Author Archives: FTSB Bank Blogger

FTSB Employee Promotions

FTSB savings tips
Farmers Trust & Savings Bank is pleased to announce several promotions for employees.

Buffalo Center office:

  • Elroy Schlake – Executive Vice President
  • Deb Venteicher – Senior Vice President
  • Dawn Meinders – Cashier

Lakota office:

    • David Streuber – Senior Vice President

Britt office:

    • Nancy Wilson – Consumer Loan Officer

Lake Mills office:

      • Al Hagen – Senior Vice President

Bricelyn office:

      • Doug Leland – Senior Vice President
      • Gary Holmen – Vice President
      • Kristin Bullerman – Consumer Loan Officer

Brian Vander Wilt, President of FTSB, states, “We are very fortunate to have such knowledgeable, experienced and dedicated people working at FTSB. They are all very deserving of these promotions.”

Creating a Budget You Can Stick To

FTSB savings tips
Rainy-day funds, savings for college, or just making your rent payment can all be made easier with a budget. FTSB supports its customer’s efforts to budget and save by offering expert guidance.

Putting together a household budget requires time and effort. Here are some suggestions as you get on the budget track:

  • Be a Spending Sleuth. Track every penny you spend for a month. Keep receipts and write everything down. This will be an eye-opening experience and will help you see where you can cut back.
  • Count Your Money. Determine the total amount of money coming in. Include only your take home pay (your salary minus taxes and deductions). Your income may also include tips, child support, investment income, etc.
  • Itemize, Categorize, Organize. Review the records and receipts you’ve been collecting over the last month.
  • He Shoots, He Scores. Set a realistic financial goal and develop your budget to achieve that goal. Subtract your monthly expenses from your monthly income. Find ways to cut spending and set limits on things like entertainment expenses.
  • Save, Save, Save. Make one of your financial goals to save a certain dollar amount each month. Start an emergency fund if you don’t already have one. You never know when you may need it.
  • Stick to it. Keep track of your spending every month. Update your budget as expenses or incomes change. Once you achieve your financial goal, set another.

Nancy Wilson Earns Certificate from Consumer Credit School

Nancy WilsonNancy Wilson of Farmers Trust & Savings Bank in Britt successfully completed the Iowa Bankers Association Consumer Credit School, February 29- March 4 in Ankeny, Iowa. The school is an intense one-week program sponsored by the Iowa Bankers Association. The purpose of the IBA Consumer Credit School is to prepare consumer credit personnel who want to broaden their consumer credit knowledge or who have not been exposed to formal consumer credit education, to serve effectively and profitably as consumer credit officers. This is accomplished by developing a better understanding of the consumer credit function, deepening the comprehension of the managerial aspects of consumer credit operations and developing and refining the administrative and human relations skills necessary to meet the credit needs of their customers.

Wilson has been with Farmers Trust & Savings Bank since 1992. She started as a Teller, and then moved to Loan Assistant. In 2005, she graduated from NIACC with a degree in business. In 2015, Wilson became a Consumer Loan Officer, and she also manages the operations for the Britt office.

“Not only do I love working for FTSB and with my co-workers, but we have great customers and it is a privilege to serve them with their banking needs.” said Wilson. “Living in a small community like ours, it is nice to get to know customers on a more personal level.”

Five Smart Uses for Your Tax Refund

tax refund

Nearly eight out of 10 U.S. tax filers will receive a federal tax refund this year.  As millions of Americans await reimbursement from Uncle Sam, here are five tips for making the most of their tax refund.

    • Save for emergencies.  Open or add to a high-yield savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car.
    • Pay down debt.  Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.
    • Save for retirement. Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA.  Where can you get one?  Your bank can help set up an IRA, while a 401(k) is employer-sponsored.
    • Put it toward a down payment.  The biggest challenge that most first-time home buyers face is coming up with enough money for a down payment. If you intend to buy a new home in the near future, putting your tax refund toward the down payment is a smart move.
    • Invest in your current home.  Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home.  This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term. If you have more substantial renovations in mind, your bank can help with a home equity line of credit.

For more tips and resources on a variety of personal finance topics such as mortgages, credit cards, protecting your money and saving for college, visit aba.com/consumers.

These tips are provided by the American Bankers Association and the Iowa Bankers Association.

Seven Tips to Avoid Fraud during Tax Season

tax fraud

The weeks leading up to April 15 – tax deadline day – are often vulnerable ones for consumers, as W-2s and tax returns containing their personal information circulate over the internet and through the mail.

To help consumers do that, FTSB is offering the following tips:

  • Don’t share your secrets.
    Don’t provide your Social Security number or bank account information to anyone who contacts you online or over the phone. Neither your bank nor the IRS will contact you requesting this information.
  • Beware of phishing emails.
    Phishing attacks occur when criminals use ‘spoofed’ emails and fake websites of trusted organizations to coerce consumers into sharing personal information. During tax season, fraudsters often pose as the IRS. Don’t be fooled. The IRS will never initiate taxpayer contact via unsolicited email to request personal or financial data.
  • Shred sensitive papers.
    Shred receipts, banks statements and unused credit card offers before throwing them away. For papers you must keep, like tax documents, keep them in a secure place.
  • Keep an eye out for missing mail.
    Fraudsters look for monthly credit card statements, W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately.
  • Protect your computer.
    Make sure the virus protection software on your computer is active and up to date, particularly if you plan to file your taxes online. When conducting business online, make sure your browser’s padlock or key icon is active. Also look for an “s” after the “http” to be sure the website is secure.
  • Use online banking to protect yourself.
    Monitor your financial accounts regularly for fraudulent transactions. Sign up for text or email alerts from your bank for certain types of transactions, such as online purchases or transactions of more than $500.
  • Report any suspected fraud to your bank immediately.
    Additionally, if the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1-800-908-4490.

These tips are provided by the American Bankers Association and the Iowa Bankers Association.

FTSB Offers Six Tips for Saving Success

save week

In recognition of America Saves Week – February 22-27 –  here are some tips to help you assess and improve your saving strategy.

  • Set a goal. The first step is to establish a realistic savings goal. Consider your expenses, make a budget and determine how much you can put away each month.
  • Track your spending. Hold yourself to the budget you’ve set by tracking your expenses. Consider using websites that segment your spending so you can easily see what areas, if any, you are going over budget then adjust accordingly.
  • Plan for the unexpected. Arrange to have a specific amount transferred to your savings account every pay period. If you wait till the end of the month to see what’s left over, you are less likely to save.
  • Consult a banker. Stop in to FTSB and speak with a banker about which package of products and services would best suit your saving needs.
  • Consider investments. For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks.
  • Set up automatic bill pay. Although 97 percent of Americans pay their bills on time, some consumers find themselves paying late fees. Set up automatic bill pay so you’re never paying more than necessary. Click here to learn more about FTSB’s bill pay.

 

Four Simple Steps to Stop a Cyber Thief

cyberprotection

Keep yourself and your information protected using these four simple tips to stop a cyber thief.

  1. Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.
  2. Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away. For consumer accounts, when a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.
  3. Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.
  4. Mobilize your defenses. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Tips for Victims:
If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:

  • Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
  • File a police report and call the fraud unit of the three credit-reporting companies. You only need to contact one of the credit reporting agencies. The one you contact is required to notify the other two.
  • Place a fraud alert on your credit report as soon as possible by contacting one of the three credit reporting agencies.
  • Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
  • Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.

These tips are provided by the American Bankers Association and the Iowa Bankers Association.

 

8 Timely Tax Time Tips

taxtips

The income tax filing season has begun and important tax documents should be arriving in your mailbox. Although your return is not due until Monday, April 18th, you can make tax time easier on yourself with an early start. Here are 8 tips to help ensure a smooth tax-filing process.

1. Create a system for organizing tax documents as they arrive.
There is nothing worse than sitting down to finally do your taxes and realizing that you can’t find an important document. A little organization from the get-go is all you need to avoid that situation. Your system can be as simple as a large envelope or an accordion file. Just designate a specific spot, and make sure that everyone in the house knows about it.

2. Review your tax documents early.
As tax documents show up, don’t just stuff them into your great new organization system. Take a moment to review each document as it arrives so you can correct any discrepancies well before you start preparing your return. If there is a mistake, getting a corrected form can take time, so don’t wait until you are down to the wire on your filing deadline.

3. Gather your tax information now.
There’s no reason to wait until the heat of the battle to start organizing the tax information you already have. Even before you receive a single tax document, here’s how you can get a head start:
• Make a list of all your 2011 tax payments and tax refunds
• Gather all your receipts that have piled up throughout the year
• Comb through your credit card bills and checkbook to look for possible deductions
• Tally up charitable donations

4. Remember the number 17.
Check out IRS Publication 17, “Your Federal Income Tax” at www.irs.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.

5. Decide whether you are going to prepare your own taxes or hire a pro.
There are many different options for filing your tax return. Give yourself time to weigh all the options and find the one that best suits your needs. If you think your tax return will be too complicated to prepare yourself and you hire a professional, make your appointment early. If you are going to do your taxes yourself, decide whether you are going to use tax software. If so, you can get ahead of the game by purchasing your tax software now. Tax software can help you find every deduction to which you are entitled and helps you avoid common mistakes, such as simple math errors.

6. Let Free File do the hard work for you.
Using IRS Free File, you can prepare and e-file your federal return for free. If you made $62,000 or less, you qualify to use free tax software offered through a private-public partnership with manufacturers.　If you made more or are comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.

7. Review, Review, Review.
Don’t rush. Mistakes will slow down the processing of your return. Be sure to double check all the Social Security Numbers and math calculations on your return, as these are the most common errors made by taxpayers.

8. Don’t panic!
If you run into a problem, remember the IRS is available to help. Use the Interactive Tax Assistant available at www.irs.gov to find answers to your tax questions or call toll-free (800) 829-1040.

*These tips are provided by the American Bankers Association and Iowa Bankers Association.

Protecting Elderly from Financial Abuse

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You, or someone you know, could become the victim of a growing crime in America — financial abuse of older Americans.  Seniors are increasingly becoming targets for financial abuse.  As people over 50 years old control over 70 percent of the nation’s wealth, fraudsters are using new tactics to take advantage of retiring baby boomers and the growing number of older Americans. Senior financial abuse is estimated to have cost victims at least $2.9 billion last year alone.

What Is Elder Financial Abuse?
It’s a crime that deprives older adults of their resources and ultimately their independence. Anyone who sees signs of theft, fraud, misuse of a person’s assets or credit, or use of undue influence to gain control of an older person’s money or property should be on the alert. Those are signs of possible exploitation.  Older Americans that may have disabilities or rely on others for help can be susceptible to scams and other fraud. Advances in technology can also make it difficult for seniors to know who to trust and what’s safe.

Despite these threats, taking simple steps to safeguard personal information and being aware of warning signs can protect aging men and women from financial abuse.

Tips for Seniors:
What should you do to protect yourself?

  • Plan ahead to protect your assets and to ensure your wishes are followed.  Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
  • Shred receipts, bank statements and unused credit card offers before throwing them away.
  • Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
  • Lock up your checkbook, account statements and other sensitive information when others will be in your home.
  • Order copies of your credit report once a year to ensure accuracy.
  • Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
  • Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
  • Never rush into a financial decision.  Ask for details in writing and get a second opinion.
  • Consult with a financial advisor or attorney before signing any document you don’t understand.
  • Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
  • Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
  • Pay with checks and credit cards instead of cash to keep a paper trail.
  • Feel free to say “no.” After all, it’s your money.
  • You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services or tell someone at your bank.
  • Trust your instincts. Exploiters and abusers often are very skilled. They can be charming and forceful in their effort to convince you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.

 What should you do if you are a victim of financial abuse?

  • Talk to a trusted family member who has your best interests at heart, or to your clergy.
  • Talk to your attorney, doctor or an officer at your bank.
  • Contact Adult Protective Services in your state or your local police for help.

Tips for Family and Friends:
What are the warning signs of financial abuse?

The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:

  • Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals.
  • ATM withdrawals by an older person who has never used a debit or ATM card.
  • Changing from a basic account to one that offers more complicated services the customer does not fully understand or need.
  • Withdrawals from bank accounts or transfers between accounts the customer cannot explain.
  • New “best friends” accompanying an older person to the bank.
  • Sudden non-sufficient fund activity or unpaid bills.
  • Closing CDs or accounts without regard to penalties.
  • Uncharacteristic attempts to wire large sums of money.
  • Suspicious signatures on checks, or outright forgery.
  • Confusion, fear or lack of awareness on the part of an older customer.
  • Refusal to make eye contact, shame or reluctance to talk about the problem.
  • Checks written as “loans” or “gifts.”
  • Bank statements that no longer go to the customer’s home.
  • New powers of attorney the older person does not understand.
  • A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
  • Altered wills and trusts.
  • Loss of property.

What should you do if you suspect financial abuse?

  • Talk to elderly friends or loved ones if you see any of the signs mentioned here. Try to determine what specifically is happening with their financial situation, such as a new person “helping” them with money management, or a relative using cards or credit without their permission.
  • Report the elder financial abuse to their bank, and enlist their banker’s help to stop it and prevent its recurrence.
  • Contact Adult Protective Services in your town or state for help.
  • Report all instances of elder financial abuse to your local police—if fraud is involved, they should investigate.

*These tips are provided by the American Bankers Association and the Iowa Bankers Association.