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With over 136 years of experience in providing personalized attention to both businesses and individuals, Irwin Union Bank knows well what types of information you need and questions you want answered about our financial products and services. We've put many of these frequently asked questions in this section for your quick reference.
In addition, Irwin Associates are always available to speak with you. They are available by calling 1.866.604.7946 or visiting an Irwin Union Bank location near you.
Who is Irwin Union Bank?
The history of Irwin Union Bank can be traced to a safe in a Columbus, Indiana, dry goods store in the 1860s. The store's owner, Joseph I. Irwin, was well respected in the community and other merchants in town trusted his integrity enough to keep their cash in the store's safe. It became known as the "safest safe" in town. When a worker tried to cash a "check" from his employer (which, legend has it, was written on sycamore bark), Irwin realized he was in the banking business. Irwin opened a banking department in his store. In 1871, when another bank in town failed, he officially established Irwin's Bank as a separate entity.
Today, Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. (wholly owned subsidiaries of Irwin Financial Corporation - NYSE: IFC), operate locally managed banks in ten Midwest and Western states including Indiana, Michigan, Utah, Nevada, Arizona, Missouri, Nevada, New Mexico, Wisconsin, Kentucky, and California. Irwin Union Bank continues to focus on the principles that allowed our founder to succeed: integrity, personalized service, local management, and financial solutions tailored to meet the needs of our clients. Irwin Union Bank serves a wide range of client needs, and specializes in providing a broad array of personalized financial services for the owner-operated business, entrepreneurial and professional markets.
Is Irwin Union Bank FDIC insured?
Yes, to the maximum allowed by law. Your deposits at Irwin Union Bank are FDIC insured up to $250,000. Individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $500,000. That's up to $250,000 in all your individual accounts, and up to an additional $250,000 in your joint accounts. Learn more about the FDIC and other insurance scenarios.
What is the FDIC’s Transaction Account Guarantee Program?
Irwin Union Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
How do you keep my information and account secure?
We take your security and privacy very seriously and always go the extra step to protect your information and your money. We utilize industry-standard technology and procedures to ensure the safeguarding of information submitted via the Internet site of Irwin Union Bank. For complete details, review our Security Statement.
What is the difference between Irwin Union Bank and Trust Company and Irwin Union Bank, FSB?
Irwin Union Bank and Trust Company is a state chartered bank organized under the laws of the State of Indiana. Irwin Union Bank, FSB is a federally chartered saving bank organized under the laws of the United States of America. Each bank offers similar services.
With which bank will my account be opened?
IUB will open your account in the bank that we believe is most convenient for you, the client. If you have a preference, please tell us either via e-mail or by calling 1.866.604.7946.
How will I receive notices?
Initial notices will be mailed to you at the address you provide. Unless otherwise required by applicable law, in the event we are required to provide subsequent notices or other communication to you, such notice(s) may be sent to you electronically to your internet address as reflected in our records or provided to you on this Web site.
What are the hours of operation for your Contact Center?
Our Contact Center is available to assist you Monday-Friday from 7:00 am - 8:00 pm EST.
Where are you located?
We are located in ten Midwest and Western states including Indiana, Michigan, Utah, Nevada, Arizona, Missouri, Nevada, New Mexico, Wisconsin, Kentucky, and California. Find Your Bank page.
How do I open an account at Irwin Union Bank?
It’s easy to open any account at Irwin Union Bank—checking, savings, certificate of deposit (CD), Individual Retirement Account (IRA) or a Health Savings Account (HSA):
Open an account in one of these three ways:
- Complete a Contact Me form online for the product in which you are interested and an Irwin Advisor will contact you.
- Call 1.866.604.7946
- Visit an Irwin Union Bank location near you.
Are there any eligibility requirements to open an Irwin Union Bank account?
Yes, the following eligibility requirements apply when opening an Irwin Union Bank account:
- You must be at least 18 years of age to apply.
- All applications are subject to a review of past account handling and verification of the information provided.
- Irwin Union Bank verifies identification and submits new account applications to a Credit Bureau background check. By applying for a new account, each account applicant consents to Irwin Union Bank obtaining a credit report and verifying his or her background information. Irwin Union Bank reserves the right to not open an account that has inconsistencies found in the information provided on the account application, from the background check, or if substantial derogatory information exists in a credit investigation.
- Irwin Union Bank must be able to successfully process your initial deposit. You will be notified if your account request cannot be processed.
How do I reorder checks?
You can reorder checks online or by phone. Please allow 7 to10 business days for delivery. Online reorder is available for checks that are printed with the same information, have the same style and quantity of your last order, and start with the next sequential number. If there are changes to your order or you have questions, please call us at 1.866.604.7946.
How do I order a new ATM or Debit Card?
Call us at 1.866.604.7946 or stop by any of our branch locations.
How do I change or get a new ATM or Debit Card PIN?
Call us at 1.866.604.7946 or stop by any of our branch locations.
How do I stop payment on a personal check?
There are 3 easy ways to initiate a stop payment:
- Call us at 1.866.604.7946
- Complete the Stop Payment information on Irwin Online
- Stop by any of our branch locations
How do I sign up for overdraft protection?
There are 3 easy ways to sign up for overdraft protection:
How do I set up direct deposit?
Provide your account number and Irwin Union Bank routing number to the entity making the deposit on your behalf. The Irwin Union Bank routing number is found on the bottom of your checks. It is the first set of numbers reading from the left followed by your account number.
What is a Certificate of Deposit?
A CD is a savings investment product that earns a higher rate of interest than a standard savings account, because the account owner commits to a fixed rate for a set term.
Can I add money to my Irwin Union Bank CD once it has been opened?
Generally, CDs do not provide the option of adding monies to them after the opening deposit is made. Occasionally, there may be special offerings that do provide the flexibility of adding monies to the CD after it is opened.
Do the CDs have a fixed rate?
Yes, for fixed rate CDs, the CD will earn interest at the APY (Annual Percentage Yield) disclosed at the time of account opening, and the rate will remain constant over the entire CD term.
How is interest accrued on an Irwin Union Bank CD?
Interest begins to accrue on the business day the CD is opened. If the CD request is received after 8:00 p.m. Eastern Time on a business day, Saturday, Sunday or Federal holiday the CD will be opened and interest will accrue as of the next business day. Our business days are Monday through Friday, excluding Federal holidays.
CD Interest Accrual/Interest Compounding/Payment Frequency:
3 to 11 month term:
Accrues daily / Compounds at maturity / Paid at maturity.
12 month term and greater
Accrues daily / Compounds Quarterly / Paid quarterly. These CDs have the option of receiving interest payments monthly or at maturity upon request.
Can I receive interest disbursements from my Irwin Union Bank CD?
Upon request, interest payments can be disbursed monthly, quarterly or at maturity for CD terms 12 months and greater.
How often will I receive statements for my CD account?
Statements are not issued for CD accounts. You may obtain current CD information over the phone by calling our Client Contact Center at 1.866.604.7946. If you chose to have the interest accrue to the CD, information for the CD will be provided when we mail a pre-renewal notice approximately 12 days prior to the CD maturity date.
Will Irwin Union Bank notify me of the maturity date on my CD?
Yes, we will send you a notice approximately 12 days prior to maturity. If you do not provide renewal instructions to us, the CD (including accrued interest) will automatically be renewed at the current standard rate. Standard rates may be lower than the promotional rates available.
Is there a grace period following the maturity date on my CD?
You may still redeem your CD, or change the amount or term, within 10 calendar days after the maturity date without penalty. After the 10-day grace period, a penalty will be assessed for early withdrawal. If the 10th day of the grace period falls on a weekend or holiday, you will be required to provide maturity instructions by 8:00 p.m. Eastern Time on the immediately following business day. Our business days are Monday through Friday, excluding Federal holidays.
What if I provide Irwin Union Bank with maturity instructions after the CD grace period?
If you do not provide instructions before the grace period ends, your Irwin Union Bank CD (including accrued interest) will automatically renew at our standard rate for the same term. The standard rate may be lower than the promotional rates available.
What are my options if I want to close my CD during the grace period?
We offer you two options to close your CD during the grace period:
By Mail- You can mail a request in writing that is postmarked by the last day of the grace period that includes your name, account number, current term, amount of the CD, and your instructions for closing the CD to the following address:
Irwin Union Bank
Attn: Internet Contact Center
P.O. Box 929
Columbus, IN 47202-0929.
The bank will then issue a check for the full amount of the redeemed CD or make a deposit to your Irwin Union Bank account for the full amount of the redeemed CD.
In Person - You can visit an Irwin Union Bank location.
Is there a penalty for early withdrawal?
Yes, as with any CD, there is a penalty for withdrawal prior to the maturity date. The early withdrawal penalty for an Irwin Union Bank CD depends on the CD term:
- less than 12 months will be an amount equal to 91 days interest
- 12 months and greater is 182 days of interest
The early withdrawal penalty is assessed regardless of when, prior to maturity, you make a withdrawal. Depending on how early you redeem an Irwin Union Bank CD, the resulting penalty may be greater than the interest that has been earned on the deposit.
What are the advantages of opening an IRA account?
An IRA is an excellent savings plan for retirement, offering many advantages including:
- Tax deferred earnings
- Potential tax deduction and tax credit
- Easy accessibility to funds, something not generally true of employer plans.
- Flexibility, because there is no minimum contribution in any year, and you choose your own investment option
Where do IRAs fit into my overall retirement picture?
IRAs generally provide one of three sources of primary income for retirees. The other two are Social Security and an Employer Sponsored Retirement Plan such as a pension or 401(k). Generally, all three are needed to retain a current lifestyle following retirement.
What is a Health Savings Account (HSA)?
An HSA is a tax-favored individually owned bank account that allows its owner to manage current health care expenses and save for future medical expenditures.
Who is eligible for an HSA?
Individuals covered by high deductible health plans (HDHP) are eligible to open an HSA.
Who can make contributions to my HSA?
Tax-advantaged contributions can be made to the account by employers, the employee and family members.
Can I make a withdrawal from an HSA?
Individuals withdraw money from their accounts at any time to pay qualified medical expenses on a tax-free basis.
What happens to monies I don’t use in the HSA?
Unused balances earn interest and can be applied to future health care expenses.
What can I do with Irwin Online?
Internal transfers between accounts, stop payments, bill payments, view account history and statements, download account history and statements.
How much does Irwin Online cost?
This is a free service to anyone with an Irwin Union Bank personal account.
What do I need to enroll in Irwin Online?
Complete the online application, contact us at 1.866.604.7946 or visit any Irwin Union Bank location.
Can I begin using Irwin Online immediately?
In most cases, you can access it within 24 to 48 hours.
What if I forget my PIN or ID?
Call us at 1.866.604.7946.
What is the fee for online Bill Pay?
Free for clients.
How do I cancel Bill Pay?
There are 3 easy ways to cancel Bill Pay:
- Inform us in writing at:
Irwin Union Bank
Attn: Internet Contact Center
P.O. Box 929
Columbus, IN 47202-0929
- Fax your request to us at 812.376.1963
- Stop by any of our branch locations
When does Irwin Union Bank withdraw the money from my Checking Account for a Bill Pay payment?
- If the Bill Pay payment is an electronic payment, then the funds are withdrawn from your account immediately.
- If the Bill Pay payment is a check payment, then the funds are withdrawn when the check clears your account.
Do you send all Bill Pay payments electronically?
Yes, if the recipient is accepting electronic payments. If the recipient is not accepting electronic payments, then we send a check.
What other account maintenance features does Irwin Online offer?
Visit Irwin Online to maintain your account in these ways:
- Change Online Banking ID or PIN
- Check to see if Bill Pay payment is sent and payee has received it
- Change or cancel Bill Pay payment
- Set up payees in Bill Pay
- Schedule Bill Payment
What is RewardsNOW?
It’s a unique program that rewards you with points for using your Irwin Union Bank MasterCard® or Visa® Credit Card. To see if your card is enrolled, call our friendly RewardsNOW Service Center at 1.866.759.5000.
How do I earn points?
You earn 1 point for every one U.S. dollar ($1) charged on eligible purchases made with your Credit Card enrolled in the program.
How do I know how many RewardsNOW Points I’ve earned?
We keep track of all the RewardsNOW Points you’ve earned and provide you with a printed quarterly RewardsNOW statement by mail. You can also check your account by going online to www.irwinunion.com or by calling the RewardsNOW Service Center at 1.866.759.5000.
When can I redeem points?
You can redeem points any time and can redeem as few as 750 points.
What makes RewardsNOW different from "frequent flier" programs?
Unlike typical frequent flier programs, your points are good for absolutely anything. You can book either through your preferred travel agency, direct with travel providers, or on the Internet. Any airline… Any hotel or resort… Any train trip… Any cruise line… Any rental car… YOU NAME IT! And, there are no blackout periods or seat restrictions. The ONLY exception is the purchase of food and gas. Other than that, the sky’s the limit!
What if I already took a trip? Can I still get value from my points?
You can download a Quick Travel Rebate form online at www.irwinunion.com. Just mail it to us along with your receipt(s) from travel, and we will redeem your points and issue your credit at the same time!
You can also find a Rewards Redemption form attached to your quarterly RewardsNOW statement or call our RewardsNOW Redemption Center at 1.866.759.5000, and we’ll mail one to you. For every 5,000 points you request to redeem for travel, you’ll receive a $50.00 credit to your Irwin Union Bank MasterCard® or Visa® Credit Card account. It’s that easy!
What if I don’t want to travel?
You can redeem your points for gifts and gift cards from your program brochure or watch your RewardsNOW statements for our special "Bonus Rewards."
How do I redeem for gifts?
Redeeming your RewardsNOW points for gifts and gift cards is just as easy. Simply compare the total points you’ve accumulated with the number needed for the item(s) you want. If you have enough points, go ahead and redeem online at www.irwinunion.com or call our RewardsNOW Redemption Center toll free at 1.866.759.5000. Our reward specialist will take your order, and you will receive your item(s) within 2-4 weeks.
Can my RewardsNOW points be combined with points earned on other programs?
Points may not be combined with, or transferred to, other reward programs.
Do RewardsNOW points expire?
They’re good for five (5) years from the year they’re earned. So there’s plenty of time (and ways) to use your points.
Are RewardsNOW points transferable?
Points are not transferable.
How much does it cost to participate in RewardsNOW?
There are no costs or fees to participate in RewardsNOW, unless otherwise specified by your Card issuer. However, standard rates and fees for use of your Irwin Union Bank MasterCard® or Visa® Credit Card credit card do apply.
How soon will I receive a decision on my loan application?
Your loan officer may be able to give you a preliminary decision when you submit your application. However, the final approval will be contingent on verifying the information that you supplied.
Where do I send my payment?
You will receive two temporary coupons at the closing of your loan. In addition, you will also receive information regarding where to make your payments.
Can I change my payment due date?
All mortgage loans have a due date of the first of each month. You have a 15-day grace period in which you can make your payment before a late charge is assessed.
What does Escrow or Reserves mean?
Part of your monthly payment may be deposited into an escrow account (also known as a reserve or impound account) so your lender can pay your real estates taxes, property insurance, mortgage insurance and/or flood insurance.
What is Mortgage Insurance?
Private mortgage insurance and government mortgage insurance protects the lender against default and allows the lender to make a loan which the lender considers a higher risk. Lenders often require mortgage insurance for loans where the downpayment is less than 20% of the sales price. Mortgage insurance should not be confused with mortgage life, credit life or disability insurance, which are designed to pay off a mortgage in the event of the borrower’s death or disability.
What does transfer of my loan mean?
While you may start the loan process with a lender or mortgage broker, you may be notified that another company will be collecting the payments on your loan, which is known as “servicing” the loan. Your lender will disclose whether it expects to service your loan or to transfer the servicing to someone else.
What is a Good Faith Estimate of Settlement Costs?
When you apply for a loan, the lender must provide you a Good Faith Estimate of settlement service charges within three business days of application. Actual costs may vary so the amounts listed on the Good Faith Estimate are only estimates.
What is title insurance?
Title insurance is required by the lender for protection against loss resulting from claims by others against your home as a result of defects in the title. If you want to protect yourself from claims by others, then you will need to purchase an owner’s policy.
What options are available to borrowers who are unable to afford their mortgage payments but wish to avoid foreclosure?
- Discuss alternatives with your lender.
- Request forbearance of a few months to get payments established.
- Request consolidation of debts.
What documents should borrowers be prepared to present when discussing options for avoiding foreclosure?
Documents which you should be prepared to present to lender:
- Last 3 paystubs.
- Tax returns for 2 previous years.
- Statement of other income sources.
- Insurance statement.
Who do I call to discuss options to avoid foreclosure with Irwin Union Bank?
Call Irwin Union Bank at 1-866-226-6991 (choose Option 1) to discuss options.
What resources are available to discuss options to avoid foreclosure outside of calling Irwin Union Bank?
- You can call The US Department of Housing and Urban Development (HUD) at 1-800-569-4287 for a HUD-certified housing counseling agency.
- You can call your local housing group government or local not for profit groups to assist you.
How is working capital defined for commercial lending?
The easiest way to think of working capital is current assets minus current liabilities. It’s a way of determining how liquid your assets are at any point during the year. Knowing how much working capital you have helps determine if you can cover emergencies, or act on new business opportunities on short notice.
What is a revolving line of credit?
If you need immediate cash for a pressing business need, a revolving line of credit can do just that. It’s a flexible, easy way to handle short-term cash flow needs. The line of credit is repaid monthly through payments that can usually be deducted directly from your business checking account. Revolving lines of credit come with variable rates.
What’s the best use of a revolving line of credit?
A revolving line of credit is best used for short-term working capital, seasonal purchases, inventory, payroll, or to take advantage of favorable business opportunities such as a price reduction on purchases.
What’s the difference between a loan and a line of credit?
A term loan provides financing for capital expenditures such as fixed assets and other equipment needs which are regularly amortized over a period of years (usually one to five years). A line of credit gives you quick access to funds whenever you need them for short term financing needs, without having to apply for a new loan.
How do I choose between a loan or line of credit?
Deciding which one to choose depends on how you plan to use the funds. For instance, a line of credit is the perfect solution for funding short-term operating capital needs. On the other hand, a term loan is a much better financing solution than a line of credit for acquiring business equipment or vehicles.
Will I need to personally guarantee the credit request?
It depends on the type and size of your credit request, along with some additional factors.
Can I have my payment automatically debited from my checking account?
Yes. You can choose your preferred payment option during the loan closing process.
Will I pay any interest on my line of credit with a zero balance?
No. Interest will only accrue on outstanding balances.
How do I open an account and enroll in Desktop Banking?
Contact us at 1.866.604.7946 to speak with a deposit relationship manager or visit an Irwin Union Bank location.
What is Corporate Capture?
A method for depositing items at your business without a required trip to the bank.
How do I issue a wire transfer?
Contact us at 1.866.604.7946 to speak with a deposit relationship manager or visit an Irwin Union Bank location.
How do I sign up for Courier Services?
Contact us at 1.866.604.7946 to speak with a deposit relationship manager or visit an Irwin Union Bank location.
How do I apply for a Business Credit Card?
Contact us at 1.866.604.7946 to speak with a deposit relationship manager or visit an Irwin Union Bank location.
How do I enroll in Lockbox services?
Contact us at 1.866.604.7946 to speak with a deposit relationship manager or visit an Irwin Union Bank location.
What are Merchant Services?
These are electronic methods for capturing debit/credit card payments at the business/merchant site.
What EFT Services do you offer?
Domestic and international wire transfers, ACH, Corporate Capture, Bill Payment and Positive Pay
What is a Sweep account?
A method of electronically moving funds from one account to the other.
How many insurance carriers do you represent?
Irwin Union Insurance is licensed with over 100 companies to ensure your getting the most competitive price for your desired coverage type.
What information do I need to collect to get a quote?
Insurance companies will need a census of your employees that includes the number of employees, their birthdates, their genders, the date of birth of the dependents to be covered, and the number of children to be insured. In addition, they will need the start date of coverage.
If I apply for an insurance plan am I obligated to buy?
No, you are under no obligation to purchase the insurance plan.
What is a deductible?
A deductible is a specific dollar amount that your health insurance company may require that you pay out-of-pocket each year before your health insurance plan begins to make payments for claims. Not all health insurance plans require a deductible. As a general rule (though there are many exceptions), HMO plans typically do not require a deductible, while most Indemnity and PPO plans do.
What exactly is an HSA?
Health Savings Accounts (HSAs) are tax-exempt accounts where funds grow to pay for medical expenses. They were created to help give control back to consumers and lower healthcare costs. HSAs provide a financial incentive for consumers to select a High Deductible Plan (HDHP). HDHPs have lower monthly premiums than traditional plans. The HSA/HDHP combination provides consumers with more incentive to shop carefully for healthcare services.
How much life insurance do I really need?
The question isn't really how much life insurance you need, it's how much money your family will need after you're gone. Some of the issues to consider include:
- How much money will my family need after my death to meet immediate expenses, such as funeral expenses and debts?
- How much money will my family need to maintain their standard of living over the long run?
Do all life insurance companies require a physical exam?
Whether or not a life insurance company requires a medical exam from people who are applying for insurance really depends on the company's underwriting requirements and the type of policy you are purchasing. Insurance companies criteria are based on how old you are and how much life insurance you're applying for. There is no cost to you for the exam, and an appointment may be scheduled at your convenience in your home office.
Is disability insurance something I should consider?
Yes, and we will put together a plan designed to keep you financially stable during difficult times so you can receive a monthly income, directly to you, when you are sick or hurt and unable to work.
What is LTC (Long Term Care)?
The expense of nursing homes or in-home care for the elderly or disabled can often consumes an entire lifetime of savings. Long Term Care insurance coverage will help avoid the situation, by supplementing the costs of in-home or nursing home care. Long Term Care insurance will protect your savings against the increasingly high costs of specialized medical care while maintaining financial security for your family.
What types of personal insurance products does Irwin offer?
We offer a full range of products for all needs. These include home, renters, condo, and valuable articles coverage. We also offer auto, motorcycle/ATV, boat, and umbrella coverage.
What companies does Irwin represent?
As an independent agency, we can compare with multiple companies. These currently include Auto Owners, Chubb, General Casualty, Grange, Hartford, Indiana, Indiana Farmers, MetLife, Motorist, Progressive, Secura, State Auto, Safeco, and West Bend
What are the financial ratings of these companies?
We do not represent any companies rated lower than A- by AM Best.
Do I get a discount if I insure more than one car?
Yes, you do. In fact, most companies will require you to insure all your vehicles with one company
Do I get a discount if I insure my home and vehicle(s) together?
Yes, you do.
Do my children get a discount for good grades?
Yes, they will with a B (3.0 out of 4.0) average or better.
What do I do if I have a claim?
You can report your claim to us, or the insurance companies directly.
What do I do if my renewal rates go up?
Please contact your agent or our support staff to review the situation. We can offer options such as higher deductibles, coverage changes, or remarket your policies with one of our other companies to save on the premium.
What payment options do I have for my policies?
You can pay monthly directly or by electronic funds transactions (EFT), quarterly, semiannually, or annually. You can come to an insurance office and pay in person, mail in a check, or use a credit card (most companies) over the phone or via the Internet.
What type of business insurance does Irwin handle?
The commercial Property & Casualty department handles property, auto, general, employment practices, professional, and umbrella liability, worker's compensation, and Director and Officer's liability. We also handle Group Life, Group Health and Group Disability Insurance for businesses.
Does Irwin represent several insurance companies, and can you negotiate on my behalf with several of them simultaneously?
What types of businesses has Irwin historically worked with?
We are experienced working with manufacturers, social service and healthcare, retail, transportation, and financial services.
How do I know if my company qualifies for group health insurance?
Companies that consist of at least two full time owners, officers, partners and/or employees qualify for group health insurance.
What if our business wants to retain a portion of the business risk?
We are experienced in large deductible and self-insured retention plans, which offer participation in the risk transfer program.
Do you have Internet rating capabilities with insurance carriers?
We have Internet based rating, issuance, and claim reporting capabilities with several of our carriers.
What is the average number of years of experience for Irwin commercial agents?
The average number of years of experience for our commercial agent staff is 22 years.
Can Irwin assist with developing and implementing a risk management program?
Yes. Beyond the risk transfer via insurance policies, we can develop a loss control and risk management program to reduce the "cost of risk" expense
How many years has Irwin Union Insurance been in existence?
Irwin Union Insurance has been in business since 1927.
What is the geographical focus of the commercial Property & Casualty department?
We focus in Indiana based operations. A large number of our clients also have operations or branches outside the state of Indiana.
What is a brokerage account?
A brokerage account is an account held at a financial institution that allows you to purchase stocks, bonds, mutual funds, and other investments.
What is a mutual fund?
A mutual fund is a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual fund will have a fund manager who is responsible for investing the pooled money into specific securities (usually stocks or bonds). When you invest in a mutual fund, you are buying shares (or portions) of the mutual fund and become a shareholder of the fund.
Why should I diversify my investments?
Diversification is the idea of spreading out your money across many different types of investments. When one investment is down another might be up. Diversification is a way to reduce your investment risk considerably. Mutual funds are a great way to diversify, and by just purchasing a few mutual funds you could be done in a few hours because mutual funds automatically diversify in a predetermined category of investments (i.e. - growth companies, low-grade corporate bonds, international small companies).
What is an automatic investment plan?
An automatic investment plan is an excellent way to continuously invest in the market without trying to time its highs and lows. Many mutual fund companies will allow you to open up an account with a smaller initial investment if you enroll in an automatic investment plan - even for with as little as $50 a month.
What is the best way to save money for college?
Of course the best way to save money for college will vary by family and circumstances, but one great way to save is with a 529 college savings plan, which allows you to put aside money for a future education. The money grows tax-deferred and, at least under current law, is tax-free when withdrawn if used to pay qualified education expenses. Contributors (usually the parents) retain control of the accounts, which also receive favorable treatment in financial-aid calculations.
Do I need a will?
Most states have laws (usually called intestate succession) that determine how your assets will be distributed upon your death if you don’t have a will. But why let someone else decide? A will allows you to specify who you want, or not, to be the beneficiary of your life of hard work.
How do I pick out the financial planner right for me?
A highly qualified financial planner will help you develop a plan that covers your household's financial goals, budget, insurance and risk review, asset allocation, retirement plan, and estate plan. The first step in looking for a financial planner is to limit your search to someone who is certified in financial planning. Two certifying associations that I would recommend are the Certified Financial Planner and the Personal Financial Specialist (given to qualifying Certified Public Accountants). The second step is to seek out recommendations from people that you respect for names of financial planners and interview these planners. Third, ask how the financial planner receives compensation and what will this compensation cost you annually. Finally, since your aim is to find someone who meets your needs and who will look after your interests, make sure you feel comfortable sharing personal information with your planner. If you don’t, they will not have all the information to make the right recommendations for you and your family.
When is it a good time to start investing?
If your employer offers defined contribution plan such as a 401(k) plan, then you should already be investing, at least up to the amount your employer matches contributions. For example, if your employer matches the first 3% of your contributions, you should contribute at 3% of your pay otherwise you are foregoing "free" money. Any investing you do beyond your 401(k) plan will depend on your cash flow and debt load. If you have credit card debt, you should aggressively pay that off before starting your investing plans. An Irwin Union Investor Services consultant can help you determine when you should start and how much you investing program.
Are your Investment products FDIC insured?
The FDIC does not insure the money individuals invest in stocks, bonds or other securities; mutual funds, annuities or insurance products such as automobile or life insurance even if these products were purchased at an insured bank or through an affiliated broker/dealer/insurance agent that is offering these products on behalf of a bank.
While making your life easier, Irwin is committed to protecting your confidential information with the same integrity as your financial assets. If you need more information than what is provided below, please do not hesitate to contact us.
Will I ever be asked to send information to Irwin by email?
NO! Irwin will never send you an email to request any confidential information. If you receive such an email, please forward it to phish@irwinfinancial.com immediately! Please see the "What is Phishing?" FAQ below for more information.
How can I send information securely to an Irwin associate with which I am already working?
If you are already working with an Irwin employee and you need to send him/her confidential or Non-public Personal Information (NPI), you are encouraged to utilize our iSecure Message Center Web site. This upload site will allow you to send your information over an encrypted HTTPS/SSL connection. Simply enter the email address of the Irwin person you wish to reach and either attach your document(s) or type in the message box provided. If you are not already working with an Irwin associate, please use the contact us email method.
What is phishing?
Phishing is the act of sending an email posing as a trusted entity in an effort to extract non-public personal information (NPI) from unsuspecting victims.
This information is gathered by either requesting some type of response to the email itself or by having the victim follow an email embedded Internet link.
Once a user follows the link, they often arrive at a very legitimate looking Web site and are requested to submit some type of information (often personal –
social security number, banking or credit card information, and/or account numbers). Believing the email and Web site to be legitimate, users often comply, only to find that they have turned their information over to an unknown, often untraceable, entity.
Phishers may further build your trust by leaving you a precursory voicemail message that you will soon be receiving an email from "ABC Bank & Trust" – this twist leads you to have greater feelings of legitimacy when the fraudulent email does arrive and increases the likelihood that you will follow the phishers email instructions.
What to look for in a phishing email?
Although phishing scams are getting more and more sophisticated, there are often telltale signs indicating an email is fraudulent.
- Email phishing scams are often pushed out to victims in the form of a mass mailing. In the interest of time, phishers forgo personalizing emails and often use a generic form for addressing the victim – "Dear Bank Customer"
- Although the email and embedded link may look remarkably like the brand advertised by recognized, legitimate organizations, there are often discrete incidents of misspelling. Victims will often respond based on recognition of Brand, Icons, Typeface etc. before they read the fine print – such as a link to www.yourtrstedbank.com (instead of www.yourtrustedbank.com)
- No legitimate organization should ask you to send non-public personal information (NPI) to them based on a single email request. If you are in doubt you should call the requesting organization directly and speak to a representative. Even then, use caution as phishers can also set up call centers for just this purpose
- The Can-Spam Act of 2003 specifically requires that senders of unsolicited comemrcial email supply both a physical contact address of the sender in the email as well as instructions for how to opt out of future mailings. If these elements are missing, further consult a trusted authority.
What should I do if receive a phishing email?
If you receive an email that is suspect, you should delete it from both your email inbox and trash folder. Some Web sites that report information on currently running scams and offer information regarding identity theft are:
I have fallen victim to a scam and sent out my details to the phishers, what should I do?
If you feel that you have been the victim of a phishing scam you should act immediately. Depending on the type of information released, you may need to request new ATM/Credit Cards, change account user ID’s and passwords, and report the incident to local law enforcement authority and credit reporting agencies. Additional assistance and information can also be obtained by contacting your financial institution or credit card issuing company.
Please report any phishing attempts that falsely represent Irwin to phish@irwinfinancial.com.
What is Identity Theft?
Identity Theft occurs when a person's identity, such as their name, address, Social Security number, or other personal information is stolen and used for illegal purposes and personal gains. It is one of the fastest growing crimes in the United States. It has been predicted that one in four of us will become a victim within our lifetime. Please visit the FTC’s IDTheft Web site for more information.
Who do I contact to report possible fraud or identity theft?
If you feel that you have been the victim of fraud or there has been a compromise to your identity or personal information, please follow the steps at the FTC’s IDTheft Web site.
What can I do to protect my confidential information?
Take a proactive role in securing your confidential information. Confidential or Personal information that may aid criminals in Identity Theft or fraudulent acts on your behalf is referred to as Non-Public Personal Information or NPI.
Examples of NPI are:
- Date of Birth
- Social Security Number or TAX ID Number
- Drivers License Number/State ID or Military ID Number
- Financial account numbers and balances
- Sources and amounts of income
- Credit card numbers
- Insurance policy numbers
- Home addresses and telephone numbers
Below are some suggestions for ensuring that your identity and information remain intact and without risk of compromise.
- Do not share your user names or passwords with anyone. Try to make them complex by using a combination of Letters, Numbers, and Special Characters.
- Be suspicious of anyone who calls or sends you an email requesting confidential information. Remember, Irwin will never make such a request.
- Never email confidential information, such as the NPI examples listed above. If you need to send confidential information to an Irwin associate that you are already working with, please use our iSecure Message Center Web site.
- Look for the lock icon, as well as “HTTPS://” in the Web address, on the browser of secure Web sites you visit. This icon confirms that the Web site you are interacting with provides a secure, encrypted connection for online transactions.
- Keep all your anti-virus, anti-spyware, firewall, operating system patches, and application patches up-to-date. Be sure that you change all passwords from the factory default to something that is unique to you and cannot be easily guessed.
- Avoid opening email or attachments from unknown senders or known senders that are out of the ordinary and suspicious. Delete such emails immediately from both your inbox and your trash folder. If you do open an email and then determine it to be suspicious – delete it as well and do not follow any links that the email may contain.
- Do not reveal any confidential information over the telephone unless you are certain that the person you are talking with is a trusted entity. If you are unsure, request to call that person back at a published number. If you receive a call from an Irwin associate, please call him/her back at 1.866.604.7946.
- Review your bank and credit card transactions on a weekly basis, online, for any unknown charges or transactions.
- Review your credit reports regularly to look for any errors or possible fraudulent activity. Free annual reports are available at www.annualcreditreport.com. Look for any incorrect information such as addresses, phone numbers, accounts, or any inconsistent information. Close old accounts not being used.
- Shred any items containing confidential information before putting them in the trash.
- Keep all sensitive documents, checkbooks and credit cards securely locked away. This also significantly reduces temptation.
- Retrieve postal mail promptly and place outgoing checks or other sensitive documents just prior to the scheduled pickup time (not the night before).
- Sign up for automatic payroll deposits.
- Don’t write down passwords or keep them on your computer. But, if you must, keep passwords hidden (even in your own home) and change them frequently.
- Don't discard a computer or hard-drive without completely destroying the data on the hard drive.
- Contact your financial or utility provider, if you fail to receive statements in a timely manner.
- Use account "alerts" to monitor transfers, payments, low balances, withdrawals, charges, or other transactions that are not your normal activity.
- Use a specific credit card, with a low-credit limit, for online purchases. Don't use debit cards for online purchases.
- Don't provide personal information unless absolutely necessary. Some companies ask for “mother's maiden name” or “Social Security Number” but most don't really need it. Use other information such as pet's name, favorite car, etc. whenever possible.
- Don’t put Social Security Numbers, License Numbers, etc. on checks.
- Create a contact list for your credit cards, banks, and loans, and any other confidential information. If you lose something containing confidential information, report it! Don't just hope you'll find it later or feel embarrassed.
- Only keep the cards in your wallet that you regularly use; leave your Social Security Card at home in a secure, locked location.
- Use separate email addresses for business and personal communications. Remove yourself from online Internet directories such as people.yahoo.com, whitepages.com, ussearch.com, etc.
- Use screen-protectors that prevent others from seeing your screen when not looking directly at it.
- Be careful when talking on the phone and aware of who might be around you listening.
- Don’t grant permission for a service provider to share your information with other parties.
- When something sounds too good to be true, it usually is!
- Home Computing Security – to include networking and wireless technologies, should be a priority of all home users. Threats to computer security come in many forms and are a never ending test of physical defenses, software security programs, architecture and monitoring procedures. Home security planning is often looked at as a one time effort, usually addressed during initial start up and mistakenly, rarely returned to for updating and improvement. If you are new to home computing or would like more information on how to maintain a safe and secure home network, follow the below links provided by Carnegie Mellon University’s CERT program which provides avenues for research, information and training to all those interested in computer security.
How can I secure my wireless network?
If you have a wireless network, you could have eavesdroppers if you don’t secure it properly. Please consider doing the following to make your wireless network more secure:
- Change the Default Administrator Password(s) and Username(s)
- Change the Default SSID/ESSID
- Disable SSID/ESSID Broadcast
- Disable Administrative Access from the Public Internet
- Disable Auto-Connect to Open Wi-Fi Networks
- Disable DHCP and Assign Static IP Addresses to Devices
- Enable Encryption such as WPA or WEP
- Enable MAC Address Filtering
- Enable Firewalls On Each Computer and the Router or Access Point
- Position the Router or Access Point Near the Center of Your Home
- Turn Off the Network During Extended Periods of Inactivity
Where can I find more information about Online Security?
For more information, please visit StaySafeOnline or CERT’s Home Computing Security and Home Network Security.
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