Author Archives: FTSB Bank Blogger

12 Ways to Protect Your Mobile Device

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Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. We recommend following these tips to keep your information – and your money – safe.

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.
Log out completely when you finish a mobile banking session.
Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
Download the updates for your phone and mobile apps.
Avoid storing sensitive information like passwords or a social security number on your mobile device.
Tell your financial institution immediately if you change your phone number or lose your mobile device.
Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
Wipe your mobile device before you donate, sell or trade 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.
Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.
Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network.
Report any suspected fraud to your bank immediately.

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

Six Ways to Avoid Holiday Shopping Scams

estatements

With holiday shopping in full swing, shoppers should be extra cautious when making Christmas purchases. While millions of credit and debit card transactions are conducted safely every day, it is still important that consumers are aware of the potential for holiday scams. Here are some tips to help you keep your information safe whether shopping online or in store:

Monitor your account. Use online and mobile banking to keep an eye on your transactions, especially during the holidays. Notify FTSB right away if there is any fraudulent activity.
Beware of phishing scams. During the holidays, criminals may create a fake email for a deal that’s too good to be true. If you click on any links within the email, you may be downloading malware onto your computer or you may be asked for payment information that could lead to fraud.
Limit large sums of cash. Even though we’ve seen financial crime migrate from physical to cyber, customers should be careful not to carry around large sums of cash when shopping. If cash is stolen, your money is gone – with little chance for recovery.
Secure your internet connection. If shopping online, make sure you do so from a password protected Wi-Fi network. Never access online banking from a public Wi-Fi network.
Shop safely. Before making an online purchase, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
Read the site’s privacy policies. Privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider asking the business for clarification. If they don’t provide it, consider doing business elsewhere.

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

eStatements – What’s in it for me?

estatements

There are so many perks to signing up for eStatements – electronic deliver of your account statement. Here’s just a few…

Availability – No more waiting!

With eStatements, you’ll receive an email notification the night that your statement is cycled. No more waiting for it to arrive in the mail!
Statements are stored in Online Banking so you can download, review and print the statement at your convenience! That’s 24-hours a day from anywhere with an internet connection.

Automatic Storage

All of our eStatements will be stored in online banking, so finding past statements will be easy and quick! Review previous months at the click of a button, and have the convenience of all of your statements in one central location.

Safer Than Paper

An eStatement can’t be stolen from your mailbox, delivered to the wrong house, or taken from your trash.
Our online banking provides secure access to all of your financial information.

Good for the Environment

By choosing to go paperless, you are savings trees, reducing chemical usage and lowering your carbon footprint that is association with paper manufacturing, printing and statement transportation.

Ready to sign up? It’s easy! Simply log in to online banking and click on ESTATEMENTS at the top of the page. Follow the prompts to opt-in and your next statement will be readily available in online banking.

Use Your Debit Card and Savor the Flavor

It’s time to inspire your inner chef. Use your FTSB Shazam debit card for a chance to win some savory rewards! Each time you use your debit card for a PIN- or signature-based purchase, now through December 31, 2015 you’ll automatically be entered for a chance to win great prizes in our Indulge in Rewards promotion.

Grand Prize: $500 Williams-Sonoma® gift card
Eight Monthly Winners: $50 Gourmet gift card

The more you use your debit card, the more chances you’ll have to win! Don’t have a debit card? Stop in to any Farmers Trust & Savings Bank location and apply today!

No purchase is necessary to enter to win. A purchase will not increase your chances of winning. Void where prohibited. Promotion period is between October 1, 2015 and December 31, 2015. Visit shazam.net/rules_indulgeinrewards for official rules and complete contest details. All rights reserved. Williams-Sonoma is not affiliated with and does not sponsor or endorse the services of SHAZAM, Inc. or the Indulge in Rewards campaign.

Financial Traps to Avoid as a New College Graduate

kidsavings

As college graduates start their careers, financial responsibility should be a top priority. There are many traps new grads can fall into, and we hope avoiding the below points will help build a healthy financial lifestyle and good habits as they advance through the next stages of life.

Not having a budget. Simply put, don’t spend more than you make. Calculate the amount of money you’re taking home after taxes. Then figure out how much money you can afford to spend each month while contributing to your savings. Be sure to factor in recurring expenses such as student loans, monthly rent, utilities, groceries, transportation expenses and car loans.
Forgoing an emergency fund. Make it a priority to set aside the equivalent of three to six months’ worth of living expenses. Start putting some money away immediately, no matter how small the amount. An FTSB savings account is a smart place to stash your cash for a rainy day.
Paying bills late – or not at all. Each missed payment can hurt your credit history for up to seven years, and can affect your ability to get loans, the interest rates you pay on loans and your ability to get a job or rent an apartment. Consider setting up automatic payments for regular expenses like student loans, car payments and phone bills.
Racking up debt. Understand the responsibilities and benefits of credit. Shop around for a card that best suits your needs, and spend only what you can afford to pay back. It’s a great tool if you use it responsibly.
Not thinking about the future. It may seem odd since you’re just beginning your career, but now is the best time to start planning for your retirement. Contribute to your employer’s 401(k) or similar account, especially if there is a company match. Invest enough to qualify for your company’s full match – it’s free money.
Ignoring help from your bank. FTSB offers online, mobile and text banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks, monitor transaction history and track budgets.

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

Talking to Your Kids about Money

kidsavings

It’s never too early to start giving your kids basic lessons of finance and money. If they are old enough to ask for toys, they are old enough to start learning financial lessons that will last a lifetime.

Use everyday experiences to teach your kids the how money works and the value of saving. Here are some teachable moments that may come in handy:

At the bank. When you go to the bank, bring your kids with you and show them how transactions work. Ask someone to explain how the bank operates, how money generates interest and how an ATM works.
On payday. Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement.
At the grocery store. Explain the benefits of comparison shopping, coupons and store brands.
Paying bills. Explain the many ways that bills can be paid: over the phone, paper or by check, electronic check or through online banking. Discuss how each method of bill pay takes money out of your account. Be sure to cover late penalties, emphasizing the importance of paying bills on time.
Using credit cards. Explain that credit cards are a loan and need to be repaid. Share how each month a credit card statement comes in the mail with a bill. Go over the features of different types of cards, such as ATM, debit and credit cards.
Browsing the internet. Explain to your kids how valuable their personal information and privacy is to you, to them and to online predators. Tell them the risks that are involved when they share certain information.

Remember, always encourage your kids to ask questions about money. If you don’t know the answer, feel free to let us know and we are happy to help in any way we can.

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

Rent or Buy? Five Questions Consumers Should Ask First

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Farmers Trust & Savings Bank can help you navigate challenges associated with choosing a home, including deciding what is affordable and whether to rent or buy.

Before pursuing a rental or homeownership opportunity, consider the following questions:

How much money do you have saved up? Start with an evaluation of your financial health. Figure out how much money you have for a down payment or deposit on a rental. Down payments are typically 5 to 20 percent of the price of the home. Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sure to keep enough in savings for an emergency fund. It’s a good idea to have three to six months of living expenses to cover unexpected costs.
How much debt do you have? Consider all of your current and expected financial obligations like your car payment and insurance, credit card debt and student loans. Make sure you will be able to make all the payments in addition to the cost of your new home. Aim to keep total rent or mortgage payments plus utilities to less than 25 to 30 percent of your gross monthly income.
What is your credit score? A high credit score indicates strong creditworthiness. Both renters and homebuyers can expect to have their credit history examined. A low credit score can keep you from qualifying for the rental you want or a low interest rate on your mortgage loan. If your credit score is low, you may want to delay moving and take steps to raise your score.
Have you factored in all the costs? Create a hypothetical budget for your new home. Find the average cost of utilities in your area, factor in gas, electricity, water and cable. Find out if you will have to pay for parking or trash pickup. Consider the cost of yard maintenance and other basic maintenance costs like replacing the air filter every three months. If you are planning to buy a home, factor in real estate taxes, mortgage insurance and possibly a home owner association fee. Renters should consider the cost of rental insurance.
How long will you stay? Generally, the longer you plan to live someplace, the more it makes sense to buy. Over time, you can build equity in your home. On the other hand, renters have greater flexibility to move and fewer maintenance costs. Carefully consider your current life and work situation and think about how long you want to stay in your new home.

Debit Card Fraud at ATMs

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Fraud at ATMs continues to sky rocket as criminals are becoming more and more knowledgeable on stealing card data. According to FICO Card Monitoring Services, debit card compromises at ATMs jumped 174% from January to April of this year, compared to the same period last year.

The new chip-enabled credit and debit cards will make it more difficult for thieves to create counterfeits and steal information. However, despite the ongoing efforts, it will be some time until the U.S. is completely EMV-ready. Farmers Trust and Savings Bank has plans to start issuing the EMV chip cards within the next year.

ATM Skimmers

ATM skimming makes up a lot of the fraud mentioned above. Skimming is like identity theft for debit cards – thieves use hidden electronics to copy personal data from the magnetic stripe on the back of your card. Typically the skimming device is equipped with the ability to capture your PIN number as well. Criminals then use the information to make a counterfeit debit card.

How to Protect Yourself

When entering your PIN, always cover the keypad with your other hand
Watch carefully for anything suspicious at an ATM – such as scratches, sticky tape residue, or loose equipment.
Avoid non-bank or standalone ATM locations. These locations are more likely to have skimming devices installed because they are typically in isolated areas, which make it much easier for thieves.
If something looks questionable, don’t use the ATM.

All You Need is Love – and Financial Literacy

wedding

It’s wedding season! But before couples take the next step in their relationship, they should shape their financial plan. Here’s a reminder that taking the next step is not only a marriage of hearts but also a marriage of finances.

FTSB suggests couples use the following tips to achieve financial literacy:

Be mine, or yours? Will you and your spouse-to-be keep finances separated or combine them? Consider individual money styles, having one joint savings account and then separate accounts that you can use how you’d like. Making these financial decisions together will help you find a system that works for you.
Love’s Cost. Couples that tackle money problems together, and take mutual responsibility for solving them, will inevitably find that their overall relationships are better for it, so calculate your monthly costs and discuss how bills will be paid. Both may contribute to the bill payment, but who will physically write the check to pay the bills, monitor the investments and take care of the taxes. Consider setting a date every month to review and discuss finances.
Sharing Credit. It’s important that spouse’s are aware of the others’ credit situation. Marrying a person with bad credit will not drag down your stellar record. However, your other half’s credit will be factored in when applying for joint financing. Knowing ahead of time will help you to plan more strategically.
Cupid’s Arrow. Couples should develop a plan to shoot down existing debt, starting with the balances that carry the highest interest rates. Whether or not the pair works as a team or alone, debt must be tackled. Think twice before every purchase and ask yourself if it’s worth not putting that money in your savings. You’ll be able to eliminating frivolous spending this way while keeping your priorities top of mind.
Sweet Savings. Saving as a couple fosters teamwork and is essential in times of financial hardship. Decide how much you want to save as a couple and do it automatically from your paychecks. It’s important to be realistic when budgeting your monthly savings goal.

Summer Travel & Your Debit Card

With summer coming to an end, vacations are in full swing and many are traveling. Wondering what you need to do with your debit card before you leave? Here are some tips:

Give us a quick call to let us know that you’re going out of town. This will save you the inconvenience of your card getting declined.
Clean out your wallet and only take what you need.
Find out your daily withdrawal limit and request to have it increased while on your trip.
Be mindful of your personal security when accessing an ATM.
Monitor your account frequently. Use the SHAZAM® BOLT$ ™ mobile app and receive alerts to potential fraud on your smartphone or tablet.
Report a lost or stolen card immediately. Make sure to have our emergency travel phone numbers with you in a safe place.