September 29, 2017
October is Cyber Security Month

Cyber Security Lunch & Learn

Education for Small Businesses, Municipalities, & Non-Profits

Wes Reynolds, Security Specialist at Netsource One, will be presenting. Reynolds has a Bachelors Degree in Computer Science from Southern Illinois University. His certifications include: CISSP, CCUE & ITIL. In addition, Wes has 20 years of experience as head of IT at multiple companies and specializes in enterprise security, risk assessments, policies and procedures.

Topics include:
-Importance of Cyber Security
-Best Practices for Your Business
-Passwords & Multi-Factor Authentication
-Free & Low-Cost Resources

You must RSVP by October 17, 2017 to 810.538.1925 to attend. This event will be held at our Wealth Management Center located at 1175 S. Lapeer Rd. (M-24), Lapeer, MI 48446. 
Same Day ACH Processing
Same Day ACH: Moving Payments Faster (Phase 2):
 
New capabilities of same day ACH become effective over phases to allow financial institutions and businesses time to acclimate to a faster processing environment, as well as to ease the implementation effort. Beginning September 15, 2017, same day ACH is available for debit entries, enabling the same-day processing of virtually any ACH payment.
 
The Rule enables the option for same day ACH payments through additional ACH Network functionality, without affecting previously available ACH schedules and capabilities.  Originating financial institutions (ODFIs) are able to submit files of same day ACH payments through two additional clearing windows. Virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing. Only international transactions (IATs) and high-value transactions above $25,000 are not eligible. All Receiving financial institutions (RDFIs) are required to receive same day ACH payments.
 
How does this affect you? ACH transactions may post to your account throughout the day, rather than just at the beginning of the day. You may need to monitor your account balances more closely and transfer funds to cover any incoming debit transactions prior to the close of business. We encourage you to use Online Banking and/or Mobile Banking to easily monitor your accounts and setup email or text alerts for incoming ACH transactions.
Business Accounts & Beneficial Owners
New Rules under the Bank Secrecy Act

Effective May 11, 2018, all financial institutions will follow new rules under the Bank Secrecy Act. These changes will aid the  government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

Each time an account is opened for a covered legal entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for:
  • Each individual that has beneficial ownership (25% or more); and,
  • One individual that has significant managerial control of the legal entity.
If you are opening an account on behalf of a legal entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
In the Community
Community Shred Days of 2017

Our next Community Shred Day will be  on Saturday, October 14, 2017 at the Armada Office. Each shred day runs from 9:00 a.m. to noon, or until the trucks are full. 

This is a community event. Everyone is welcome to drop off their documents for shredding. You do not need to be a Lakestone customer to participate! 

Please limit your paperwork to be shredded to 10 banker's boxes to help ensure everyone can take part in this service.

Last Shred Day of 2017:
Main Office, Downtown Lapeer - October 21, 2017
Imlay City Downtown Branch Closing
January 31, 2018

After review of the current branch network, Lakestone Bank & Trust will close the Downtown Imlay City office effective January 31, 2018. 

For more information, please read this letter from both Lakestone's Chairman & CEO and President. 
Visit the FAQs page from LakestoneBank.com . 
Bill Pay & Your Accounting Software
Quicken & QuickBooks

Customers using Online Banking and either Quicken or QuickBooks can now download files from Online Banking that can be imported into either of these programs. 

Get Started!
Recent News
Equifax Breach

Dear Business Customer, 

Recently, Equifax, one of the three national consumer credit reporting agencies, announced a major data breach...
Important Information: Lakestone Bank & Trust is pleased to provide the information contained in this newsletter to our customers seeking to gain the most value from their banking relationship with us. The content of this newsletter contains advertising of products and services. Lakestone encourages you to discuss your specific situation with your banker or other advisor before acting on ideas offered in Business Connections.
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