IRA One-Rollover-Per-Year Rule Changes Effective January 1, 2015
The IRS has announced that the longstanding interpretation of the one-rollover-per-year rule will be changing effective January 1, 2015. Historically, the understanding has been that this rule applies to each IRA an individual owns. However, beginning “as early as January 1, 2015”, according to the IRS website announcement, “you can make only one rollover from an IRA to another (or the same) IRA in any 12 month period, regardless of the number of IRAs you own”. For more details, see the IRS announcement on their website: http://www.irs.gov/Retirement-Plans/IRA-One-Rollover-Per-Year-Rule.
Important Notice: Unauthorized access to payment card data at Supervalu Grocery Stores (Cub Foods).
A data breach at Supervalu may have impacted as many as 200 of its grocery and liquor stores and potentially affected retail chains recently sold by the company in two dozen states, including Cub Foods. The breach occurred between June 22nd and July 17th.
The information theft included customer name, credit or debit card number, the card’s expiration date and CVV (the three-digit security code).
MasterCard provided Olmsted National Bank with a list of debit cards that may be at risk and if your name appears on any list you will receive a personal phone call from the bank to discuss your options.
As always, please review your statements for unusual transactions. If you suspect fraud, please contact Olmsted National Bank immediately at (507)-280-0621.
Android “Fake ID” flaw announced by Google
On July 29, 2014, Google announced that Android® devices could be left open to attack from malicious apps that appear to come from legitimate developers, due to a flaw in Google’s mobile software. The flaw has been named “Fake ID” by security company Bluebox Labs, which discovered it.
Fake ID has been resident in Android® from version 2.1 to 4.4. Apparently, Google issued a fix in April as part of the latest update, Android® 4.4, also known as KitKat 4.4. If you have not upgraded your device to this version of their operating system, your mobile device could still be at risk. You can easily verify your software version by going to Settings>About Phone and looking for the Android software version installed.
We make no recommendation of any third party security products. However, you may wish to review and determine if such services are appropriate for your individual needs.
We recommend that you upgrade all of your Android® device operating systems to version 4.4 or higher. We also recommend that all of our mobile banking clients update their operating systems as soon as possible after being prompted by the device to ensure a safe and secure mobile banking experience.
Olmsted National Bank
We have added a new feature to ONB Mobile App, Mobile Billpay!! Whether you’re at home, work, or on the go, use the ONB Mobile App on your smart phone or tablet to pay bills when it’s convenient for you. Bounce back and forth between the Online Banking and Mobile App versions seamlessly. They’re synced for accuracy and convenience. That’s important!
For current ONB Mobile App users, just download the update from the App Store on your mobile device and start using this convenient service!