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Internal Fraud: How to protect your company

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You don’t want to believe it. But the numbers just aren’t adding up. You want to trust the people who work for you, but eventually you have to come to terms with the fact that someone in your company is stealing money. Not only does it hurt your business, but it’s often a heartbreaking realization for you as a manager or owner.

It’s not always easy to figure out who is the culprit, but there are steps you can take to detect and hopefully prevent fraud within your company.

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Dual control and separation of duties

Understand who is in charge of what financial responsibilities and make sure there are no gaps. Create a system of checks and balances so that the same person who is running payables (bills, invoices, expense reports) isn’t the same person who is reconciling the accounts (balancing the company checkbook, so to speak).

It’s also a good idea for business owners to review financial statements on a weekly or monthly basis.

Automated fraud detection

Consider implementing Positive Pay. This automated fraud detection tool is offered by most banks. It’s a relatively simple process. Your company issues checks every month and you send the bank a list of all those checks, including check numbers, amounts and payees. The bank makes sure the checks match up as each one clears. This eliminates any fraudulent or altered checks. Automated fraud detection is a great solution for companies as long as they already have dual controls in place.

Anonymous tip line

Businesses should also consider setting up an anonymous fraud tip line. Internal fraud is most often detected by a tip from another associate. As a business owner or manager, you can’t know everything that’s going on in your company. Giving your associates an anonymous way to notify you is a simple, effective way to detect internal fraud.

Other processes and procedures to consider:

  • Reputable third-party audits
  • Periodic reviews of policies, procedures and controls
  • Diversity of associates’ job functions, including rotation of job duties at times
  • Periodic spot checks of your account payables/receivables, payroll, etc.

Don’t think it will happen to you? Keep this in mind. 61 percent of financial professionals reported that their organization experienced attempted or actual payments fraud in 2012. And 26 percent of fraud is committed by an organization’s own associates (Source: Association for Financial Professionals). Even though you want to assume the best from your associates, you should have systems in place to ensure that you don’t become another internal fraud statistic.

 

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. Bibens is a treasury management officer for UMB’s Commercial Deposits department. He is responsible for providing consultative technology and cash flow management solutions to companies and public entities throughout the Greater Missouri area. He joined UMB in 2010 and has 10 years of experience in the financial services industry.



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Is your affinity program still benefiting your organization or non-profit?

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Park University Affinity Card (CardPartner from UMB)RFPs, grant proposals, annual fundraiser dinners, donation drives. If you work for a non-profit or professional association, you’re always searching for new, creative ways to raise funds. Affinity credit card programs are one way to do this by helping to raise awareness and donations with each new account.

 

For organizations big or small, here are five tips to help begin, migrate or simply reevaluate affinity programs and financial partners.

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Evaluate the rewards program

Some affinity programs pay partnering organizations for new accounts, give them a percentage of monthly charge volume and/or cut them a percentage off balance transfers. Some even reward supporters and members with points, miles or cash back.

But some rewards programs may not actually benefit the organization or the cardholder. Some issuers offer rich rewards to the group, but fund the program through the cardholders (higher rates and pricing). And some rewards have a short shelf life, with points that expire in a year.

Compare affinity programs to learn what the rewards are, who gets them, and most importantly, who pays for them.

Know the terms

Affinity card issuers see value in reaching a particular customer base, but they also have to make money on affinity card programs. Understand where that revenue is coming from—especially if it’s coming from your supporters.

Ask these questions:

  • What are the rates and fees?
  • Does the lender charge cardholders extra for personalization?
  • Are there hidden charges that lessen the value for your organization and/or its supporters?

Consider the marketing support

Traditionally, affinity card issuers have controlled the marketing, using direct mail as their primary, if not only, tool to communicate about the affinity program. With social media, the toolkit has expanded and organizations are gaining control and customization of how they market to supporters and members.

Ask these questions:

  • Does the issuer provide tools to support marketing efforts beyond direct mail?
  • Do you have to wait for bank approval of marketing messages or can you insert pre-approved copy in a newsletter or share it on social media?
  • Does the program give your non-profit the flexibility to send messages on your own timeline?

Control of your supporter list

Many lenders will ask you for direct access to your organization’s supporters and for the control over the marketing messages and timing. They do this so they can cross-market other financial products and services when they issue your affinity card. You’ll have to decide whether you want to give up that control.

Check references and reputation

When entering an affinity program, issuers not only get access to your organization’s database—they also get an implied endorsement.

Choose a banking partner carefully. Talk with current affinity partners. Weigh the bank’s reputation among other non-profits. Check their asset quality, capital adequacy, profitability and loan growth; all factors that indicate the bank’s strength, stability and economic responsibility. Based on your research, select a bank that shares your values and will become a long-term partner.

 

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.




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Partnering for what’s ahead: A conversation with Will and Bart of AmeriFlex

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Take a look at this video highlighting one of our many fantastic clients, or should I say business partners.

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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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Multiple Summits for MS

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We sat down with Ryan Chase, UMB vice president and private banking client manager in Denver, to discuss an organization that’s become his personal mission: Multiple Summits 4 Multiple Sclerosis.

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MS4MS Team UMB Quandary PeakWhat is Multiple Summits?

Multiple Summits 4 Multiple Sclerosis (MS4MS) is an annual fundraising event for the Rocky Mountain MS Center. Teams can sign up for a day they want to climb a 14er. Or you can go it alone and participate as an individual.

When did you get involved?

It all started when I was almost diagnosed with MS in 2006/2007. I saw numerous doctors and eventually was labeled at-risk for MS. I knew I would make the best of it no matter what happened, but the thought of having MS terrified me. The doctors monitored me for one year. In February 2008, I had more tests and the doctors found no progression. The neurologists told me that unless there was any major change in symptoms, I probably didn’t have MS. Relieved doesn’t even begin to describe how I felt.

 

 

But I knew others weren’t as lucky. I wanted to get involved with the Rocky Mountain MS Center to make a difference for those who are diagnosed with MS. This wonderful organization is doing some amazing work to educate others about MS and raise money for research to find treatments and hopefully a cure for this debilitating disease. I told them my story and ended up joining the board in 2008.

Then in 2009, I planned to climb Mount Rainier. At first I was only doing it for fun but then I decided to create a fundraising webpage to raise money for the climb. Funding is critical to the work we’re doing at the MS Center and I thought a fundraiser like this would help. I ended up raising $2,000 for the MS Center. When I got back from that climb I decided that I wanted to try it on a larger scale. That simple idea has expanded into what MS4MS is today.

How has it evolved since then?

MS4MS was a grassroots effort in the beginning, but we raised $20,000 in the first year alone. We doubled that the second year, collecting $40,000 from 20 teams. By the third year we formed an official MS4MS committee through the Rocky Mountain MS Center. The program really began to grow that year with 22 teams raising $75,000. We also began accepting corporate sponsors.

How many years has UMB participated?

UMB has supported the program now for two years, acting as a corporate sponsor and encouraging Colorado associates to climb a 14er. This year, nine UMB associates raised money and climbed for the event.

Promoting healthy lifestyles in our associates is an important part of UMB’s company culture. Supporting and promoting MS4MS is just one of the many ways we do this.

MS4MS Team UMB Quandary Peak with SignSome of Team UMB at the top of Quandary Peak. From left to right: Chris Ross, Jenny Boyle, Caleb Hester, Ed Cannon

How much money did the event raise this year?

This year the goal was to raise $80,000. We’re continuing fundraising efforts until October 31, but we are well on our way and we will most likely surpass our goal. We had 225 people register to climb and currently we have raised a little more than $70,000.

Why is Multiple Summits important to you?

As a board member, I know how critical funding dollars are to help with the continuous effort to support the Rocky Mountain MS Center and how important the research is to find a cure for MS. Our partner doctors need the financial support to continue their efforts in finding a cure and progressive treatments for this disease. MS4MS helps the Rocky Mountain MS Center operate. Having gone through the process of a possible MS diagnosis was extremely eye-opening to me and I am proud of what many committed individuals have accomplished in a short period of time.

 

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.


Ryan Chase is a vice president and private banking client manager at UMB Bank, n.a. He is responsible for building and maintaining affluent client relationships through fulfilling credit, banking and investment needs. He has worked for UMB for six years. He has a bachelor’s degree in Sociology from Lake Forest College in Lake Forest, Ill.



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Your culture drives innovation

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Mike Hagedorn is back to expand on the idea of company culture. This time, he highlights the importance of allowing your culture to drive innovation.

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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.



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Federal Reserve Exit Plan

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UMB Bank’s Chief Investment Officer KC Mathews and his team recently gathered for a round table discussion regarding the Federal Reserve’s exit plan. The Fed’s decision not to begin tapering the stimulus was a largely unanticipated move for the financial markets. As explained in detail during this podcast, the Fed based this decision on data correlated with employment, inflation, the debt ceiling and housing recovery.

Learn what this latest move means for investors.

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UMB Investment Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals. UMB Financial Services, Inc.*  is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation.

This content is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Investment Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Investment Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Investment Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Neither UMB Investment Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Investment Products Offered Through UMB Financial Services, Inc

Member FINRA, SIPC

NOT FDIC INSURED/ NO BANK GUARANTEE/ MAY LOSE VALUE


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.



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Estate Planning: What will your legacy be?

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You don’t have to be a millionaire to set up an estate plan. Have you thought about passing down a family heirloom to one of your children? Maybe you’ve considered leaving money to a charity that benefits public arts funding. When you’ve spent your life acquiring assets and building wealth through hard work, it’s only natural to want some control over what happens to them after you’re gone. The best way do this is to have a sound estate plan.

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As you form your estate plan, keep in mind several key ideas.

  • Pick your heirs

    Whether you want to pay for your grandchildren’s college education or give a ring that’s been in your family for generations to your oldest daughter, decide who you want to provide for and how.

  • Provide direction

    If you have specific ideas about how you want your assets to be used when you’re gone, make sure that those ideas are clear in your estate plan. You may want to start a family foundation that supports children’s literacy or structure a trust that holds money you’ve left for your children until they reach a certain age. Whatever special objectives you have, clearly outline them in your estate plan to ensure they’re accomplished.

  • Protect your children

    If you have young children, it’s important to select a guardian to care for them and include this in your will. This may seem like an impossible task, but only you should decide who is best suited for the job. Be sure to talk to them about it before you put them in your will. Having a conversation with them ahead of time will prevent surprises and ensure they are up to the responsibility. Once they agree, make sure it’s documented. If you name a guardian in your will, the probate court will be more likely to honor your wishes. If you don’t list a guardian in your will, the court will select one without guidance.

  • Prevent legal hiccups

    Generally, assets owned by one person are subject to probate after they have passed. Probate is a name for the legal process conducted to determine the authenticity of a will and to distribute the assets of an estate. Probate involves legal costs and causes delays in the distribution process.

To avoid probate and minimize taxes on your assets, you can place part or all of them in a trust. One option is a “self declaration of trust,” where you are responsible for the assets while you are still alive (initial trustee) and a professional third party is responsible for distributing the assets after you are gone (successor trustee). Another option is to name the professional third-party as the trustee while you are still alive.

Many people tend to put off estate planning. But it is an important process for you to consider. It’s an opportunity to take control of future planning for yourself and your beneficiaries. It can be a difficult, but if successfully completed, this seemingly impossible task becomes an efficient and well-executed plan.

 

Content is for informational purposes only and should not be taken as legal advice.  Please consult an attorney for assistance related to estate plans and your particular situation.

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. Tjaden serves as executive vice president and chief fiduciary officer. He is responsible for supervising all fiduciary activities and staff for UMB, including offices in Kansas City, St. Louis, Denver, Phoenix and Salina, as well as the Trust Company in South Dakota. Mr. Tjaden oversees Personal Trust, Custody, Foundations, Trust Legal and Business Support Services within the Private Wealth Management division. He joined UMB in 1977. Mr. Tjaden earned a bachelor’s degree in business administration and political science from Kansas State University. He also earned a Juris Doctor and a master’s in business administration from the University of Kansas. Additionally, Mr. Tjaden is a Certified Trust and Financial Advisor and a member of the Estate Planning Society, the Johnson County Bar Association and the Kansas Bar Association.



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A smooth road to retirement

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Are you ready to begin the next stage of your life? Retirement is still an option despite the current slow-growth economy. If you’re considering or approaching retirement, there are several items to keep in mind when nearing this important milestone. If you are planning to leave the working world in the next 18 to 24 months, here are a few considerations in the current economy:

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  • Understand your actual timeline.

    Your “time horizon” may be longer than you realize. Life expectancy is also a big factor. A retirement date is an initial benchmark, but you need to keep in mind that your money can still “work for you” while you are enjoying your newly discovered free time.

  • Make sure to have a cash reserve.

    You should build up a reserve large enough to carry you through six to 12 months of retirement expenses. This can provide a cushion in case of an unexpected downturn or a major unplanned expense.

As markets can vary year to year, those with more than two years until retirement can plan for either situation in the following ways:

  • Increase contributions.

    Invest extra cash. Consistent dollar-cost averaging can help reduce the worry of when and how much to invest. You may also want to direct some of those extra contributions into a cash reserve, just in case of unexpected declines.

  • Diversify, diversify, diversify.

    Don’t put all your eggs in one basket. Throughout market cycles, different classes, styles and assets with diverse market capitalizations perform differently. Actively managing your portfolio diversification can have a greater impact on performance than individual investments.

Most of all, flexibility and patience are virtues in the world of portfolio management.  Don’t fall in love with a retirement date, and don’t be frustrated with market activity. If you have questions or concerns, it may be advantageous to seek the advice of an experienced professional.

Professional advisors can offer objective, educated and customized guidance. They are also an objective and knowledgeable resource that can provide a valuable perspective. While an advisor may not be able to provide every person with the news they want to hear, a good financial advisor can help maximize and leverage the assets individuals have against their personal timelines, risk tolerance and goals.

 

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. Diederich serves as managing director of portfolio management. He is responsible for managing the portfolios of high net worth clients and select institutional relationships. He joined UMB in 2003. Mr. Diederich earned a Bachelor of Science in Finance from Missouri State University in Springfield, Mo., and a Master of Business Administration from the University of Missouri – Kansas City. He is a Certified Financial Planner®, a member of the Financial Planning Association and has more than 15 years of experience in the financial services industry.



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GDP Goes Hollywood

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Did you know that every five years the statistics that determine the Gross Domestic Product (GDP) are reviewed and modernized as the U.S. economy changes? The GDP is one of the main indicators used to measure the health of our economy, so this review is very important.

Earlier this month, the Bureau of Economic Analysis (BEA) conducted a comprehensive revision of the GDP statistics from 1929 through 2013. This time around, the revisions included changes to intangibles, including books, movies TV shows, music, photographs and even greeting cards. Specifically, “intellectual property products” (an idea for a movie franchise) were moved from expense to investment classifications. This includes research and development; entertainment, literary and artistic originals; and software. They will be considered fixed assets to account for their ongoing contributions, such as royalties authors receive for their book sales.

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Including specific works and ideas from the ever growing “knowledge economy” was done to fill a void because these intellectual property products had not been labeled as an asset until now. Check out this recent New York Times piece, Getting Creative with the GDP, to learn more about these recent additions to the GDP.

These changes are important in making sure the GDP calculation stays relevant and current.  Since the recent revisions created only a minimal statistical change to the GDP, the general consensus to date seems to be that the findings do not change the overall picture.

What it does change is the outlook on creativity and innovation. For example, research and development is often viewed by most companies as an expense and not an asset. It’s difficult to place a continuing value on it because sometimes it’s successful and sometimes it’s not. The goal is not to place a specific number value on each individual intangible. Instead this change in GDP reporting is a paradigm shift in how we view the overall value of imagination and the creative process.

 

UMB Investment Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals. UMB Financial Services, Inc.*  is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation.

This content is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Investment Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Investment Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Investment Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Neither UMB Investment Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Investment Products Offered Through UMB Financial Services, Inc

Member FINRA, SIPC

NOT FDIC INSURED/ NO BANK GUARANTEE/ MAY LOSE VALUE

 

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.


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.



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Website maintenance this weekend

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Our umb.com website will be undergoing maintenance this weekend and will be unavailable from 10:30 p.m. (CT) on Saturday, September 7 to 5:30 a.m. (CT) on Sunday, September 8. Text and mobile banking also will be unavailable at this time. We apologize for the inconvenience.

Construction Cones

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Our self-service support line will also be unavailable with the exception of limited functionality for reporting lost/stolen cards for our HSA and retail customers.

If you need retail bankcard assistance while the site is down, please call our bankcard department (1-800-821-5184) and they can assist you with account inquiries and transactions until 11 p.m. (CT) Saturday and beginning on Sunday at 7 a.m.


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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