Luana Savings Bank will be performing an EXTENSIVE system upgrade starting Thursday evening, November 4th through Monday, November 8th. Please review the following information to ensure you understand how you may be impacted. Thank-you
Luana Savings Bank will be closed on Friday, November 5th and Saturday, November 6th. THIS IS NOT A NORMALLY SCHEDULED CLOSING OR HOLIDAY.
Due to our closure Friday, November 5th, any deposits or transfer into the Bank (including Payroll) after 3 PM on Thursday, November 4th will not be available until Monday, November 8th.
Debit/ATM Card Availability
Debit and ATM card balances will not be updated after 3PM on Thursday, November 4th until Monday, November 8th. Any limit increases that need to take effect between Friday, November 5th and Monday, November 8th need to be requested by Thursday, November 4th; please plan accordingly.
Online Banking Availability
Online Banking will be unavailable during the upgrade, starting Thursday night November 4th through Monday, November 8th.
Our mobile banking app will be upgraded, requiring a new app download. The current app will cease to function Thursday Night, November 4th. The new app will be published on Monday, November 8th.
You'll need to re-enroll in eStatements after Monday, November 8th, even if you are currently enrolled.
Online Statement Availability
Statements generated prior to December 2021 will NOT be available online after November 4th until January 2022. Please securely store a digital copy of all statements before November 4th for your reference. After January 2022, all statements will once again be available within online banking. Luana Savings Bank will still have access to your statements if needed; however, fees may apply.
Online Transaction History/Image Availability
Starting November 4th, check/deposit images and transactions older than 30 days may be unavailable for viewing online until January 2022. Please download and securely store your previous statements for this purpose. Luana Savings Bank will still have access to your statements if needed; however, fees may apply.
Irregular Statement Date
Due to the type of upgrade being performed, we will be required to cut all statements for all accounts on November 4th. If your regular statement date does not land on the 3rd (first Thursday of the month), you will receive two statements during that cycle, for a total of 13 statements in 2021. Please keep this in mind when collecting items for CPAs, Tax Consultants, etc.
Luana Savings Bank will no longer be printing and mailing statements from Luana, IA. Statements/notices will have a new look and feel, and may take up to 3 business day longer to arrive than in the past, depending on your proximity to Luana, IA.
Touch-tone Banker will be discontinued on November 4th. You may still call us during business hours, but we strongly encourage all customers to enroll in electronic banking (mobile or traditional web browser).
Frequently Asked Questions
Why is Luana Savings Bank upgrading?
Luana Savings Bank is upgrading various systems so that we can offer our customers the most modern products and features, in addition to the best security. The upgrade will also ensure we can continue offering the best service and rates around. Although this will cause brief periods where funds or other systems are not immediately available around November 4th through the 8th, we feel the functionality and features you will gain from this process will more than make up for the temporary inconvenience.
What/which new features will become available?
We will be introducing a revolutionary, real-time mobile app and online banking experience. Balances will be available in a flash! Providing your mobile device has acceptable internet connectivity, you'll even be able to comfortably check your balance seconds before check-out at a store! All statements - including loan - and even some notices will now be available electronically. We will also began offering Personal Financial Management and optionally aggregation of some accounts you may have at other financial institutions. We're also focused on providing the best online support possible: you'll have many new ways to easily get in touch with us with your questions or concerns!
How will in-branch banking change?
You'll be pleased to know we will now be able to offer real-time, printed balances/transaction details! In the future, we also plan to "step out" from behind our desks/counters more frequently in an attempt to more easily converse with our customers - both inside and outside of the bank!
Why is the Bank closed Friday, November 5th and Saturday the 6th?
The type of upgrade we are performing requires our utmost attention; all hands on deck and focused. We'll be closed on what would typically be a normal business day, Friday, November 5th (and Saturday the 6th) to help ensure we can resume business normally starting Monday, November 8th.
Why aren't payroll/wire funds available if sent Thursday night or Friday?
We'll receive all funds transferred November 4th and 5th; however, these won't be processed or available until Monday the 8th. This allows us to focus on the upgrade. Trying to do too many things at once risks misplacing those funds so we'll process and update balances after we're sure upgrades were successful first.
Why is my debit card balance and transactions affected?
We'll be focused on upgrades Friday, November 5th and Saturday the 6th, therefore processing of transactions (and recalculating balances) tentatively won't occur until Monday, November 8th. This ensures nothing slips through the cracks during upgrading. We apologize for this inconvenience; please plan accordingly by having cash on hand, a credit card(s), or checks available.
Can I use my Debit Card between Thursday, November 4th and Monday the 8th?
Absolutely! Just keep in mind deposits during this time (except those made through an ATM) will not increase your balance. So, for example, if you have a $1,000 balance in the checking account linked to your debit card at 3 PM Thursday, November 4th, and are normally paid Friday, November 5th, the usable card balance will not increase until Monday, the 8th. If a friend sends funds to your account or you receive another type of electronic transfer on Friday the 5th, for example, your balance will remain $1,000. If you purchase $300 worth of goods between November 4th and 8th, your balance will decrease to $700 like normal, however. If you make a $400 cash or check deposit at an ATM on Friday, however, your card balance will reflect that $400 deposit. If you anticipate making a purchase larger than your limit (typically $500) between November 4th and 8th, notify us before November 4th to increase your limit as well. If you will not have the funds to make a purchase between November 4th and 8th despite anticipating a deposit during that same period, please make arrangements to use cash, check, credit card, money order, or another suitable form of payment.
Why are online statements/account history/images affected?
We will be moving from one online statement vendor to another; there is a period of time in which statements are transferred between vendors, and until this conversion is complete, some statements/transactional history/images will not be available online. Rest assured - the Bank does have copies of your statements/transactions that can be made available during this period, however fees may apply. Please download and securely store your statements in the meantime.
Do I need to re-enroll in Online Banking?
No! Luckily, we were able to move existing usernames and some settings from the old system to the new. You will need to set a new password, however. You'll also be required to complete set-up of multi-factor authentication; this helps us protect your account from fraudsters. (Previous communications may have specified that re-enrollment was necessary, this is a new development)
Why do I need to re-enroll in eStatements?
We are changing the way in which electronic statements/notices are sent. Federal regulation requires us to verify that you are able to view electronic documents that are sent to you, and since the way in which these documents are being delivered is significantly different than the old system, we must re-verify through a re-enrollment process. Fees may apply for customers that fail to re-enroll.
Why are statements/notices no longer being mailed from Luana, IA?
Unfortunately, it's hard for us to remain competitive while processing paper items in Luana. We strongly encourage all of our customers to enroll in electronic delivery of statements and notices. By outsourcing paper processing, we can also take advantage of bulk mail rates, which means more savings passed onto our customers in the form of lower fees and better rates! Depending on your zip code, some customers may receive some paper items at the same speed or faster, but a majority of us may experience an additional delay of approximately 3 business days.
Why will I receive an extra statement, dated November 3rd?
The best, safest way for us to transition from one statement vendor to another is to generate statements one last time using the current vendor before moving to the new. This ensures there won't be any transactions that straddle the upgrade which could potentially be lost or duplicated. Unfortunately, this means you may receive 13 statements in 2021. Interest will also post on November 3rd which may be irregular.