Spring Cleaning

Spring is just around the corner, and thoughts of spring cleaning may be on your mind. But what about all those papers? When it comes to financial record-keeping, what should you save and what should you shred?

The reality is that you don’t need many of the documents you receive for legal or tax purposes. Bank statements and bill balances are readily available, so there is no real reason to hang on to those. These mailings update you on balances at a moment in time, but don’t mean that much very far into the future. These documents don’t need to be kept for more than a year or two at most—and electronic records normally suffice, so it really is best to choose electronic delivery.

Tax-related financial documents, however, should be kept a little longer. If you get audited, you’ll need all the forms from that tax year to prove your return was accurate. According to official IRS guidelines, you should keep all your tax documents for at least three years, including W-2s with your income for the tax year and forms showing deductions, such as your Form 1098 mortgage interest statement.

Try not to keep records just because you'd rather be safe than sorry. Clutter can sometimes come at a serious cost with the risk of identity theft or fraud if sensitive account info falls into the wrong hands.

F&M Security Tip: Be careful with email auto-complete. This is an email feature that automatically completes a name for you when you begin typing it in the TO field. However, this feature can easily complete the wrong name for you. If you are emailing anything sensitive, always be sure to check the TO field a second time before hitting the send button.

Deposit Accounts

We offer a variety of accounts to make it possible to bank YOUR way. From basic checking to money markets and CDs earning competitive interest rates, the choice is yours.

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Loan Products

At Farmers and Merchants State Bank, we understand your needs. We can help with flexible terms that fit your budget. Competitive rates and prompt answers make us the first choice for loans in West Central Illinois.

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Trusts & Investments

With a full service trust department established in 1959, we can provide the professional advice you're looking for. Plan for your future with a wide array of options to meet your needs.

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