Waldo State Bank Blog

Banking Updates

Banking Updates

As we continue to monitor daily changes to the market and laws mandated by the state and federal government, we want you to know that you are our priority. To keep you updated, we are compiling the most current, reliable information here as it becomes available to us. Please check back to get the latest news and to see how we can serve your financial needs during this time.

UPDATE: AUGUST 1 - Masks Required

As of August 1, 2020 Waldo State Bank is requiring that you wear a mask when coming into our lobby, in addition to reopening guidelines previously noted. Masks will be provided in the entryway if you do not have one. We will continue to have a fully-staff drive-through for your convenience as well if you prefer not to come into the lobby.

UPDATE: JULY 15 - Reopening Guidelines

Waldo State Bank is continually monitoring the coronavirus situation. Our lobby is open with social distancing being observed and the following safety measures in place:

  • Plexiglass guards are in place at the teller windows
  • Masks and hand sanitizer are available in our vestibule
  • Appointments are encouraged with our loan officers

If you're not comfortable coming into the lobby, our drive-thru is still fully staffed and our full suite of mobile, online and phone banking are available for your convenience. Additionally, our ATMs belong to the ATM Access Network where you can find a free ATM to use at any time.  

During this uncertain time, we also want to urge our customers to be aware of financial scams. “If it sounds too good to be true, it probably is," says President Tom Reil. "Reading the fine print and doing your own research will give you great satisfaction in making the right choices."


    Waldo State Bank’s Lobby has reopened and we can't wait to see you! For the safety of our customers, community, and employees we will be taking the following precautions to keep everyone safe as we open our doors again:

    • Markers have been placed on the floor to assist with social distancing.
    • Hand sanitizers and masks are available in the entryway for your convenience.
    • Employees have masks available and if you would prefer your banker wears a mask, please ask them to do so.
    • Protective barriers have been installed at the customer service stations.
    • Our employees will be continually sanitizing public areas and monitoring the cleanliness of the bank.
    • We will not be sharing big handshakes when greeting you but will have a big smile waiting to greet you!


    “Safer at Home” Order
    Waldo State Banks wants to assure you that we are still open for business under the “Safer at Home” Order, issued by Governor Evers that went into effect on March 25. Waldo State Bank is considered an “essential business” and therefore is able to remain open and serve you.

    The CARES Act
    To find out more about what the $2 trillion government stimulus package could mean for you, read this excerpt concerning consumers from the Wisconsin Bankers Association article. To read The CARES Act in its’ entirety, you can view it here on the Congress website.

    FDIC Insurance
    Did you know that Waldo State Bank is a member of the FDIC? This means your money is safe, even during uncertain financial times. Find out more here about what this means in light of current financial upsets due to the Coronavirus.

    Lending Options for Existing Loans
    With many of our customers experiencing uncertainty and temporary financial upsets, we want you to know that we are here to help. We will work on an individual basis to review all of your options and come up with the best one for your specific needs and situation. If you have questions about how Waldo State Bank can help you during this time, please email our loan department.

    Resources for Small Business Owners
    The Sheboygan County Economic Development Corporation has compiled a list of resources and financial programs for small business owners.

    Prior Year Contributions
    Just a reminder that the deadline for prior-year contributions to your HSA and IRA are will still be July 15, per the IRA.


    With a constantly fluctuating market and shifting mortgage rates, there are currently some misconceptions about where mortgage rates lie. Though rates dropped to an all-time low last Monday, they currently sit a lot higher than people anticipate. Learn more and how you can take action if rates lower again in the article, What The Fed’s Emergency Rate Cut Means For Mortgage Rates.


    Despite the shifting stock market, you can feel assured that your money is safe and secure in the bank. The FDIC instituted deposit insurance in 1933 to protect the money depositors place into banks. The FDIC insures all deposit accounts, including checking accounts, savings accounts, money markets, and certificates of deposit. This insurance covers $250,000 per depositor per insured bank. Learn more about FDIC insurance.

    Additionally, the FDIC is working with federal and state banking agencies to assist customers affected by COVID-19. Learn more about the FDIC’s steps and read frequently asked questions for bank customers.

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