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Website maintenance this weekend

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Our umb.com website will be undergoing maintenance in the early hours of Sunday morning. It will be unavailable from 12:00 a.m. – 4:00 a.m. (CST) on Sunday,August 24. Text and mobile banking will be available at this time.

Construction Cones

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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.



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Financial Word of the Week: Loan-to-Value

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FWOTW

You’ve probably heard the scary terms “upside down” or “underwater” when it comes to mortgages, especially six years ago. That’s one way of saying a home’s Loan-to-Value (LTV) ratio is too high or the value of the home is less than the loan amount. This is another financial number where lower is better.

Calculating your LTV ratio

Take the amount left on your mortgage and divide by the appraised value of your home OR the selling price (whichever is less). For example, if you bought a $225,000 home, but it was appraised for $200,000 and you still owe $175,000, your LTV ratio is 175,000 ÷ 200,000 = 87.5%. Now take that same scenario, but with a positive twist. If you made improvements on your home or the housing market in your area improves, let’s say your home is appraised for MORE than what you paid for it, $250,000. So your LTV ratio would now be based on your purchase price (the lesser of appraisal or purchase price) and your LTV would be 175,000 ÷ 225,000 = 77.8%.  The ratio has been reduced, and it’ll keep going down as you pay more of your loan amount (assuming the value of your home doesn’t fall below your purchase price). A good ratio to aim for is 75% or less. The lower your ratio, the less risk for your lender.

Should you refinance?

It’s worth consideration, but only after an informative chat with your lender. If you have a high LTV ratio and your home’s value has increased, refinancing could be a wise step for you. Plug in a few scenarios in this calculator, and chat with your lender about whether or not refinancing would be positive for you.

Special assistance

If you need even more help and purchased your home before June 1, 2009, you may be eligible for Federal Housing Finance Agency’s Home Affordable Refinance (HARP) Program. If you think you may be eligible, talk to your lender about refinances with further assistance from that government program.

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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.



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How to Overspend on a Country Club Membership

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A lot of us have golf and swimming pools on the mind now that it’s the middle of summer. If you’re thinking of joining or renewing membership at a country club, take a look at this list to see how NOT to go about it.

07-14_Country Club Membership

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Mr. Fee serves as president of UMB’s Texas region and is responsible for designing and executing a strategy to establish UMB Bank in the Texas market, initially by way of Dallas. He joined UMB in 2002 and has also served as the community bank president of the UMB South Kansas City region. Fee earned Bachelor of Science with a major in Business Administration and Accounting from the University of Kansas in Lawrence, Kan.



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HGTV’s House Hunters features Kansas City UMB associates

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Do you love the show House Hunters? A couple of our associates were featured recently and plan to share some insider house-hunting tips on the blog later this month to continue our “Steps to Buying a Home” series. In the meantime, catch their episode tonight on HGTV at 10 p.m. CST.
061017UMB Unit Finance Managers Josh Cummings and Natalie Crumpton with their realtor, Monte Boultinghouse

 

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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.



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Happy Independence Day!

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How does your patriotic pocketbook compare to the rest of America’s?

07-04 (1)

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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.



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Website maintenance this weekend

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Our umb.com website will be undergoing maintenance in the early hours of Sunday morning. It will be unavailable from 12:00 a.m. – 5:00 a.m. (CST) on Sunday, June 22. Text and mobile banking will be available at this time.

In more exciting news, be sure to check out the new look of the website starting tomorrow!

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Construction Cones


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.



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Meet the Leadership Series: Begonya Klumb, UMBFC Executive VP and Chief Strategy Officer

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Q&A with Begonya Klumb

Begonya Klumb is one of the most influential women in Kansas City, and that’s not just our opinion at UMB. This is KC magazine recently named her as one of their honorees. Read more to find out how she feels about this honor, growing up in Spain and her passion for business.
Klumb family 1

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How does it feel to be named one of Kansas City’s Most Influential Women?

I’m flattered, of course, and it raises the bar for me because I want to live up to expectations.

What’s your favorite accomplishment in your 11 years at UMB?

When I was head of Mergers and Acquisitions, we completed 20 acquisitions in 3 ½ years. It’s what I was in charge of doing, and I believe it made a difference in the company. That’s a very satisfying feeling of accomplishment.

What inspired you growing up and what led you to where you are today?

I was raised in a comfortable and very happy home in Spain, where my parents live. I am blessed to come from a very close-knit and supportive family.

My maternal grandmother was an important influence on me. She built the family business, a shoe manufacturing and export company. She was extremely business-minded, and had a strong personality. Until her last days, people in town called her “la Jefa,” “the Boss!”  I admired her deeply and she is why I studied economics and business.

How did you end up in the United States?

After college, I got an Erasmus scholarship to do graduate work in Germany and England. It was an exciting time around the European Union, with the lead-up to the single currency. I learned about practical macro-economics and European business, but also about myself – living and studying in different countries and different languages. I also developed a deeper appreciation of my own strengths and weaknesses.

I met my husband while he was a student at the London School of Economics. We got married and lived in Europe for a few years before coming to the United States in 2001.  I went to Yale for an MBA, and then we decided to make our home in Kansas City, where he was born.

What is your day-to-day like at UMB and how has it evolved?

I am responsible for strategic planning.  I enjoy sitting down with UMB leaders to think through strategy. It’s good to know these leaders well, learn their challenges, and answer the question, “where will we take the business?”

Of course, acquisitions are a big part of strategy. I built the Mergers and Acquisitions department back in 2008. That’s one of the things we’re very focused on today and a key component to what I do.

Where do you choose to give back?

Through UMB, I got involved with MOCSA many years ago. I was also the Board Chair of the Mattie Rhodes Center – which is involved in the community through social services, mental health counseling, and the arts. My husband and I were actively involved in a capital campaign for our children’s school, trying to grow the school to accommodate more students from the community.

Community involvement is very rewarding, and has been a tremendous learning experience, requiring me to grow as a leader.

Describe your perfect Saturday.

My perfect weekend is with my family. Our children are six and eight, so I realize time with them is precious and fleeting.

We are at that point in our lives where we run the circuit of school activities and soccer games and piano lessons. Weekends are busy, with family, which is perfect.
Klumb family

 

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.


Ms. Klumb serves as executive vice president, chief strategy officer. She joined UMB in 2003. She received a Master of Business Administration from Yale University and a Bachelor of Science in Economics from Universitat d'Alacant. Ms. Klumb is actively involved in the community, having served on a number of boards including the Mattie Rhodes Center and Academie Lafayette.



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Happy Income Tax Day from the Mad Men

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April 15 is finally here! To “celebrate” we want to take a look at what taxes the Mad Men (and women) at SC&P would have paid back in the 1960s…and if they were real people.

Enjoy this retro infographic from our friends at H&R Block.

“TheThe Taxes of Mad Men‡ via H&R Block

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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.



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Phishing Alert and “Heartbleed” security issue

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Did “Heartbleed” affect UMB?

“Heartbleed” is a bug that has affected many popular websites and “could have quietly exposed your sensitive account information (such as passwords and credit card numbers) over the past two years,” according to Mashable.com.‡

None of UMB’s computer systems were impacted by the Heartbleed bug.

As soon as these hackers were exposed, UMB took immediate action. We were able to find that none of our banks were vulnerable to this issue. We also added specific, proactive monitoring. Although UMB was not affected by the issue, our customers do need to be cautious since the bug could still harm you through other websites where you saved your card numbers or used the same password you use for online banking.

What action do customers need to take?

  • Change your passwords – If you utilize the same password for your online banking services that you utilize on other sites, we strongly recommend that you change the password for your online banking services immediately, in case your username or password were compromised on another site.
  • As always – use different passwords for all online services which contain personal or financial information.
  • To find out if other password-protected sites you use were compromised, we recommend contacting those website providers directly. They may advise to wait to change your passwords until they have installed the latest fixes to this Heartbleed bug, but the only way to know for sure is to receive information from those specific sites.
  • If you run a website and need advice on how to protect it, we recommend visiting Heartbleed.com.‡

Phishing Alert

phishing scam

Some of our customers may have received text messages yesterday or today that we identified as a phishing attempt. The message states that there has been a security breach and gives a number to call. If you call the number, it will ask you for your credit card number or account information. Do not respond to this request for information.

What you need to know:

  • UMB will NEVER contact you via text, email or phone for the purpose of requesting any kind of personal or bank information.
  • Phishing scams are common. These attacks use e-mail or malicious websites to solicit personal, often financial, information. Attackers may send e-mail seemingly from a reputable credit card company or financial institution that requests account information, often suggesting that there is a problem. When users respond with the requested information, attackers can use it to gain access to the accounts.
  • Check out some more Security FAQs from our security experts.

What you need to do:

  • Never respond to suspicious messages or click on suspicious links.
  • Check with your financial institutions before sharing any type of private or financial information.
  • Remember to use online and mobile banking. Why?
    • Secure (protected by multiple layers of security)
    • Saves time – quick access from any computer anywhere
    • Hinders identity theft – if you check your accounts frequently, potential fraud is discovered early.
  • Already a mobile banking user? Here are some tips:
    • Save UMB’s short code (50106) in your address book as a Contact, so that when you receive a Text/SMS message from us, you will know immediately that UMB has sent you a communication.
    • Make sure you know who has sent you any message – if in doubt, delete it.
    • Never click on any links if you are not sure of the sender.
    • Never send any confidential information to anyone – the bank will never ask you to “go here and fill in this information” or “please send us this information.”
    • The bank will also never ask you to respond with your password unless you are signing into one of our applications.
    • Never respond to a request for your password and alert us immediately should you receive a message requesting your password or any other confidential information at 888-782-4325. You may contact us Monday through Friday, 8 a.m. to 10 p.m. or on Saturday from 8 a.m. to 5 p.m.
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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.



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Moving the needle for healthcare in America

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healthcare in America

With all of the regulation changes Americans and American businesses are witnessing in health care today, the importance of understanding health savings accounts (HSAs) has never been greater. An HSA is a tax-exempt trust or custodial account which enables consumers to set aside money for current and future qualified medical expenses not covered by a medical plan. A potentially valuable account in today’s world of rising healthcare costs. And at UMB Healthcare Services, we’re introducing a tool to enhance that value for employers and employees.

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According to a recent AHIP report, nearly 15.5 million Americans are enrolled in HSAs, and that number will only continue to rise. But how many of those Americans and their employers are taking full advantage of the possibilities these accounts offer? We can only know through proper reporting.

While the HSA industry has remained focused on the administration of these accounts – enrollment, opening accounts and contributions – UMB Healthcare Services has put data reporting front and center by introducing HSAWorksTM. In the nearly 10 years since the introduction of HSAs, traditional reporting, when available, has given visibility to average account balances and confirmation if individuals were investing or not. Lack of clarity and further analysis of these numbers has made it cumbersome for employers to create benchmarks for success in their own benefit plans.

With HSAWorks, the industry’s most advanced reporting and first-ever analytics tool, brokers, third-party administrators, health plans and employers are supplied with actionable analytics to achieve desired plan results. Rather than basic metrics, this industry-leading HSA reporting tool empowers employers to drive positive change with their plan and improve employee health and well-being by understanding the data. Now, employers and employees can benefit from all of the possibilities an HSA provides, including and most importantly, influencing health.

 

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.


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.



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