As American Bank prepares for its sister bank, The Necedah Bank, to become a branch of American Bank, the weekend of August 25, some of our banking services will be available in limited capacity for a period of time beginning the evening of Friday, August 24.
See below for details on how this will effect you:
ALL OFFICES WILL BE CLOSED ON SATURDAY, AUGUST 25
Due to the technology upgrades that will be taking place during this time to accommodate the merging of the two banks, our Northside Beaver Dam Office (at 1519 N. Spring St.), as well as our Office inside Beaver Dam Walmart will both be closed on Saturday, August 25. Our office inside Beaver Dam Walmart will resume normal business hours on Sunday, August 26.
Beginning at 7 pm Friday, August 24, your debit card from American Bank will be placed in OFFLINE MODE, meaning you will have limited access with your card as follows:
- $200/day at Automatic Teller Machines (ATMs)
- $200/day at point of sale terminals (stores)
This limited access will carry through Saturday, August 25.
*If you will be needing extra cash for Friday night and/or Saturday, be sure to stop into one of our three Beaver Dam locations before end of day on Friday and we will be happy to assist you. Remember, our location inside Beaver Dam Walmart is open until 7 pm on Fridays to serve you, our valued customers!*
Beginning at 7 pm Friday, August 24 Online Banking will be placed into INQUIRY ONLY MODE. This means that you will be able to log-in and view activity on your account only. You will not be able to complete any transfers between accounts or schedule any Bill Payments during this time. If you had a transfer or Bill Payment scheduled for Friday, that transaction will still go through, you just will not be able to set up any new ones during this window. INQUIRY ONLY MODE is expected to be in place through Saturday, August 25.
MOBILE APP BANKING
Beginning at 7 pm Friday, August 24 our mobile app will also be placed into INQUIRY ONLY MODE. Once again, you will be able to log-in and view activity on your account, but will not be able to complete any transfers between accounts or schedule any Bill Payments. If you had a transfer or Bill Payment scheduled for Friday, that transaction will still go through, you just will not be able to set up any new ones during this window. INQUIRY ONLY MODE is expected to continue through Saturday, August 25.
If you have any questions regarding the limited availability of services on the evening of August 24 through Saturday, August 25, or anything else regarding the merger of The Necedah Bank into the American Bank family, please feel free to contact us as at any of our Beaver Dam locations.
Below are some answers to frequently asked questions surrounding the recent announcement of American Bank's merger with The Necedah Bank. If you have any questions, please feel free to contact us.
Why have American Bank and The Necedah Bank decided to merge?
The banks have been sister banks, owned by the same holding company, since 2003 and already share many of the same processes and procedures. Joining together as a single entity makes good sense. The merger puts The Necedah Bank in a stronger position to serve consumer and business customers - with a much broader range of services and new technology and tools - while maintaining its strong commitment to the community.
When will the merger take effect?
The merger is expected to take effect on August 27, 2018.
What will happen to The Necedah Bank building?
The bank office on South Main Street in Necedah will continue to be open and serve the community, with the new name: American Bank of Necedah. All employees of The Necedah Bank will remain in place, which means customers and the community will continue to work with the same familiar, friendly and knowledgeable people you've come to know and trust.
How will this change affect customers of The Necedah Bank? American Bank?
Our goal is to ensure as seamless a transition as possible, and we are committed to open and transparent communication every step of the way.
At our Necedah office, you'll continue to see the same friendly and familiar faces at the same bank office, and accounts will continue to be insured by the Federal Deposit Insurance Commission (FDIC) under the full faith and credit of the United State government. The biggest difference is that by working together more closely, the merged bank will be able to provide new banking tools and technology for business and personal accounts, particularly expanded online banking services.
For our American Bank customers, you won't see much a difference - except that bank's network is now expanded to five locations in three different communities to better serve you should you be traveling to the Necedah area.
Will the bank continue to be active in the Necedah community?
Absolutely! As a Wisconsin-based community bank, American Bank shares The Necedah Bank's strong commitment to being an active and involved corporate citizen. The bank will continue to support local charitable programs, schools and other community organizations and activities - and we'll be looking for even more ways to help. We're proud of our century-strong roots in the Necedah community and look forward to helping create its strong future.
Will customers of The Necedah Bank need to order new checks?
No, customers will not need to order new checks at this time. When you place an order for a new supply of printed checks after August 27, the information on them will be updated with the American Bank's name and routing number. However, rest assured that your current checks will continue to work after the conversion.
If I have a debit card from The Necedah Bank, will it work after the merger?
New debit cards will be issued to current cardholders for use following the conversion. We are making one change to the service fee for the card - there will no longer be a monthly service fee for having your debit card!
If I set up automatic transactions on my account at The Necedah Bank, such as direct deposit or automatic payments, will I have to change those?
Automatic deposit and payment transactions will continue as normal. American Bank will be able to contact those who send you deposits and payment transactions and provide updated banking information. The company may contact you to verify that the information should be changed, but American Bank will take care of the initial notification.
What about Online Bill Pay transactions I have set up at The Necedah Bank?
Customers who currently use Online Bill Pay services from The Necedah Bank will have all of their data migrated over to American Bank at the time of conversion. Additionally, both banks use the same online bill payment system, so Necedah customers currently using the full bill payment system should find it easy to transition to American Bank's system.
Will outstanding personal checks, Cashier's Checks and Money Orders from The Necedah Bank still be good after the transition?
Yes. Personal checks, Cashier's Checks and Money Orders issued before the merger will be valid and can be cashed after the merger.
Will FDIC Deposit Insurance change because of the merger?
Insurance will stay the same. Accounts will continue to be insured by the Federal Deposit Insurance Commission (FDIC) under the full faith and credit of the United States government. The Necedah Bank's FDIC status will have the updated American Bank name, but will continue to have all coverages.