bankers Association (WBA) offers the following tips for consumers who are not sure if their information has been compromised, as well as steps for consumers who know their information was stolen:

Not sure if your information has been compromised?

  • Check all your accounts via online services provided by your bank or credit card provider and not just your Capital One account. If you don’t have access to or haven’t set up an online account, you can call the company directly for assistance in reviewing your accounts. Consumers should be looking for any discrepancies in their purchasing habits. Be sure to do this over the next few months! Just because the bad guys have your information now doesn’t mean they will use it immediately.
  • Monitor your accounts closely and frequently. Balance your checkbook monthly and match credit card statements with receipts. By viewing accounts online and checking throughout the month, you’ll be able to identify possible problems sooner.
  • Review your credit report every three or four months. You are entitled to one free credit report from each of the three major credit bureaus per year. Request a single report from one of the bureaus every three or four months. By staggering these requests, you can monitor your credit throughout the year.

You know your information has been compromised:

  • Contact the security departments of your creditors or bank to close the compromised account(s). Explain that you are a victim of identity theft and a particular card or account has been compromised. Ask them to provide documentation that the account has been closed. You should also follow up with a letter to the agency documenting your request.
  • Contact the three major credit bureaus (Experian, Trans Union and Equifax) via phone immediately to request a fraud alert be placed on your file. Once again, explain that you are a victim of identity theft and ask that they grant no new credit without your approval. Again, follow up with a letter to the agency documenting your request.
  • File a report with your local police department and request a copy of the report. This is good documentation to have on hand to prove your identity has been stolen as you begin the process of restoring your credit and good name.
  • Document all your actions and keep copies of everything.

Whether you are sure or unsure your financial information has been compromised, one of your first calls should be to your bank. Your bank has a variety of resources available for customers that can help with situations like these. Their staff are also knowledgeable and more than willing to help.

For more information, visit: https://bit.ly/2P6xgIE.

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Bank of Wisconsin Dells
716 Superior Street
Wisconsin Dells, WI 53965