Blog   2013

R. Crosby Kemper: Building a legacy through art and agriculture

  |  Posted by

R. Crosby Kemper discusses the legacy of art and agriculture at UMB. He talks about his love of art and agriculture and the importance of both in the Kansas City metro and across the country.

Continue Reading

 

For more of UMB’s history, take a look at “Our Stories” on umb.com.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

Read One Comment

Tagged: , , , , , , , , ,

We regret to inform you that your account has been compromised…now what?

  |  Posted by

You can do everything right to secure your personal information, but your credit or debit card information can still be compromised. Unfortunately, retailers and restaurants can be victims of hackers just like individuals can. Except when an identity thief breaches a retailer’s point of sale (POS) system, more than one person is affected. The company’s system can hold hundreds, if not thousands, of card numbers and key card security details including card verification value (CVV) codes.

CVV Code

 

Exact location of the CVV number varies among the card brands. Consult your card’s instructions for the location of your card’s CVV code.

Continue Reading

 

 

Throughout a given year, you have a chance of having your information stolen in one of these security breaches. Reportedly 44.8 million records were breached in 2012. Companies continue to ramp up security measures and while they do a good job, the hackers find points of vulnerability and use malware to pull the credit/debit card information.

Fast food restaurants and small business systems are the most targeted. The high level of transactions makes fast food restaurants a prime target. Small businesses are usually targeted because they don’t always have the same robust security resources as bigger companies, but even large national retail chains can be a victim of these security issues.

When there is a security compromise at retailer or restaurant, it should not end up costing you any money. Your bank should take care of everything, from issuing you a new card and personal identification number (PIN) to recovering any lost funds.

Smart ChipThe current risk environment will not notably change until smart cards (also known as chip cards) are rolled out universally in the U.S. We should see this by the end of 2015. The chip card is different from the card with the magnetic stripe because there is a small microchip in the card with a dynamic security code continually changing, making it extremely difficult to counterfeit.

As a consumer, you have little control over these external events, but this shouldn’t stop you from using your credit/debit cards. You can help protect yourself, by regularly checking your online bank statements and taking advantage of any fraud alerts through SMS texting and emails offered by your bank. At the very least, check your paper statements each month for any suspicious activity. If you regularly monitor your accounts, you will be able to spot fraudulent activity and your bank can quickly fix the issue.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Hanson serves as vice president and fraud manager in Card Operations. He is responsible for providing fraud detections, prevention, and investigation services to UMB’s credit and debit card customers. He joined UMB in 2010 with more than 15 years of credit card fraud prevention experiences. He earned a Bachelor of Science in political science from the University of Utah in Salt Lake City, Utah and a Master of Arts in national security affairs from the Naval Post-Graduate School in Monterey, Calif.

Read One Comment

Tagged: , , , , , , , , , , , , , , , ,

Building long-term wealth with your HSA

  |  Posted by

So you know what a health savings account (HSA) is and that you can use it for long-term savings. Now what? How exactly do you use your HSA as a savings tool? You can use them as a compliment to your retirement strategy to build wealth for qualified2 medical expenses, including tax-free Medicare premiums.

Continue Reading

Don’t sell yourself short

According to the Devenir Year-End 2012 survey, the average HSA individual account balance was $1,807. Most people aren’t taking full advantage of their HSA. The IRS allows a maximum HSA contribution of $3,250 for individuals1 or $6,450 for family1 coverage for 2013 (plus a catch-up amount of $1,000 more for people over 55 years old).

Medical costs are a major financial burden for retirees. Fidelity’s widely-recognized annual study shows an average healthy couple retiring in 2012 at age 65 needed $240,000 for out-of-pocket health care costs (after Medicare and not including long-term care costs).

Everyone faces the possibility of high medical costs in their later years so you should start planning sooner rather than later. Starting to save earlier adds more to savings, and delays limit the amount of the nest egg. Long-term returns may vary, but like all savings plans, it’s always a good idea to start early.

Gain triple tax advantages

It’s also a good idea to always first take advantage of any offered match for your HSA or 401(k). While many further invest in their 401k or IRAs, your HSA may be a more appealing choice in terms of flexibility, tax advantages and long-term growth potential.

It’s important to consider taxes in long-term investing because of the compounding of savings. The comparison chart below shows the key tax considerations for each type of account.

 Building long-term wealth with your HSA

 * Not taxed if funds are withdrawn for qualified medical expenses.
**  Tax references are at the federal level.  States can choose to follow the federal tax-treatment guidelines for HSAs or establish their own; some states tax HSA contributions. If you have questions about your tax implications, consult your tax advisor.
***
Investment products are not FDIC insured, have no bank guarantee, and may lose value.

HSAs have the potential to offer triple tax advantages for individuals – something not seen in other retirement accounts. Only an HSA offers tax benefits at deposit**, during the account’s life and upon a qualified2 medical expense withdrawal. So a person saving for future medical needs can avoid taxes at all three stages in this life cycle.

Invest for long-term growth

Major HSA providers now offer multiple investment options. Learn more about what kind of investment options are available with your employer’s HSA. If your HSA encourages long-term savings, consider participating in the multiple investment options available. And take advantage of any tools offered by your employer to help you plan for the future, including investment objectives, risk tolerance and mix of assets across all accounts.

You have an opportunity to prepare for future health care expenses during retirement or later in life. Start learning more about your employer’s HSA and how you can use it to your advantage.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

 

1 If you do not meet HSA eligibility requirements for the full tax year, you may not be able to contribute the maximum amount. Please consult your tax advisor or employer for more information.

2 Qualified medical expenses are those defined under Section 213(d) of the Internal Revenue Code.

 

Investments in securities, whether through a Money Market Sweep Account or through a Self-directed Brokerage Account are:

Not FDIC-Insured • May Lose Value • No Bank Guarantee.

 Securities  through your self-directed HSA brokerage account are offered through UMB Financial Services, Inc., member FINRA (www.finra.org), SIPC (www.sipc.com).  UMB Financial Services Inc. is a subsidiary of UMB Bank, n.a. UMB Bank, n.a. is a wholly owned subsidiary of UMB Financial Corporation. UMB Financial Services, Inc. is not a bank and is separate from UMB Bank, n.a. and other banks.


Dennis Triplett is chief executive officer of UMB Healthcare Services. He is responsible for the strategic direction in healthcare banking and manages the sales and marketing activities, plus product development and relationship management. Dennis has more than 29 years of experience in the banking industry. He currently serves as board chairman for the Employers Council on Flexible Compensation, chairman of America’s Health Insurance Plans’ HSA Leadership Council and a charter member of the American Bankers Association’s HSA Council.

Leave a Comment

Tagged: , , , , , , , , , , , , ,

Jackson County CASA: Light of Hope

  |  Posted by

Court Appointed Special Advocates (CASA) is a national nonprofit network of 946 programs that recruit, train and support volunteers to represent the best interests of abused and neglected children in the courtroom and other settings.

Continue Reading

Since 1983, Jackson County CASA has existed as one of seven local CASA affiliates providing services to children and families in the Kansas City metropolitan area. Each year, there are nearly 3,000 children in the Jackson County court jurisdiction who suffer from abuse and neglect. And even with the involvement of every dedicated volunteer at Jackson County CASA, they can serve only 1,000 of those 3,000 children.

To better serve these children, CASA hosts an annual fundraising breakfast to raise awareness and donations for this great organization. I was proud to serve as honorary chair of the 13th Annual CASA Light of Hope Breakfast on April 18, 2013. Take a look at this video to see what this truly wonderful organization is doing to help abused and neglected children in Jackson County.

Visit jacksoncountycasa-mo.org to support CASA and/or to learn more about the organization’s programs and services.

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.

Leave a Comment

Happy Independence Day

  |  Posted by

Happy Independence Day to our readers!

American Flag

Continue Reading

We hope that you have a safe and happy holiday. On this day we recognize our independence and freedom as a nation. We remember those who have fought to obtain and preserve that freedom on this day and every day.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

Leave a Comment

How to generate income during retirement

  |  Posted by

Senior Couple WalkingWith the baby boomer generation already in or quickly approaching retirement age, it is important for current and soon-to-be retirees to determine the best approach to collecting the money from their 401(k), IRA, Roth IRA, pension plan, 403(b)  or social security.

You don’t want to spend your retirement years worrying about money. You should spend the time enjoying your family and hobbies or traveling! Planning ahead and working with a professional can help alleviate your anxiety.

Continue Reading

 

 

 

Here are some important things to remember about saving and spending during retirement:

  • Generate income using assets and investments

    Discuss with your financial planner how to generate income during retirement with the money you’ve set aside for this time in your life. Your planner can help you separate your assets into three groups: taxable, tax-favored and tax-free. If you take a blended approach to meeting your required minimum distributions, your money can last significantly longer.

  • Diversify your portfolio

    It is always recommended to have a portfolio of assorted investments. You don’t necessarily have to rely completely on safe, income-producing investments. Adjust your rate to your needs when necessary and don’t be afraid to spend capital from your retirement portfolio. Traditional IRAs, 401(k)s, 403(b)s, and self-employed plans are structured for you to withdraw from it over your lifetime. You might be nervous spending down these accounts, but a financial advisor can help you distribute these funds appropriately over the course of your retirement so that you can live comfortably.

  • Remember: taxes, timing, spending

    These three items are the most important factors to creating income during your retirement. You should understand your tax obligations because tax rates could help determine acceptable savings withdrawals.It’s also important to carefully time your retirement. The point at which you begin taking money from your retirement accounts can make a significant difference in the amount that is available several years into your retirement. Remember that some retirement funds charge a penalty if you withdraw before a certain age.Finally, it’s vital to spend wisely during this time in your life to ensure that you will have enough funds to last throughout your retirement. Do you want to splurge on a Hawaiian vacation during your retirement? If so, this is something you should plan for in advance. Talk to your advisor about any major spending you would like to do in your retirement. You might not be on a completely fixed income, but you need to be mindful of how much money you have to spend.

  • Educate

    Take the time to educate yourself before and during your retirement. Start planning early so you can enjoy this time in your life. Do your best to educate your children about saving for retirement and encourage them to start saving at an early age.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

Leave a Comment

Tagged: , , , , , , , , , , , , , , ,

It runs in the family: Teaching your kids about money

  |  Posted by

As a parent, did you know you are an important part of teaching your kids about savings and money management? You can set an example by practicing good spending habits, but you should also consider talking to your kids regularly about money.

Continue Reading

You don’t have to wait until your kids are teenagers. You can start talking to them about the basics of money as early as preschool. Here are some tips about how to talk to your kids about money at any age:

  • From ages three to five you can teach kids that money can be exchanged for things. Explain to them the difference between pennies, nickels, dimes and quarters.
  • From ages five to nine you can start giving them an allowance. This is also a good time to explain bank accounts and what it means when a bank account earns interest.
  • From ages nine to 13 you can help them open a savings account. Encourage them to save their allowance towards a goal (a new toy or a DVD). You might even consider setting up a matching savings plan like most companies do with a 401(k). This is also a good time to start talking to them about the idea of keeping a minimum balance based on the savings account requirement. You can also introduce the concept of keeping savings in case of emergency. Even though they won’t need to pay for an emergency at such a young age, you can explain the importance of keeping a nest egg.
  • From ages 13 to 15 you can expand your children’s allowance to include more expensive items like clothes or gifts for friends. This is also a good time to introduce entrepreneurship. Encourage your kids to earn their own money with jobs for neighbors and friends.  Arrange for them to have an ATM card so they can withdraw money from their savings account.
  • From ages 15 to 18 and up you can help your children open a checking account with a debit card. Teach them how to manage their account online or with mobile banking. You can even go old school and show them how to use a check register. This is also a good time to talk fiscal responsibility about when they go off to college. Be very clear about what expenses you will pay for which ones they will cover.

Explaining money management to your kids can start out with something as simple as giving them an allowance. If you talk to them regularly, teach by your own fiscally responsible example and give them the right tools, you will do more than teach them about money basics. You will instill in them a respect for earning and saving money that will hopefully set them on a path to being financially independent and responsible in adulthood.


Ms. Pierson serves as executive vice president of Consumer Banking. She joined UMB in 2011. She received a Master of Business Administration from Rockhurst University and a Bachelor of Science in Industrial Engineering from the University of Missouri. Ms. Pierson is actively involved in the community, having served on a number of boards including the Kansas City Area Development Council, LISC of Greater Kansas City, the University of Missouri Industrial Manufacturing Systems Engineering Board and the Lee's Summit Education Foundation Advisory Board.

Leave a Comment

Tagged: , , , , , , , , , , , ,

Big fun at UMB Big Bash®

  |  Posted by

Last week we had BIG fun at the third annual UMB Big Bash®. Huey Lewis & The News put on a fantastic show at The Midland and we raised $100,000 for Drumm Farm Center for Children (Drumm Farm) and Turner House Children’s Clinic (Turner House).

Continue Reading

We want to say a big thank you to:

  • Our sponsors and additional supporters, for helping raise money for two wonderful Kansas City non-profits
  • Our vendors, for providing delicious food for the concert-goers
  • The numerous people and organizations who donated items and trips to the silent auction
  • The people of Kansas City for giving us another sold out concert for our big fundraiser

Everyone had a great time at the show. Take a look.

UMB Big Bash 2013

Photo courtesy of Mark McDonald Photography

Pictured from left to right: Jim Rine (UMB President, Kansas City region), Brad Smith (Executive Director. Drumm Farm), Kathy Killip (Board President, Drumm Farm), Peter deSilva (UMB president and chief operating officer)

UMB Big Bash 2013

Photo courtesy of Mark McDonald Photography

Pictured from left to right: Jim Rine (UMB President, Kansas City region), Skip Gast (Board President, Turner House), Janet Burton (Executive Director, Turner House), Peter deSilva (UMB president and chief operating officer)

UMB Big Bash 2013

Photo courtesy of Mark McDonald Photography

UMB Big Bash 2013

Photo courtesy of Mark McDonald Photography

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.

Read One Comment

Tagged: , , ,

Why Accept Credit Cards?

  |  Posted by

Consumers are increasingly using credit and debit cards to buy everything from a pack of gum to a new car. Small business owners need to adapt to this trend and accept credit/debit transactions from their customers so they don’t miss out on potential revenue.

The numbers don’t lie. Take a look at this infographic to learn more.

Continue Reading

Why Accept Credit Cards Infographic


Mr. Brown serves as a product sales specialist, supporting sales channel strategy for the business segment in Consumer Banking. He joined UMB in 2010. Brown received a master's degree in business administration from Arizona State University in Tempe, Ariz. and a bachelor's degree in economics from Morehouse College in Atlanta, Ga.

Leave a Comment

Tagged: , , , , , , ,

Wellness Counts: Invest in You

  |  Posted by

Here at UMB, we encourage our associates to take personal responsibility for improving their health and that of their families. Already an important part of the company culture, we saw room for improvement in our current wellness plan and we knew we could do more. So in 2012, UMB rolled out a Health and Wellness program that was more thorough than anything we had done before. I volunteered to be the executive champion for this program because it’s important to me and it’s important to our associates.

Continue Reading

We want to have a healthier workforce. When we live a healthier lifestyle, we can positively affect our team. Living healthy often means you’re more alert, energetic and have fewer sick days. Not all health conditions are within our control, but many of them are. With our wellness plan, we focus on what our associates can control and put into place initiatives that give them the power to change their lifestyles for the better:

  • Medical plan discount incentive for associates enrolled in our medical plan who participate in various activities and receive a discount toward their monthly premium. Activities include completing health screenings (cancer, dental, vision, etc.), engaging in physical activity, and certifying that they are tobacco free.
  • Wellness coaches hired through Wellness Coaches USAto confidentially discuss health and wellness related topics and answer questions our associates might have. They can simply ask questions or even set goals with the coaches. The coaches will give them advice and tools to meet those goals and meet with associates to check on their progress.
  • Monthly newsletters to share our program offerings with associates. It includes an associate spotlight, information about what fruits and vegetables are in season, healthy recipes, and different ideas for exercise.
  • My blog to share with associates my thoughts and experiences on the monthly wellness topics. I also let them know about my wellness goals and how I’m progressing. For example, I’ve shared how I am working with our wellness coach about nutrition so I can develop healthier eating habits. Then in a later blog post I will share how I have been progressing toward that goal.

So far we’ve seen some fantastic progress. Our wellness coaches and health insurance carrier reported these findings over the past year:

Wellness Results Infographic

I’m extremely proud to say we’ve been recognized for the amazing efforts of our associates. UMB has been recognized as a Healthiest Employers finalist in Milwaukee (2012), St. Louis (2012), Wichita (2013) and Denver (2013). Just recently, the CEO Roundtable on Cancer honored UMB with the CEO Cancer Gold Standard for our efforts to reduce the risk of cancer for associates and their family members.

I realize this is only the beginning. We’re starting with awareness and slowly moving into building more engagement in the programs over time. We encourage our associates to evolve beyond any unhealthy habits they’ve developed and learn to lead a healthier lifestyle. As I’ve learned with the goals I’ve set with our wellness coach, the small successes will build over time and lead to a big difference.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.

Leave a Comment

Tagged: , , , , , , , , , , , , , ,

Page 6 of 8First...45678