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Why can’t I save my online banking password?

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You might be wondering why you saw this notice below the UMB online banking account sign in.

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We promise we’re not trying to make your life harder by doing this. We know it’s not easy to remember all the passwords you use online these days, so you might see this as a hassle. But we try to do everything we can to make sure your information is secure … and remains secure. Privacy and information security are extremely important to us at UMB and we take it very seriously.

Identity thieves are usually looking for stored information that they can turn into a profit by selling it on the black market. Online banking information like your password and the site you use to access your accounts are valuable to people who make money from stealing and selling personal information. We’ve disabled the ability to save your online banking password on umb.com because otherwise identity thieves have a greater opportunity to steal your data and money.

For example, if your laptop is stolen and you don’t have it password-protected, the thief can easily login to your bank account if it automatically pulls your login information. Then this person has access to everything they need to steal your money. If you log in to your online bank account from a shared or public system, the next person that uses the computer could access your account. All it takes is a few clicks and they’ve used your money to buy a new flat screen TV or book a trip to Italy. It’s kind of like when you accidentally leave your laptop sitting out and you’re still logged in to Facebook, and then your roommate comes along and posts an embarrassing status update as you. Only it’s not your Facebook page, it’s your hard-earned money at stake.

Ultimately, we want what’s best for our customers even if it isn’t always the most convenient option. The privacy and the security of your information is our priority.


Mr. Jackson serves as senior vice president, chief technology officer in Financial Services and Support. He is responsible for the application development, infrastructure and information security functions within the UMB Management Information Systems (MIS) group. He joined UMB in 2009 with more than 20 years of experience working in the technology industry, including technology leadership roles. He earned a Bachelor of Science in education and a Master of Arts in history from Pittsburg State University and served in the U.S. Air Force for four years.



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UMB expands into Dallas

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As we continue to grow our business, we have an exciting announcement. We are opening our first official office in Dallas, Texas! Zach Fee, UMB president of the Texas region sat down for a quick Q&A to talk about our plans.

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Why is UMB expanding to Dallas?

UMB has had clients in Texas for more than 30 years. Based on the opportunity for new growth, we felt like now was the right time to establish a permanent home and chose Dallas as our first site. Dallas is a great fit for UMB, because not only is it a top five commercial market that has strong economic activity, but its diverse business environment matches our own diverse offerings. Our new space in the Hall Arts building will put us in the center of the city’s activity and we are excited to be a part of this innovative community.

How long have you been on the ground?

I officially moved to Dallas from Kansas City with my family at the end of last year. We have six full-time associates right now and have plans to add a couple of new team members before the end of the year. We’ve been extremely humbled by the warm welcome we’ve received. The business community has welcomed us with open arms and we look forward to working closely with them.

What are the short- and long-term goals for the Dallas market?

First and foremost our focus is on building our team with local Dallas talent. The market is home to so many talented financial experts, we’ll have no trouble finding outstanding people that fit with our UMB culture. From a business perspective, we are focused on building our middle market commercial base and making an impact in the community through civic and philanthropic engagement.

We have been humbled by the Big Texas welcome we’ve received. Check out what folks are saying.

“Hall Arts lands UMB Bank’s first Texas lease” ‡ (Dallas Business Journal – July 18, 2013)

“UMB Bank Starts Texas Expansion” ‡ (Dallas Business Journal – July 12, 2013)

“UMB Financial Chase of Commercial Business Leads it to Big D” ‡ (SNL Financial – July 11, 2013)

“New Banks Continue to Enter Competitive Dallas-Fort Worth Market” ‡ (Dallas Morning News – July 9, 2013)

“Kansas City Icon Expanding in Dallas” ‡ (D CEO Magazine – July 9, 2013)

“UMB in Missouri Plans Texas Push: Report”  (American Banker – July 9, 2013)

 

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. 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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Easy Monetary Policy – “Morphine” for the Economy

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Quantitative easing. Low interest rate environment. Easy money. Kick the can down the road. We have all heard those phrases in recent years as the government continues its grand economic experiment in an effort to stimulate the economy.

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While the intention was to stimulate, I would argue that this continued easing has served as more of an “economic morphine” used to dull the pain of a slow-growth economic recovery desperately in need of surgery to repair years of unwise spending and unprecedented debt levels. This morphine has falsely propped up equity markets, pushed more risk into the system and created a lending environment where banks are throwing caution to the wind to create business. Though for many it feels like things are going well. That’s the morphine at work.

I recently talked with Reuters on the surge in commercial and industrial lending and the potential economic fallout. In the article, I emphasized the risks that some banks are taking as liquidity grows and the pressure and competition to make loans intensifies. With interest rates held historically low and liquidity high, many banks are willing to make riskier loans with little-to-no collateral, lax or reduced terms and collateral packages.

All this lending hasn’t led to economic expansion, but rather refinancing. The credit is simply moving from bank to bank. For those not refinancing existing debt, many are using these loans to replace equipment with near zero cost money.

At UMB, we continue to lend and believe in the strength of the private sector and the good of capitalism. We will continue to be prudent in our lending practices and maintain the necessary terms and standards for responsible lending. As a nation, we can no longer accept the morphine and avoid the reality of our economic situation. The time has come for surgery. This surely will be a painful process as rates normalize and necessary spending cuts are made. However, this is what is needed to ensure the long-term health of our economy and country.

 

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. Kemper is the chairman and chief executive officer of UMB Financial Corporation and UMB Bank, n.a. He joined UMB in 1997. Mr. Kemper is active in both civic and philanthropic endeavors. One of the causes he is most passionate about is the arts. He currently serves as a trustee and executive committee member for the Denver Art Museum and is a past board member for The Arts Council of Metropolitan Kansas City.



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

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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.

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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.



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

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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.

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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.



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Building long-term wealth with your HSA

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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.

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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.



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Jackson County CASA: Light of Hope

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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.

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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.



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Happy Independence Day

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Happy Independence Day to our readers!

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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.



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How to generate income during retirement

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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.

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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.



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It runs in the family: Teaching your kids about money

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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.

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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.



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