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Digital Banking is Convenient, Secure, and Versatile



Coulee Bank’s digital platform allows you to bank when it’s important to you

Whether it’s for your business needs or personal needs, Coulee Bank wants you to be able to bank when it’s important to you. With our digital banking platform, you can experience convenience, security, and versatility. Our recently updated digital banking platform has revolutionized the way our customers bank, and we still have the same great customer service for those who like to bank in person or on the phone.

The Convenience of Digital Banking

Digital Banking is essentially the banking world staying on trend with the needs of their customers. Ben Lillie, VP, Director of Retail Banking, says, “Much like transactions created by people ordering from Amazon or Target by phone or online, digital banking has adapted in the same manner.” Digital banking offers convenient solutions at any time of the day or night. Lillie explains, “If you are a night person and want to bank at two in the morning, or if you forget to deposit a check during normal business hours, you can deposit your check on Coulee Bank’s mobile app.”

Other digital transactions include:

·        Obtaining bank statements

·        Transferring money

·        Bill Pay

·        Loan Management

·        Monitoring transactions

In 2024, customers can bank digitally on their computer, or their phone or tablet, and each format functions the same. Lillie says, “When digital banking initially started, each format was different, and customers had to learn how to use each version. Now, customers can learn one format for all devices making it easy to use and convenient.”

Is Digital Banking Safe and Secure?

Sending and receiving financial information electronically is at the heart of digital banking. But is it secure? “While nothing is foolproof, the firewalls and the way the data is encrypted make online banking very safe. Much safer than older banking methods,” says Lillie.

He explains that in the past, customers sent checks through the mail, faxed, or called for requests, and now most, if not all transactions can be completed online. You no longer need to wait to deposit a check at a branch location nor do you need to concern yourself with checks being stolen from the mail.

So how is Coulee Bank forging ahead in the digital world? To remain up to date in the digital banking sphere, Coulee Bank invested in a new and easy-to-use digital banking platform. This new digital platform coupled with three departments at Coulee Bank ensures all our digital systems are functioning correctly. All this work happens behind the scenes, allowing you to control your banking transactions.

Can Digital Banking Help My Business?

Digital banking provides versatility. It gives you more control of your transactions. Lillie says, “What’s exciting for our customers is the addition of our new Treasury Management department. With the addition of this department, you as business owners or signers on the business account have control of day-to-day operations. Rather than relying on the bank to perform certain functions, like wire transfers or ACHs, business owners now have tools to complete these functions.”

ACH can move money on the same day with a click of a button. Plus, customers don’t need to send checks that show their bank account and routing number through the mail which can expose any business to fraud. Examples of ACH transactions are payroll, accounts receivable, accounts payable, and vendor payments. These types of payments are quick, easy, and efficient.

Are There Challenges to Digital Banking?



“The biggest challenge we see with digital banking is the generation of people who haven’t converted to digital banking,” says Lillie, “but, at Coulee Bank, we make sure all generations bank in a way that is meaningful for them.” Coulee Bank is a community bank, and we take pride in building relationships with our customers. Customers can still visit bank branches in La Crosse, Holmen, Onalaska, Rochester, St. Paul, and Minnetonka. In each branch, you can sit down with someone in the bank to help with transactions, show you how to use the digital system, or help you troubleshoot any challenges in using the system. Digital banking gives you the power, and we want you to be able to bank the way you want to bank.

How to Build Business Credit

Making progress toward bigger financial goals

In the fast-paced business world, having a well-established credit history is essential. Strong business credit can help secure loans, build trust with suppliers and clients, and show stakeholders your company is reliable and well-managed.

What Are the Benefits of Good Business Credit?

Good business credit not only demonstrates your company’s reliability and effective management, but Tim Kolek, Market President in La Crosse, WI, says, “Good credit enables you to obtain capital to grow your business, purchase inventory, hire employees, and cover day-to-day expenses.” Building good business credit can take the pressure off your personal credit while safeguarding your personal assets.

How to Build Business Credit

Start by creating your business profile through steps such as opening a business bank account, registering your business with the state, and determining its structure (e.g., sole proprietorship, partnership, or limited liability corporation). This process provides you with an Employer Identification Number (EIN), like a Social Security Number for your business, laying a solid groundwork for establishing credit with vendors and lenders.

Having a business bank account helps in separating personal and business finances and fosters a relationship with a local banking partner. Kolek says, “When it’s time to evaluate how the business is performing, the separation between business and personal finances helps determine business performance so you can make better business decisions like when to make capital improvements.”

Acquiring a business credit card and using it for transactions is helpful when trying to build credit. Kolek states, “Having a business credit card is an easy way to pay bills and earn rewards. Make sure you are paying the balance off each month to build a positive credit history.”

Another way to build credit is to pay your bills on time or early. This proves you can make good on your debts. Kolek recommends setting up auto-pay for your bills to help you avoid costly late fees or damaging your credit.

Credit Terms

To get the most bang for your buck, a business needs to establish different types of credit. Kolek states, “Many vendors allow credit terms for payment.” A credit term can be Net 30 meaning the payment must be made within 30 days. Some businesses offer Net 10, Net 20, or even Net 60, but the most common is Net 30. Kolek explains that businesses should keep the payment arrangements within predetermined limits giving you access to needed supplies and inventory.

How Long Does It Take to Build Business Credit

Building credit doesn’t happen overnight. It usually takes about 6-12 months to establish credit. Make sure to make payments on time, maintain a positive bank balance, and use your credit card wisely. Having solid business credit is an integral part of successful business operations.

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.

Should I Get Pre-Approved for a Mortgage

Become a more attractive buyer with a pre-approval

Applying for a mortgage can cause a mix of excitement and stress, so if you are ready to purchase a home, consider getting pre-approved for a mortgage. Coulee Bank’s mortgage loan officers take the guesswork out of the home-buying process. They can calculate the right loan amount and monthly payments and make you an attractive buyer.

Your Golden Ticket to Buying a Home

Ethan Jerue, Mortgage Loan Officer at Coulee Bank, says, “Connecting with a mortgage loan officer to receive a pre-approval letter helps you create a blueprint for what you can afford based on your income, liabilities, and overall debt-to-income ratio.” The pre-approval letter from your mortgage loan officer is non-binding, but it shows buyers you are serious.

Jerue says, “When it’s time to buy, you better apply! Applying for a pre-approval is important to everyone working on a deal – buyers know what they can afford, realtors know what to present to the buyer and how to negotiate their budget, and sellers use pre-approvals as verification of funds.” Often realtors won’t work with someone who hasn’t been pre-approved.

What Documents Are Needed for Pre-approval?

Brett Olivo, Mortgage Loan Officer at Coulee Bank, says, “After the mortgage application process, mortgage loan officers review your credit score and credit history.” Olivo goes on to say while a credit check is a necessary step in the pre-approval process, it typically doesn’t affect your credit.

After this step is complete, it’s crucial to be prepared with the necessary documents to verify your information. At Coulee Bank, we want this process to be simple, fast, and hassle-free. Here’s a list of documents Olivo says to gather to help make a seamless approval process:

Needed:

Copies of last 2 years personal federal tax returns (all pages)

Copies of last 2 years W2s or 1099s

Copies of last 30 days’ worth of paystubs

Copies of last 2 months' asset statements (all pages) including: checking, saving, investment, and 401k

Copy of driver’s license

Needed if they pertain to you:

Copies of the last 2 years' federal business tax returns

Copies of last 2 years K1s

Copy of Divorce Decree (all pages)

Copy of bankruptcy paperwork (petition, schedule of debts, and discharge)

Copies of foreclosure or short sale paperwork

Copy of certificate of eligibility or DD214 if VA loan

Does the Mortgage Pre-approval Letter Expire?

Your golden ticket is valid for approximately 60-90 days. If your house hunting exceeds 90 days, you may need to get pre-approved again especially if your financial situation changes. If you get multiple pre-approval letters and have your credit history checked multiple times, Olivo says your credit score may be affected.

To make the most of your first pre-approval letter, make a list of needs and wants for the type of home you are searching for. Remember, you can compromise. Be open to properties that might not tick every box but offer significant potential. Sometimes the best homes are those that grow with your needs. If you find yourself house hunting on different websites, seek the help of a Coulee Bank mortgage loan officer. They are happy to help you get the pre-approval process started.

Tips from IT

Protect Yourself During Consumer Protection Week March 3-9, 2023

Learn how to safeguard your personal information and prevent fraud with these quick IT tips:

Keep personal information secure.

• Only share sensitive information when necessary.
• Use strong, unique passwords and use a password manager.

Be cautious with email and web links:

• Don't share personal data via email. If you must, encrypt it.
• Hover over links to verify trustworthiness.

Review financial statements:

• Check bank and credit card statements monthly.
• Report any unauthorized charges immediately.

Stay updated on scams:

• Visit reputable sources like the Federal Trade Commission's (FTC) scam alert page.
• Be wary of unsolicited calls or messages.

Utilize security software:

• Keep antivirus and anti-malware software up to date.
• Enable two-factor authentication whenever possible.

Verify before trusting:

• Independently verify contacts claiming to be from financial institutions.

Educate yourself and others:

• Stay informed about common scams.
• Share knowledge with your community.

Protect yourself and others from fraud during Consumer Protection Week. Stay vigilant and informed!

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! 

For Valentine's Day, each Coulee Bank branch selected an assisted living or retirement center in their area and delivered handwritten Valentine's wishes to residents. One of the residents who received a card made an effort to call the Holmen, Wisconsin branch the following day to thank them for the beautiful card with the thoughtful sentiment.

Employee Spotlight

Let's give a round of applause to this amazing group for all the well-deserved promotions! Your hard work and dedication have paid off, and we couldn't be happier for every one of you!

Melissa Mathena has been promoted to VP, Project Manager. Melissa has been an instrumental team member in many interdepartmental projects this past year. In her new role, Melissa will work closely with Deposit Operations, Treasury Management, Retail, and the Call Center to implement operational and procedural efficiencies and department enhancements.

Sarah L. has been promoted to VP, Deposit Operations Manager. This past year, Sarah earned her AAP (Accredited ACH Professional) designation, demonstrating mastery of the payments landscape. In her new role, Sarah will take over the supervision of the Deposit Operations Department. 

Annie Bertram has been promoted to AVP, Treasury Management. Since joining Coulee Bank in 2023, Annie has worked to build up our Treasury Management Department and oversaw the launch of our new Treasury Management platform.

Sending a BIG birthday shoutout to all our fabulous Coulee co-workers celebrating a birthday in March! May your day be filled with cake, confetti, and lots of joy!

Join us in giving a round of applause for these amazing Coulee Bank employees! They're crushing it on their work-i-versary, and we couldn't be prouder. Drop your congrats in the comments and let's show them our appreciation!

Customer Testimonials

"My experience as a customer with Coulee Bank both in commercial and residential services has been nothing short of the most stress free and professional service. For my business, my clients are very happy with the residential team and Dominick Sweeney. Jodi Ehrenberger and the Commercial lenders are there for all things that clients need!"

~Adam Wiesenberger, Coldwell Banker

"Coulee Bank has been a good bank for me to work with. I currently have no other bank with whom I bank, as Coulee Bank satisfies all my needs. I like them for a variety of reasons. They provide a hometown bank experience. They are not large and impersonal, like so many corporate banks. They are warm, friendly and inviting. I say keep up the good work."

~Rose

"I opened a new account because the savings account I had elsewhere didn't offer much in the way of an interest rate. Coulee offered a much better rate. I love the look of the bank. It has a large parking lot and is new inside and very clean. The people who helped me were terrific. They weren't hurried or rushed but took their time to explain everything to me. I really appreciated that."

~John

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.