The Built for Better Banking Newsletter - July 2023

Union State Bank News & Events

More Than You Ever Wanted to Know About Routing Numbers


In the modern world of electronic transactions and digital banking, the bank routing number plays a crucial role in ensuring the smooth transfer of funds between different banks and financial institutions.


This unique nine-digit code has a rich history, and it continues to serve as a vital tool for accurately directing and processing electronic transactions.


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Moody Completes OBA Intermediate School of Banking


Nicholas Moody, VP / Commercial Lender with Union State Bank, recently completed the Oklahoma Bankers Association 2023 Intermediate School.


The multi-week program is designed to expose attendees to a broad range of banking functions as they prepare for future leadership roles within the banking industry.


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Finance Forum:

Will Millennials Ever Be Able to Retire?


If you were born between 1980 through 1995, you've likely already heard you've been tagged as a "millennial." If you're like most millennials you started saving for retirement in your early 20s. But saving is one thing. Planning is an entirely different ballgame. How much will you need to retire? When do you plan to retire? What do you want retirement to look like? The biggest question may be this doozy: Will I ever be able to retire? 


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Online Security Tip: Smart Device Safety

If you are like most people, you use electronic devices, like your phone or computer, to browse the internet or use social media. If so, companies use technology to track your online activity, including the websites you visit, the things you search for, and the content you interact with through a process called targeted advertising.


The goal of targeted advertising is to show you ads that are more relevant to your interests, in the hopes that you'll be more likely to click on them and make a purchase. However, some people find this process invasive or creepy, since it can feel like companies are tracking your every move online.


When you search for certain keywords, visit certain websites, or engage with certain content, these companies use that information to determine what you might be interested in. Based on that information, companies can display targeted advertising messages on your social media feed or while you're browsing the internet.


For example, if you search for "running shoes" online, you might start seeing ads for running shoes on your Facebook or Instagram feed. Or if you frequently visit a particular brand's website, you might start seeing ads for that brand's products.


While companies like Amazon claim that they only use this information to improve their services and do not use it for advertising purposes, there have been reports of targeted advertising being displayed on social media feeds after people have had conversations near their Alexa device about a particular product or brand.


It's important to note that electronic devices like Amazon's Alexa are designed to only record and store voice commands when the trigger word (like "Alexa" or "Hey, Siri") is spoken, but there have been concerns about the potential for accidental recordings and privacy breaches. It's always a good idea to read the privacy policies of any electronic device or service you use and to take steps to protect your privacy online.


A few tips to consider:

• Smart speakers and some smartphones have an “always listening” setting that allows you to speak to it at any time. We recommend turning off this setting or muting the microphone while working from home or while discussing sensitive information.


• Much like a web browser, smart devices track your activity history. Review your history periodically to check for unusual activity. We also recommend clearing your device history on a regular basis.


• Keep your devices up-to-date. Smart devices receive important security patches through software updates.


For additional information about online scams and cybercrime visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips

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Please Report Scams


If you spot a scam, please report it to the Federal Trade Commission.

• Call the FTC at

1-877-FTC-HELP

(1-877-382-4357)

or TTY

1-866-653-4261.

• Go online: ftc.gov/complaint


Your report can help protect other people. By reporting fraud, you can help the FTC’s investigators

identify the scammers and stop them before they

can get someone’s hard-earned money. It really makes a difference.


Information provided courtesy of Federal Trade Commission. FTC.gov/PassItOn

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