Coulee Courier

What is Automated Clearing House (ACH) and Why Does Your Business Need It?

ACH is an electronic payment system used to move money from one bank account to another

What is ACH?

You may have heard of the term ACH, but what is it? ACH stands for Automated Clearing House. Automated Clearing House is part of an electronic payment system used to move money from one bank account to another. Transactions consisting of debits and credits can be moved through business-to-business (B2B), government and consumer transactions.

This network was set up in 1974 by Nacha, a business that monitors the ACH network to ensure money is safe, secure and it is moved efficiently. To process ACH payments, banks, or the originator, send payments to a clearinghouse. Once the payment is processed, it is sent electronically to the recipient. This is known as pushing and pulling money. The money is pulled from the originator’s account and pushed into another account.

What is ACH Used For?

Annie Bertram, Coulee Bank’s Treasury Management Manager (AAP), says, “ACH is an effective tool for business customers. It can change the day-to-day functions in ways you may not anticipate.” Because it takes longer to send checks in the mail, ACH can move money on the same day with a click of a button. Plus, she says, sending checks means you are sending your bank account number and routing number through the mail which can expose any business to fraud.

Bertram says, “Coulee Bank’s ACH product is competitively priced and is less expensive than mailing checks. You don’t need to pay staff to stuff envelopes or pay for postage. Instead, businesses can start a direct payment transaction using the ACH network via debit or credit.”

Examples of ACH transactions are payroll, accounts receivable, accounts payable, and vendor payments. These types of payments are quick, easy, and efficient.

How Coulee Bank’s Treasury Management Department Can Help You?

The Treasury team provides thorough onboarding with every new ACH Originator. This onboarding ensures your business utilizes ACH to its maximum potential. Coulee Bank offers dual control, same-day ACH, and many alert options to help combat potential fraud. Our goal is to make your business as efficient as possible.



Coulee Bank has multiple accredited ACH professionals on staff. They are here to assist with any potential questions or problems that arise. Bertram and her team can provide one-to-one training and help get your business set up with ACH Origination capabilities. During the training, the Treasury team helps get you comfortable with the platform and makes sure you have multiple points of contact for any follow-up questions.

For more information regarding ACH Origination, contact treasury@couleebank.net.

How to Protect Your Deposits

Insure your deposits with one banking institution

FDIC Member Banks have access to FDIC insurance for their depositors. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US Government created in 1933 to provide stability in the banking system by insuring customers’ bank accounts and other assets. The FDIC insurance covers cash in your checking, savings, money market accounts, and CD’s. While the FDIC covers your monetary investment, it doesn’t cover stocks, bonds, mutual funds, exchange-traded funds, Crypto assets, and safe deposit boxes and their contents.

Deposit Structure can maximize coverage

It is generally thought that this coverage maxes out at $250,000 per depositor. But what if you have more than $250,000 to insure? Did you know you can access millions in FDIC insurance for cash deposits using one trusted financial institution?

FDIC coverage is $250,000 per depositor per ownership category. For example, one person can have an individual account that covers up to $250,000, and a joint account with a spouse for coverage up to an additional $250,000. Contact a local Coulee banker if this applies to you.

ICS and CDARS can also expand FDIC insurance coverage

ICS and CDARS accounts are additional options to increase FDIC insurance coverage. These accounts are considered sweep accounts and are available via the IntraFi network. The ICS sweep option, or demand account, is a checking account or a money market account that does not cap deposits and withdrawals. Demand accounts are best for operational funds that you need to draw on regularly.

The CDARS sweep option is known as a savings sweep account where funds are placed in CDs that limit withdrawals. CDARS sweep accounts are better suited for emergency savings and cash reserves.

You can make deposits at your local bank; these deposits are “shared” with FDIC member banks through the IntraFi network. The deposit is insured using multiple banking institutions that are FDIC approved without having to open separate accounts with multiple banks.

One local bank relationship

Your local Coulee banker can help determine whether an ICS or CDARS account is appropriate for you or if the funds can be insured through multiple ownership categories. Either way, you can feel confident using these systems to maximize your FDIC insurance capabilities.

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits.

Unlock the Door to Home Ownership

Two organizations that help people find affordable housing

There are a variety of loan programs for residents in Minnesota and Wisconsin. But if you are a first-time home buyer struggling to find the right loan and the funds, two organizations may help pave the way to home ownership.

What are My Options?

Homeownership is more than having a roof over your head, it’s about creating a future for you and your family. The Wisconsin Housing and Economic Development (WHEDA) and the Minnesota Housing and Finance Agency (MHFA) empower people by providing 30-year fixed-rate mortgages for purchase at affordable rates.

WHEDA

Su Vang, Mortgage Loan Officer (NMLS #1802921) at Coulee Bank in Wisconsin says, “Working with WHEDA allows first-time home buyers to enter the housing market with affordable lending options. They also provide discounted interest rates and private mortgage insurance.”

WHEDA also offers down payment assistance and closing cost assistance. To be eligible for these options borrowers must have a credit score of 620 or higher and attend a home buyer education course. Vang says he has worked with multiple buyers who have brought zero to a few hundred dollars to their house closing.

MHFA

The MHFA strengthens communities in Minnesota by creating choices and opportunities that make affordable housing accessible to low and moderate-income households. Ken Lahr, Mortgage Loan Officer (NMLS #326612) at Coulee Bank in Minnesota says, “There are income and other eligibility requirements to qualify for the program, so home buyers will want to make sure they know their options up front.”

Some of the homebuying guidelines noted on the MHFA website include:

• Income limits up to $142,800 based on county.
• House price purchase limits up to $659,550 in the 11-county Metro area and $604,400 for all other counties.
• Downpayment and Closing Cost Loan options – up to $18,000 available!
• Minimum credit score.
• Owner-occupancy requirement.
• Homebuyer education: At least ONE borrower must complete an approved homebuyer education course before closing on the home. 

Lahr says, “The program is a valuable tool to help potential home buyers achieve their dream of home ownership.”



These organizations not only assist first-time home buyers but also help with refinancing options and home improvements. Contact your local Coulee Bank Mortgage Loan Officer for more information about these programs.

Tips from IT

Unleash Your Inner Password Guru on "Change Your Password Day" - February 1st!

Hold onto your keyboards, because the most exciting day of the year is fast approaching – "Change Your Password Day" on February 1st!  It's the ultimate opportunity to turbocharge your online security game, and today, we're diving into the fascinating world of entropy, the super heroic prowess of passphrases, and why password managers are the digital sidekicks we all need.

Cracking the Code on Entropy: The Superpower of Password Security

Entropy, in the wild and wacky world of password security, is the mystical potion behind your account's invincibility. It might sound like something straight out of a sci-fi flick, but it's actually quite simple: the higher the entropy, the cooler your password! Here's how to pump up your entropy:



1. Password Length Matters: Longer passwords are like secret agent capes – they provide more disguises, making them ridiculously tough to crack.
2. Character Chaos: Mix it up! Uppercase letters, lowercase letters, numbers, and special symbols are your squad. The more variety, the better.
3. Roll the Dice: Don't be a predictable password magician. Avoid using stuff like birthdays or "password123." Randomness is your wand for crafting powerful passwords.

Passphrases: The Avengers of Password Security (It's All About Length)

Meet the Avengers of password security: passphrases! Instead of wrestling with convoluted character combinations, passphrases are more like a witty stand-up comedy act. They're composed of multiple words or a sentence, and their superpower lies in their length. Longer equals stronger! Here's why they're the ultimate sidekicks:

1. Remember with a Grin: Passphrases are easier to remember than the name of that one actor from that movie you saw five years ago. Say goodbye to the sticky note jungle under your desk! 
2. Dictionary Defenders: Password hackers often rely on dictionaries. Passphrases filled with random words are like kryptonite to them.
3. High-Octane Entropy: The longer the passphrase, the higher the entropy. They're practically indestructible against brute-force attacks.

Password Managers: Your Digital BFFs (Best Fortification Friends)

But wait, there's more! How do you wrangle all these magnificent passphrases without losing your marbles? Introducing password managers, your trusty digital sidekicks. They're here to save the day with a dynamic duo of services:

1. Secure Secrets: Password managers stash your treasure trove of complex passwords and passphrases in a secure vault, so you don't have to remember them all.
2. Password Architects: They can also whip up potent, high-entropy passwords and suggest mind-blowing passphrases. It's like having a personal genius by your side.

Let's team up to fortify your digital fortress! Embrace the power of entropy, hug your trusty passphrases for their length and unpredictability, and welcome password managers as your digital butlers. It's the most secure and user-friendly way to keep your passwords and accounts under lock and key.

Stay safe online and have a fantastic "Change Your Password Day"!

Coulee in the Community

Coulee Bank is dedicated to excellence in the workplace while fostering growth and support in the neighborhoods we call home. We volunteer because we have the power to make a difference! 

Since WAFER Food Pantry opened its new location in La Crosse, WI, this is the third group of Coulee volunteers that helped sort, stock, and assist customers! Great work Team Coulee! (Left Photo & Upper Right Photo)

We're so proud of our Twin Cities Coulee Bankers who volunteered at Second Harvest Heartland. They sorted apples and Pringles to be distributed to local food shelves. Coulee volunteers packed 11,856 pounds of food! (Lower Right Photo)

Coulee Bank in Rochester delivered pizzas from Mr. Pizza North to all volunteers at the ReStore in Rochester! (Upper Photo)

Each year, Coulee Bank donates money to the United Way. This year we surpassed our monetary donation by $2,600! Our fundraiser started in October with a variety of weekly games and raffles. Employees even pledged a monetary donation to be deducted from their paychecks. Coulee Bank matched employee donations and gave $10,000! In total, Coulee Bank gave the United Way $27,448.94! Way to go Team Coulee Bank! (Lower Photo)

Employee Spotlight

Coulee Bank welcomes Ian Spohn, Universal Banker, in our Onalaska branch. 🎉 He comes to Coulee Bank with over four years of banking experience and a strong sales background.

Ian is a proud father of two kiddos, who are 3 and 7 years old. He has been married to his wife, Alison, for three years. Ian says he's a huge nerd about many different things including anime, sports, video games, and even cell phones! Given a day off, he would choose to play video games with his kiddos and Pokémon GO!

Welcome to Coulee Bank, Ian! We wish you much success in your new role!

Sending a BIG birthday shoutout to all our Coulee co-workers celebrating a birthday in February!

Please wish these fabulous Coulee Bank employees a happy work anniversary! We appreciate you!

Customer Testimonial

Laura Macko, Broker/Team Leader from Keller Williams Realty, says, "Tom Smith is an amazing mortgage lender who always gets the job done! With his vast experience, he has the ability to think 'outside of the box' and to tailor the best mortgage product to each consumer's need.  It's obvious that Tom loves what he does. He provides great customer service and gets to know his clients on a personal level. Coulee Bank is wonderful all the way through the process!"

Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.