ASB News

FDIC report shows Iowa’s banking industry continues to gain strength

Iowa’s banking industry continued to gain strength in the first quarter of 2011, according to the latest bank performance data released by the Federal Deposit Insurance Corporation (FDIC) on May 24.

“Iowa banks continue to reap the benefits of being responsible lenders with a long-term goal of building healthy, thriving communities,” said Iowa Bankers Association President and CEO John Sorensen.

Congress Should Protect Debit Card Users

Debit cards have become one of the most popular forms of payment for American consumers. More consumers now have debit cards than credit cards--and consumers use debit cards more often than cash, credit cards or checks. Unfortunately for all consumers, this convenient and preferred method of payment is about to get more expensive unless Congress takes action before July 21.

As part of the Dodd-Frank Act passed last year, Congress required the Federal Reserve to regulate what are known as debit card “interchange fees.” An interchange fee is paid by a retailer whenever a plastic debit card is swiped, with the average fee about 1.5 percent of the transaction amount. This fee pays for the cost of the global electronic payments network, the cost to administer the card program and costs related to reissuing cards in cases of merchant fraud.

American State Bank Supports Area Schools with New Financial Literacy Tool

American State Bank has announced its partnership with EverFi to lead the way in an effort to bring a web-based financial literacy tool to area high school students. American State Bank has signed a 3-year renewable contract with EverFi to bring the financial software to local high schools including Clarke, Murray, Lamoni, Central Decatur, and Interstate-35.

How IRAs Work

An IRA is a type of savings account intended for retirement savings. IRAs have both tax advantages and possible penalties if funds are not used for this purpose.