Blue Grass Savings Bank

Frequently Asked Questions

Bank Safety and Soundness

Q: Are my deposits at Blue Grass Savings Bank FDIC insured?
A: Yes, Blue Grass Savings Bank is insured by the Federal Deposit Insurance Corporation (the FDIC), and your deposits at our bank are insured to the maximum limits allowed by law. You can be confident that your insured deposits are safe. FDIC insurance is backed by the full faith and credit of the United States government.

Q: What are the limits for insured deposits?
A: On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which in part, permanently raises the current standard maximum deposit insurance amount to $250,000.00.

Q: What accounts are not insured by the FDIC?
A: The FDIC does not insure the money you invest in stocks, bonds, life insurance policies, annuities, or multiple securities, even if you purchased these products from and FDIC insured bank.

Q: What if some of my deposits at my bank are not FDIC insured?
A: If you find that some of your deposits are not fully insured, it may be possible to restructure your accounts to bring your deposits within insurance coverage. First, get the facts from your local banker before you make any changes to your accounts.

Q: How can I verify that my bank accounts are insured and that my money is safe?
A: If you have any questions as to what types of accounts are insured by the FDIC, you can obtain more information at the FDIC website, where you can download a comprehensive brochure prepared by the FDIC. If you want to calculate your own insurance coverage for the deposits held by our bank or any other financial institution, you can use the FDIC’s online “Electronic Deposit Insurance Estimator”. You can also speak directly with and FDIC specialist by calling 1-877-ASK-FDIC.

General

Q: How much money do I need to keep in my savings account to keep it open?
A: Savings accounts require a minimum balance of $5.00 to keep the account open.

Q: When does your lobby close?
A: The lobby closes at 4:00 pm Monday thru Thursday, 6:00 pm on Friday and 12 noon on Saturday.

Q: When does your drive up close?
A: The drive up closes at 4:30 pm Monday thru Thursday, 6:00 pm on Friday and 12 noon on Saturday.

Q: What is your check cashing policy?
A: As a courtesy to our customers, we may cash checks drawn on Blue Grass Savings Bank account when all payees are present with proper identification.

Q: What form of ID is required to cash checks?
A: Blue Grass Savings Bank prefers that you provide a non-expired Government issued photo ID when cashing a check.

Q: Do I need my Passbook for a savings withdrawal?
A: No, a passbook is not required for savings withdrawal. It is helpful however, if you have your account number and ID ready when you come in to make a withdrawal.

Identity Theft

Q: What are some ways I can protect myself from fraud online?
A: Don’t give any of your personal information to anyone in person, over the telephone, or over the Internet, unless you have a very good reason to trust them. Secondly, don’t give any of your personal information to any web sites that don’t use encryption or other secure methods to protect it. Lastly, use a firewall if you have a high-speed internet connection. The software can be purchased online or from most software retailers.

Q: Are there things I should do now to be prepared in the event my wallet is stolen?
A: Yes, an easy step to take now would be to make a photocopy of the front and back of all the contents of your wallet. Keep the copies in a safe place. This will provide you with important information, like telephone numbers and account numbers, which you would need to report your card(s) stolen. Another good rule of thumb is to keep the contents of your wallet to a minimum. Only carry the credit or debit cards that are absolutely necessary and leave the others at home in a safe place.

Q: What should I do if I discover I am a victim of fraud?
A: There are six steps to follow if you are a victim of fraud.

  • Contact the Federal Trade Commission at:
    1. www.ftc.gov
    2. 1-877-438-4338
    3. Consumer Response Center, F.T.C.
      600 Pennsylvania Avenue NW
      Washington, DC 20580
  • Contact the following three major credit reporting agencies and put yourself on Fraud Alert and request a copy of your credit report.
    1. Equifax
      P.O. Box 740250
      Atlanta, GA or call 1-800-525-6285
    2. Experian
      P.O. Box 1017
      Allen, TX 75013 or call 1-888-397-3742
    3. TransUnion
      P.O. Box 6790
      Fullerton, CA 92634 or call 1-800-680-7289
  • Cancel all accounts that have fraudulent activity or are at risk.
  • Contact local law enforcement agency.
  • Contact the U.S. Postal Service if you know or suspect your mail has been stolen.
  • Keep detailed records of any theft of your identity and of your activities to resolve the theft including logs of the following:
    1. The date, time, and amount of any unauthorized activity on your accounts.
    2. The date, time, duration, and cost of any phone calls and
    3. The date and cost of any mailings.

Spam / Phishing

Q: I received an email claiming to be from a reputable company that requested my personal information. Would Blue Grass Savings Bank ever request information through email?
A: If you receive an email claiming to be from Blue Grass Savings Bank that asks you to provide your personal account information DO NOT reply. Blue Grass Savings Bank will never request personal account information through email. Please forward the email to our security officer Dan Raupp at draupp@bluegrassbank.com.

Q: I received an email form the IRS that said I was entitled to a tax refund. When I clicked the link the email took me to a website that asked for my social security number and account number. What should I do?
A: When you receive an unsolicited email, do not open any attachments or click on any links. The practice of tricking victims into revealing private personal and financial information over the internet is known as “phishing” for information. Please visit the IRS website for more information on E-Mail and Telephone Scams using the IRS name.