Former Federal Reserve Chairman Alan Greenspan once stated, “Financial education is a process that should begin at an early age and continue throughout life. This cumulative process builds the skills necessary for making critical financial decisions.”
January 22nd, 2021: Create your budget based on how much you CAN spend each month.
January 8th, 2021: Managing finances can be an adventure. There are many pitfalls that can interrupt your personal financial journey, and it can be easy to lose sight of your goals. Mapping out your personal financial story, however, can help you determine what stage you are in and give you a better idea of what to expect later on.
The days are getting shorter, so you go out past nightfall. Weather, insects, and weeds try to block your work, so you find new ways to fight back. Much of the world remains locked down, so you recommit to providing an essential service. To you, the mission is simple: keep going no matter the hurdles. To us, it’s a matter of standing back to marvel at your work ethic and perseverance. This harvest season is taking place in a year in which much has changed, but you are a constant we can rely on.
October is National Cybersecurity Awareness Month.
Cybercrime continues to evolve, and that is true with one of the latest methods criminals are using called e-skimmers. To help consumers protect themselves from this threat, First Security is offering tips on how to avoid becoming a victim of e-skimming.
The COVID-19 pandemic has caused a lot of financial stress for many people in the U.S. During economic downturn — like the one caused by the pandemic — many people are forced to rely more heavily on their credit cards. But before putting that kind of stress on your credit, you should inquire whether you are eligible for a lower annual percentage rate, or APR.
Building your savings doesn’t have to be difficult, but it does take commitment — and a plan. There are many tools you can incorporate into your plan, but sometimes growing your savings requires a little out-of-the-box thinking. One such method is the small-purchase match.
First Security Bank & Trust today released annual impact data for the financial education curriculum it provides to nine local schools across North Iowa. The digital courses, which are made available to schools at no cost through First Security’s relationship with leading social impact education innovator EVERFI, supported distance learning amidst widespread school closures driven by the COVID-19 pandemic in the 2019-20 academic year.
It was the height of the Great Depression. Banks were failing nationwide, and fears of a Hampton community without a bank were very real. That’s when this community did what it does best: step up. A group of local investors joined to create a new bank on the site of the defunct Franklin State Bank. In 1934, Hampton State Bank was born. A grand opening celebration was held on February 3rd in the newly remodeled building.
Beginning Monday, August 17, Rockwell and Thornton locations will reopen with temporarily-adjusted hours. Rockwell’s lobby will open from 9am – Noon, and Thornton’s lobby will open from 1pm – 3pm Monday through Friday. Both locations offer video banking through ITMs from 7am-7pm Monday through Friday and 7am-1pm Saturday.
First Security Bank & Trust today announced the Zelle experience is now LIVE in its mobile banking app. Embedded into the digital banking experience of First Security, Zelle enables convenient person-to-person (P2P) payments for more than 4,400 mobile banking consumers.
Due to the rising number of coronavirus cases in and around our area, First Security is now asking all customers who enter our lobbies to wear a mask or similar face covering. We will be providing disposable masks for those who enter without masks of their own.
First Security will be reopening in stages beginning in mid-to-late June. Protective measures will be taken.
This is an exciting time in Iowa. The weather is getting warmer, restrictions are being eased on businesses all around us, and people are looking forward to getting back to normal. Still, the public health data regarding COVID-19 and the number of event cancellations in the coming months serve as proof that “normal” won’t return for quite some time. While we’re all looking forward to the convenience of our lobbies reopening, it’s something that can only be done after significant work and planning.
As Iowa businesses begin to slowly reopen, we at First Security are considering the pros and cons of this decision for our bank lobbies. We know many of our customers are eager for a return to normal, and so are we. Still, we will take a measured approach, erring on the side of caution. We want you to be ready for that.
First Security recently contributed $2000 toward the Hampton Tree Board’s Arbor Day 2020 Project. The Board’s goal was to plant a variety of trees at the middle school and North Side Elementary School in Hampton.
Becoming a money mule may sound like something that only happens in the movies, but it can happen to anyone — sometimes without even realizing it. Being educated about how criminals use and recruit money mules can help you avoid unknowingly aiding criminal activity.
Taxes are due April 15, and as busy professionals work to complete their tax returns, cybercriminals are stepping up their identity theft efforts. First Security Bank wants to make sure consumers know how to spot potential identity theft scams this tax season.
McLean, VA, Jan. 23, 2020 -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.60 percent.
First Security Bank & Trust and the Independent Community Bankers of America® (ICBA) are encouraging consumers to start the New Year right by establishing good credit habits and financial wellness goals to get on the path to financial prosperity.
Consumers spent more than $700 billion on holiday shopping in 2018. With this year’s holiday shopping season launching in full force, First Security is highlighting five tips to help consumers keep their holiday spending under control.
Everyone’s estate must be settled, whether or not the owner leaves a valid will.
The privilege of choosing an executor is, in itself, one of the significant advantages of making your will.
In a financial sense, the executor or personal representative you name in your will to settle your estate is your successor.
At First Security Bank & Trust, your financial security is our top priority. You may have seen some recent headlines about a security breach regarding payment information at Hy-Vee, Inc. grocery stores, and we want you to know that we have NOT heard of any of our customers’ information being compromised. We are monitoring this situation closely.
First Security was excited to welcome Charles City area educators back for the start of the 2019-2020 school year by serving them breakfast on Thursday, August 15th. Nearly 300 teachers and staff gathered in the middle school commons for breakfast, allowing them to catch up with one another before the start of the new school year.
The U.S. National Security Agency announced the formation of a new Cybersecurity Directorate earlier this week.
Effective October 1, the directorate’s mission will be the creation of a “major organization that unifies NSA’s foreign intelligence and cyber defense missions,” according to the agency’s website. It will be led by Anne Neuberger, the former NSA Deputy Director of Operations and Lead of the Russia Small Group.
Summer is nearly here, bringing a bit of rest and relaxation to hundreds of millions of people around the world. Workers eagerly anticipate summer vacations: 68 percent of Americans and 64 percent of Europeans planned a summer holiday in 2018. Vacations create special memories and experiences that we all cherish.
As college students prepare to graduate and begin their professional careers, First Security Bank and the Independent Community Bankers of America® (ICBA) want to remind them of the importance of planning for their financial future.
The time has finally come — the day when your child will leave home for college. It's the culmination of all your years of sacrifice, hard work, and preparation. And while it's exciting to think about this new phase in your child's life, it's not uncommon to become emotional and worried about the prospect of your child living without you. Here are some easy ways to prepare your child (and you) for the big moment:
“Grandma,” the voice on the phone said. “It’s your grandson. I’m in trouble.”
“Yeah. It’s Charlie.”
With that simple conversation, Edith was on the path toward giving thousands of dollars in cash to a scammer. Her “grandson” told her he ran into trouble with law enforcement in another state, that he had been arrested, and that he needed money for bail. The scammer was very convincing, and Edith went right to the bank to withdraw the funds.
The calendar has switched over to a new year, which means – among other things – tax season is here. In 2018, more than 79 million taxpayers received refunds at an average amount of $2,864. While it may be tempting to spend it all, there are many ways to put that kind of financial windfall to work for you.
It's been proven time and again; you don't have to be a business school graduate to run and manage a successful business.
It's supposed to be the most thankful time of the year. A time to enjoy quality time with friends and family and feast on delicious treats. Yet with the amount of cooking, cleaning, and planning, those in charge of hosting the annual Thanksgiving dinner celebration can feel exhausted, inadequate, stressed ... anything but thankful.
Freedom. It's one of the most attractive benefits of self-employment.
A recent survey conducted by TD Ameritrade found that millennials, on average, expect to retire at the age of 56. While the current average retirement age is 63 – and is expected to rise – this may seem like an unrealistic goal. First Security Bank & Trust recommends millennials put together a savings plan now to work toward their long-term goals.
There are so many things to love about being in your 20's; you have ample time to explore new and exciting career opportunities, and to build independence. You also have valuable time to do something that will be very important when you get older — build your wealth.
Some people retire on income from an employer-sponsored defined benefit pension plan. Employers that sponsor defined benefit pension plans are responsible for contributing enough to fund promised benefits.
U.S. Department of Labor data show a trend away from defined benefit plans and toward defined contribution plans, though. A key difference is that the employer bears the investment risks of a defined benefit plan. In defined contribution plans, employees bear the investment risks, and there is no guarantee that your defined contribution account balance will be adequate for your retirement.
There’s never a bad time to teach children financial responsibility, but it may be difficult to find unique ways to help them relate it to the real world. Did you know that you can use back-to-school shopping as a way to give children an interactive financial lesson?
When First Security first introduced Video Banking to customers, many wondered just where the Video Bankers were located. One Video Banker always joked that they were “inside the box” or working directly behind the screen. In reality, the Video Bankers work from Charles City where they remotely interact with customers and assist with their banking needs.
Since Video Banking’s inception at First Security, there have been many misconceptions about the new technology. Customers didn’t know that it was more than an ATM or that the Video Bankers were local people working inside the same building as all the other bankers and tellers in Charles City.
We’ve had a great kick off to summer events this season! First Security employees have been busy volunteering at many events and parades. A few of the events we have participated in just in the last couple weeks are Party in the Park in Charles City, Gran Festival in Hampton, Tuesday on the Town in Hampton, Floyd Fun Days, and Greene River Days.
Young people and those living outside of Charles City may not realize that May 15th marks an important anniversary for the Charles City community. 50 years ago, “at 4:50 PM nature shed its robes of spring glory and lashed out at picturesque Charles City with one of its most heinous brainstorms – a devastating tornado apparently unparalleled in Iowa history.
First Security Bank & Trust partnered with Central Springs Elementary School to continue the Teach Children to Save Campaign with savings education on May 3. More than 100 Central Springs 4th and 5th grade students explored the importance of understanding the difference betweeeeds and wants and how to budget in a lesson presented by First Security employee, Tiara Grady, Retail Banking Supervisor in Nora Springs.
Are you thinking of downsizing and relocating in retirement?
Do you keep a budget or track personal spending? Do you have professional help in managing your finances? These are some of the top things to consider in your personal financial planning. Read on to learn the top 5 personal finance questions you should ask.
After a recent visit to Amy’s Food Pantry in Rockford, our Video Bankers wrapped up their February Banking Outside the Box initiative. Employees at each of First Security’s 13 offices worked together to collect non-perishable food items. With the help of customers, who dropped items in our collection bins in each office, we donated over 700 items (which amounted to more than 2,000 servings of food) to Amy’s Food Pantry in Rockford.
From mid-December until Christmas, our Video Bankers, Jessica Hartwell, Sara Titus, and Kendra Thomas, spent three days delivering poinsettias with their coworkers at our Nora Springs, Riceville, Manly, and Charles City locations. They were able to visit local businesses, care centers, and individuals that give back to their communities with gifts of poinsettias to spread joy and appreciation this holiday season.
For many people, it is important to take time during the holiday season to give to those who are in need. Donating to your favorite cause can be fulfilling, but it’s important to ensure that your gift reaches the intended source. Follow these tips to become a savvy charitable giver this holiday season:
Introducing Billi and Zion! Billi Kraft, Video Banking Supervisor, has been a part of video banking since the beginning in June of 2015. For November, First Security has decided to partner with PAWS Humane Society in Charles City to help spread awareness of animals available for adoption, all in efforts to find fur-ever homes before the holidays.
Introducing Sara and Magic! Sara Titus has been a part of our Video Banking team for almost a year. Immediately when arriving at PAWS, Sara fell in love with the young kittens and the idea of fostering animals. For November, First Security has decided to partner with PAWS Humane Society in Charles City to help spread awareness of animals available for adoption, all in efforts to find fur-ever homes before the holidays.
Introducing Sydney and Simba! Sydney Keifer joined our Video Banking team in early May to work the evening shifts. She was anxious to begin our Banking Outside the Box volunteer activities. She was by far most excited to get to spend her day with kittens! For November, First Security has decided to partner with PAWS Humane Society in Charles City to help spread awareness of animals available for adoption, all in efforts to find fur-ever homes before the holidays.
Introducing Kendra and Buddy! Kendra Thomas joined our Video Banking team in early September and was immediately excited to begin our adventure, “Banking Outside the Box”. For November, First Security has decided to partner with PAWS Humane Society in Charles City to help spread awareness of animals available for adoption, all in efforts to find fur-ever homes before the holidays.
Identity theft continues to be one of the fastest growing crimes in the United States. In 2016, there were 15.4 million victims of identity fraud in the U.S., according to Javelin Strategy and Research. First Security recommends following these tips to keep your information – and your money – safe.
Kurt Herbrechtsmeyer, president and CEO of First Security Bank & Trust in Charles City, has been elected chair of the Iowa Bankers Association (IBA) for 2017-2018. Herbrechtsmeyer began his term as chair during the IBA Annual Convention, September 17-19 in Des Moines.
Changes in the rules for Automated Clearing House (ACH) credits and debits will go into effect September 15, 2017. Once these changes begin, virtually all types of electronic payments for both credits and debits may be processed on the same day that they are originated. This will speed up the payment system, which is a great benefit when you are receiving a payment. However, this also means that when you are making a payment, it will now clear faster.
Read more for examples of same day payments.
The television commercials make it look so easy; parents tearfully wave goodbye as their child sets off on their journey to college. Then, when the child is out of sight, those same parents excitedly race off to transform the child's room into a playroom or reading retreat.
That's the scripted version. The reality is quite different.
As new college students across the nation head back to school, they face a new reality of financial responsibility. Living away from home comes with many temptations, but indulging too much can do serious harm to a student’s credit history.
Once you start receiving your first paychecks after graduation, knowing how to spend or save your money wisely can be tough. While you may be able to do your banking with just a few taps on your phone, managing money well is much more complicated. Here are a few tips to help you get started.
According to the Federal Trade Commission, the agency received more than 400,000 complaints in 2016 from consumers reporting they were victims of impersonation scams. One of the most common is called the “Grandparent Scam,” which uses impersonation tactics to deliberately target and exploit older Americans.
Ah, spring! It's the season of renewal, when we can count on longer and brighter days, the return of baseball and the urge to get the house in order. That goes for many people's financial houses as well. Spring is a good time to comb through your personal finances and ensure that you're managing your budget, credit cards, investments and insurance in the best possible way. Here's how to get started.
Hardwood floors. Sleek new appliances. Back yard landscaping. If you own a home, chances are you have a pretty good idea about the steps you can take to improve it. But did you realize you can freshen and improve another aspect of your home? You can make over your mortgage by refinancing.
Human beings are habit-creating machines, craving any mental or physical shortcut that lets us focus on higher-level thoughts, such as what’s for lunch or developing theories about Netflix dramas.
Bad money habits are more difficult to steer out of than other automated behaviors like driving a car. Why? Financial peace of mind is a much more subtle reward than the satisfaction of navigating a half-ton piece of metal through city streets without death or injury.
Still, every person who is good at money learned good habits, which means you can, too. “What we know from lab studies is that it’s never too late to break a habit. Habits are malleable throughout your entire life,” Charles Duhigg, author of “The Power of Habit,” told NPR.
What's not to love about receiving money? It's why millions and millions of people play the lottery each year. And while most won't be lucky enough to win the jackpot, they may very well receive money in a far more common way — getting a tax refund.
Have you ever developed a gut-wrenching fear in the pit of your belly or a feeling of despair when you thought about creating a household budget? Consider thinking about it as a "spending plan". A budget is simply the framework for planning how to spend and save your money. Follow these simple steps to create your own spending plan.
If you’re like many people, the holidays cause more financial stress than any other time of year. Figuring out how to afford gifts, décor and food for the big feast is often overwhelming. You might never be able to remove all of your holiday money worries, but you can alleviate some of them. Even though your shopping list might continue to grow while your wallet shrinks, you can enjoy this season without breaking the bank. Here are five ways to survive holiday financial stress.
According to the National Council on Aging, almost 90 percent of the ﬁnancial abuse committed against older Americans are at the hands of someone they know and trust. Here are seven tips to help older Americans choose the right ﬁnancial caregiver and prevent elder ﬁnancial abuse:
Cyberattacks seem to be making national news more frequently these days. And although most of the coverage focuses on large companies or government organizations being hacked, individuals often fall prey to cybercriminals as well. To help stay on top of your personal and financial security while continuing to enjoy the benefits of banking, buying and investing online, make sure to take these five precautions.
By: Eva Velasquez
Identity theft is one of the hardest-hitting crimes that consumers face, largely because it’s easy to pull off. Whether through old-fashioned means like dumpster-diving or stealing your driver’s license, or through more sophisticated cyber crimes like hacking into a university network, thieves can make off with your entire identity before you even know your information was compromised.
There are a lot of steps that college students can take to prevent this crime. Passcode and password locking their hardware, shredding those pesky pre-approved credit card offers, locking their dorm rooms … the list goes on. But what too many college students aren’t aware of is the wide variety of crimes that fall under identity theft.
Sometimes it's smarter to buy certain items according to the season, like sweaters near the end of winter and swimsuits in late summer. But what's the best season for buying a house? The answer: the fall. As temperatures cool and trees shed their leaves, enough factors break in the buyer's favor to make it the No. 1 season for homebuying. Here's why.
It's easy to ignore the misguided dating advice of elders at family gatherings, so why do we let the financial tidbits sink in?
Money advice often gets woven into humdrum conversations between family and friends, and it can be hard to know what to take seriously. Here are some financial “tips” to let in one ear and out the other.
(Federal Communications Commission)
Consumers are increasingly using their smartphones, tablets and other mobile devices as "mobile wallets" to pay for goods and services, downloading software that allows them to complete both mobile and in-person transactions. As the use of mobile wallet services increases, consumers need to protect their smartphones, mobile wallet applications, associated data, and mobile wallet services from theft and cyber-attacks.
Vacation is supposed to be a time to unwind. Unfortunately, there are thieves who are waiting to strike when we let our guard down. That’s why it pays to keep customers updated on the latest travel scams. Here are five all-too-common scams for customers to watch for:
In recognition of American Housing Month, the American Bankers Association Foundation and banks across the country are offering consumers valuable housing information throughout the month of June. The ABA Foundation will provide renters and homeowners with tips for choosing Add Imagethe right home, saving for a down payment and preparing a senior to ‘age in place.’
Think identity theft mostly happens to older people? Or to high-income earners? The truth is that identity thieves focus their efforts wherever the opportunities are, and there are plenty of opportunities across most age groups.
Identity theft complaints are on the rise, with 16 percent of consumers filing reports, up from the previous year, according to the Federal Trade Commission’s 2016 Consumer Sentinel Network Databook.
Tax- or wage-related fraud was the most common reported identity-related fraud, accounting for 45 percent of consumer complaints, followed by credit card fraud and phone or utilities fraud representing 16 and 10 percent of complaints, respectively.
First Security Celebrates American Housing Month with Practical Advice for ‘Aging in Place’
The vast majority of older Americans want to remain in their homes as they grow older, also known as aging in place.
First Securityoffers tips for those considering this option:
Trust, Love, Password Sharing?
(Federal Trade Commission Consumer Information)
A strong password is a great way to prevent hackers and identity thieves from accessing your accounts. But what if you share it with someone you know? Many teens and young adults are giving passwords to friends or loved ones as a sign of trust or love. After all, sharing is caring, right? But what might seem like a milestone in a relationship can turn out to be a very harmful decision.
In March 2011 President Obama issued a proclamation establishing April of each year as National Financial Literacy Month in an effort to highlight the importance of financial literacy and teach Americans how to establish and maintain healthy financial habits.
Basically, financial literacy is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security. Taken further, it is a dynamic understanding of finances and the economy, enabling each individual to respond effectively to ever-changing personal and economic circumstances. Lois Vitt of the Institute for Socio-Financial Studies (www.isfs.org) defines financial literacy somewhat more comprehensively:
"Personal financial literacy is the ability to read, analyze, manage and write about the personal financial conditions that affect material well-being. It includes the ability to discern financial choices, discuss money and financial issues without (or despite) discomfort, plan for the future, and respond competently to life events that affect every day financial decisions, including events in the general economy."
Emotions Aside, How to Choose the Right Home
When buying a home, it is easy to get caught up in emotions. You fall in love with the new kitchen or giant yard, but the largest purchase for most people requires some objective consideration. The best way to determine if a house has the potential to be your dream home is to visually apply your daily life to it.
byCamilla Cheung, Wise Bread
Sometimes, building a healthy cushion of savings can seem like a daunting task. We all know how easy it is to make a late credit card payment, or to end up spending all of your paycheck without remembering to save part of it. One easy way to get started on saving this America Saves Week is to automate your savings. Having technology work to save money for you takes much of the effort out of the equation, saves time, and makes it easier for you to achieve your goals.
In recognition of National Data Privacy Day on Jan. 28,
First Security is urging customers to take an active role in protecting their data.
"First Security’s first priority is to protect our customers’ money and information,” said Penny Gray, Marketing Manager. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”
To help ensure the safety of personal information, First Security suggests following these four tips:
Here is the IRS’s phone number: 800-829-1040. With an anticipated $21 billion in tax refund fraud this year, you might need it. And that figure doesn’t include losses from dodges like the IRS phone scam, which has been enjoying a renaissance of late.
IRS phone frauds aren’t terribly difficult to detect. You get a call from the IRS saying you owe money and that you must pay immediately. The threat of police intervention may or may not accompany this hot and heavy approach.
Here’s the one-step method: hang up. The IRS doesn’t call asking for money yet.
Let’s say you forget the one-step method. Here are four dead giveaways that it’s a scam:
The holiday season can be a frantic time for shoppers. For those that decided to forego the craziness of Black Friday, they can instead opt to shop online for Cyber Monday. This anticipated shopping event still offers discounted prices on items, but runs the same identity theft risks as Black Friday.
Identity theft doesn’t take a vacation—even when you do.
As winter sets in, the bogus offers go out: phishing emails that can unleash malware on your computer, so-called free vacations and prizes that require a credit card or Social Security number to claim, and low-cost vacation rentals that can lead to a quick gotcha.
October is a really fun month. The weather is turning, fall is in the air, and of course, there’s Halloween! But how can consumers make sure that October is full of treats, while not falling for any scammers’ tricks? By arming themselves with the facts and the resources to protect their personally identifiable information.
True or False? There was no way the Office of Personnel Management could have prevented hackers from stealing the sensitive personal information of 4.1 million federal employees, past and present.
If you guessed “False,” you’d be wrong. If you guessed, “True,” you’d also be wrong.
Cyberbullying can start as early as second grade, often peaks in fourth grade, and returns in the seventh and eighth grades, according to Parry Aftab, an Internet safety and privacy lawyer.
More than 85 percent of 45,000 students at North American schools admitted to being targeted in the past year, according to a survey conducted by Aftab.
I’m sure you all have heard, “Past performance is no guarantee of future results.” While this is definitely true, past performances are still very good indicators of how companies may perform again in the future, or under certain market conditions.
Sometimes it is harder to admit that we need help in life and the same is true with investments.