It is never too soon to start teaching your children smart financial habits that will help them throughout adulthood. One of the most important lessons for your teen is responsible banking, which can encourage saving, spending within your means, and avoiding overdrafts. The following are critical areas to cover in a banking discussion with your teen. Teaching Good Habits You want your child to learn good habits as young as possible to help them enjoy financial independence and responsibility as an adult. One of the best ways to do this is teaching the importance of saving. You may want to help your teen set a savings goal, whether it is for the latest and greatest gaming system, a new bicycle, or buying their first car. An excellent habit for teens to develop early is setting money aside in their savings account. You may want to encourage them to save a certain percentage of their money, such as 10%, to help their savings grow. A checking account can be a useful tool for money management as well, especially if your teen wants an account for daily spending. Teens often struggle with a small budget and a long list of wants, including nights out with their friends and the latest gadgets. Help your teen understand the difference between a need and a desire and how their money, when spent wisely, can protect them in the future. One of the essential habits a teen with a new checking account will need to develop is monitoring their balance and tracking their expenses to avoid overdrafts, a negative balance, or insufficient funds for a purchase. Banking Priorities Talk with your teen to help them determine their priorities when using banking services. Every teenager is different: some want to save for college or buy a car while others are more interested in stretching their money as far as possible. For teens, banking priorities may include: Things to Look for A teenager’s first bank account can help build money management skills. While you can choose a regular checking or savings account, there are also bank accounts designed specifically for teenagers and even younger children. It is essential to check with your bank or credit union on any requirements they might have before opening an account. Some banks and credit unions require a parent as a co-signer while others limit eligibility to teenagers over a certain age, such as 16. Your teenager may be able to open an account with less than $10, but some accounts have ongoing balance requirements and will charge monthly fees if you do not meet them. You will want to avoid those. Other features and fees to look for include: Takeaway Checking and savings accounts are great tools to teach teenagers the financial habits they will need for the rest of their life. It is never too soon to teach your teen how to use banking to their advantage and how to set aside money for a rainy day. In most cases, a teen bank account will be a better option than a traditional account as it will likely include teen-friendly features and minimal fees.

Introducing Your Teen to Banking

View Resource Introducing Your Teen to Banking
Many people save and plan all their lives with the full intention of relocating for retirement. While many have somewhere warm and tropical in mind, plenty of retirees are considering relocation to reduce expenses, live closer to children and grandchildren, or to have better access to quality healthcare during their golden years. Before you pull out the packing boxes, though, there are a few things you might want to consider before relocating for retirement. Benefits of Relocation There are many potential benefits to relocating for retirement, some of which are not at all insignificant. As you explore your options, make sure you explore a few of the potential benefits associated with relocating for retirees: Financial Impact You may have dreamed of a retirement in which money was no object. The reality is that retirees are spending longer and longer days in retirement. That means, for many people, money most certainly is an object in your golden years. With this in mind, it is necessary to consider a few financial benefits for relocating once you quit working. Of course, this is not a guarantee, and the savings are not universal. So, do a little research to see where a move can save you the most money. After all, the money you save on housing expenses, the more money you will have to spend on things that will make your later years more enjoyable. Social Impact One cost people often fail to consider when deciding to relocate is the social change it represents. You have spent a lifetime making friends, getting to know neighbors, and becoming part of a broader community. Moving will not only have you leaving your home behind but also the friends and neighbors that made it feel like home. It can be a substantial loss for many people should be a serious consideration for anyone contemplating a move. That is especially the case for people who take a while to build new connections and make new friends. The decision to move is one that must be more than purely financial and should take the total costs into account. Selecting a Location Choosing the perfect location for retirement may not be as difficult as you believe. You will need to make a few comparisons of your own to determine things like cost of living and which states offer the most attractive benefits to retirees. Healthcare is usually a top consideration for retirees, so look into the presence of quality medical care when deciding on your retirement location. Some states actively seek retirees offering huge perks to those who choose to live there during their golden years. Look at more than the cost of renting or buying homes. Dig deep and look for information for the state you are considering regarding the following: Also, don’t forget to look at local prices for groceries and food, gasoline, and utilities as well as for activities that interest you. That will give you an idea of costs you can expect, financially, when moving. Relocating for retirement is probably not a new concept. However, the science of choosing the perfect retirement location has gotten a little more complicated over the last couple of decades. Keep these things in mind to help make your relocation decision easier, more affordable, and more comfortable to make.

Relocating for Retirement

View Resource Relocating for Retirement
With the rise of debit cards, paper checks can seem slow and outdated. After all, checks work much like a debit card, allowing the recipient to redeem the check for the stated amount, although the actual transfer of funds can take longer. While there is an argument that paper checks are no longer relevant or useful, they are still in use, primarily by adults over the age of 55, with checks accounting for 15 percent of all non-cash payments in one of the latest studies reported by the Federal Reserve. Checks are still heavily used for large money transactions, such as payroll and rent. Here’s a brief look at the benefits and drawbacks of paper checks and why they still have a place in today’s online-dominated marketplace. Pros of Paper Checks No payment solution is best for every situation. For example, debit and credit cards, while convenient, can come with a higher risk of identity theft and higher costs for merchants. The following are the most important benefits that paper checks can offer. Cons of Paper Checks There are many reasons that paper checks remain relevant, but they are not without drawbacks. Takeaway The days of paper checks dominating the payment landscape are gone, but paper checks are still relevant. Check payments offer benefits not available with other payment options, including the ability to post-date a payment, stop a payment, and create an easily traced paper trail for recordkeeping.

Are Paper Checks Still Relevant?

View Resource Are Paper Checks Still Relevant?
Every time your turn around it feels like mobile phone companies are finding new ways to charge consumers more for their mobile service plans. While many people believe that is simply the price for having these valuable services, the fact is that many consumers are looking at their mobile plan and thinking to themselves, ‘how did it get this high’? It is possible, however, to take back control of your soaring mobile phone bill and get it back in line with your household budget. Cost of Mobile Plans If you are like many consumers, drawn into mobile phone stores with the promise of low monthly rates on shiny new phones only to feel as if they picked your pocket by the time you left, it is time to make some changes to the mobile plans you are purchasing. Consider these changes to your mobile plan and see how much money you can save month after month. Reducing Your Mobile Phone Bill Trimming the fat from your cell phone bill may feel like a Herculean task, but it does not have to be. Part of it involves monitoring your use to determine how much time you spend talking, texting, and surfing on your phone – and where you are when you do these things. The other part involves looking for alternatives that may allow you to make significant money-saving changes to your mobile plan. This includes: Speaking of Wi-Fi, use that whenever possible instead of relying on your phone’s data. From shopping malls to fast food restaurants, and many places of employment. There are few places you go these days that do not offer free Wi-Fi, Then, at home, your Wi-Fi can save the day. By reducing your reliance on your provider’s mobile data network to only times you are actually on the road or in a Wi-Fi wilderness, you can significantly reduce your mobile data plan to a more manageable level. Little changes like these can help you tame the cost of your mobile phone plans so you can keep your expenses under control.

Is Your Mobile Phone Bill Out of Control?

View Resource Is Your Mobile Phone Bill Out of Control?
Secondhand stores are flourishing. According to The Association of Resale Professionals, where retailers only see around a two percent increase in sales a year, sales at secondhand stores are growing each year by 35 percent. That means you, the consumer, are getting the opportunity to find a broader range of goods at excellent prices. Used Items That are Just as Good as New You will find certain items that you can save big by buying used and still come home with an item that’s as good as new. Some used, but still good items you will find out there in the resale market include: Bicycles Newer models of bicycles, like vehicles, come out each season, meaning you will likely find older models listed in the winter and fall seasons for a fraction of the cost. If you do not like the prices you see at your local bike shop, you may want to check out websites like eBay, Letgo or Craigslist. However, before you make a purchase online on sites like this, make sure you use a little common sense. If you see an ad that uses a stock image or just seems like a scam, it could be. Worse, it could be a stolen bike. Most of the time, these sites are ideal for finding great deals for quality items. Exercise Equipment You will find different types of exercise equipment that are still in great condition at far below new prices including: A lot of the times, people will purchase exercise equipment with the intention of beginning a workout regimen, but quickly lose interest. They then don’t have the storage space in their homes to store these bulky items, so they list and sell them at low prices to get rid of them quickly. You may also score these high ticket items at killer prices at garage sales, on Craigslist or at a local gym. Textbooks When in college, it does not make much sense to buy your textbooks brand new. They can get expensive, and chances are, you will only use them while taking a specific class. Instead, you can find books at huge discounts at used bookstores or online on sites like Half.com or Amazon. When you are done using the books, you can turn around and sell them yourself to recoup some of your costs. Cars Chances are you have probably heard that a brand new car immediately goes down in value the minute you drive it off the dealer’s lot. That is true. You can save yourself thousands of dollars by buying a used vehicle that’s only a couple years older than a brand new model. Hand Tools Used Hand tools are easy to find. Many times, people will be changing jobs and decide they do not need the tools anymore. Alternatively, a homeowner may have purchased a unique item just for a single project. Pawnshops are the perfect place to go shopping for used hand tools. You may even score one that still has its lifetime warranty. Furniture Furnishing a home with brand new furniture can put a dent in your wallet. The good news is used furniture at prices that are a steal are easy to find. People are always moving and need to get rid of some furniture. Others decide they want to redecorate. If you do buy furniture from a stranger, be sure you look the piece over carefully to make sure it is clean, free of stains, pet dander, and even bedbugs. There’s a whole range of items you can save big on by buying used such as: These do not even touch the tip of the iceberg of the possibilities available for used items. Just remember, when shopping on sites like Craigslist, be particularly careful and use your best judgment. If something seems fishy, it could very well be. Overall, you can grab hold of high-quality items at a fraction of the cost.

Saving Big by Buying Used

View Resource Saving Big by Buying Used
When you are in the market to buy your new home, of course, you want it to be perfect. Nobody wants a house riddled with unexpected, continuous problems that will drain his or her bank account. If this is the case, your home might be considered a “money pit,” making it far from an ideal situation. Fortunately, you can take specific steps to get yourself out of a money pit mess and turn your investment back into your dream home. Realizing You are in a Money Pit Learning the signs of a money pit is the first step. Look for things such as: Mold Mold can lead to long-term health issues. If you notice a little bit of mold, chances are it is not anything too severe, but if there is a great deal of mold in the home, this could be a sign of a bigger problem. Check for mold close to water sources such as: If you see any mold on your walls, you could have it behind the wall as well. If this is the case, you will have to rip the wall out and hire a professional to come over to clean and treat the area. Check for buckling or cracked walls too, which could be signs of water damage. Outdated Wiring If you are thinking about buying an older house, you will want to check the wiring since it could be outdated. Homes today have newer and much safer wiring systems than in the past. To rewire a house, you have to get into the ceilings and behind the walls which can be very costly. Bad Plumbing Like old wiring, old plumbing can also be a problem, mainly when it involves your septic system. Apart from outdated plumbing possibly lowering water pressure, chances are the pipes over time have deteriorated. That can result in water damage behind your walls and up in your ceiling. Not to mention, you are looking at potential future problems if you ignore the septic system. Having to replace plumbing and water pipes and a new septic system can also be costly. Foundation Issues You want you home to be resting on solid footing. Inspect for cracks, gaps or buckling in foundation walls. On the main and upper levels, look for drywall cracks, particularly around doorways and in corners. Overview of Options So, you have realized your home is a money pit, now what? Here are some options you may want to consider. Assess the Damage Walk around your home and determine which areas need improvement. Even though you are likely frustrated or angry and feeling like your entire house is disintegrating right before your eyes, it is essential to stay calm, objective and to hire an experienced professional to come into your home to assess the damage. Most likely, it is not as bad as it seems. Contact a Lawyer In many states, laws may require home sellers to disclose property information like past damage or hidden problems. If you suspect the seller withheld information about the property, consult with a lawyer to see if you may have a case. Do One Repair at a Time You no doubt want your home to be perfect right now, but repairing it will take time. Trying to fix all the damage and problems all at once can become overwhelming. It may take several months to improve your home’s condition, but it is worth being patient and taking it one repair at a time. The best option, of course, is to avoid buying a money pit in the first place. However, life does not always come with such simple solutions. What you can do, however, is talk with your neighbors. If the home has had significant work done or if it had damage or enormous problems, the probability is that the previous owners have seen it. Another option is to call your insurance company and request a Comprehensive Loss Underwriting Exchange (CLUE) report. The report provides you with information on the last seven years of any claims made on the home. Just remember, you do have options if you did buy a money pit, but if you have not purchased the home yet, take advantage of the resources available to you to avoid this problem in the first place.

When Your Home is a Money Pit

View Resource When Your Home is a Money Pit
With the world’s many tornadoes, earthquakes and tsunamis, many people have been given an in-depth look at a disaster’s devastating effects. Physical safety should be the first concern, of course. However, after the emergency passes, it is time for reality to set in. In many cases, people lose their homes and personal belongings. While you cannot entirely prepare yourself against a natural disaster, you can develop your finances so you can quickly recover and get back on your feet once the emergency is over. Preparations to Take In Advance Here are some ways to prepare your finances in advance. Start and Maintain an Emergency Fund The rule of thumb is to have a minimum of up to six months of your expenses saved up as an emergency fund. While you may think of this emergency fund as money to use in the event you lose your job; you also want to ensure you have enough to live on while recovering from a natural disaster. Take Out Emergency Cash While you may typically rely on your debit or credit cards, what happens if the power goes out and you lose access to your bank account? You need to have actual cash on hand to cover you for at least a week in case you are told to evacuate. Have Adequate Homeowners Insurance You should have your home adequately insured so if there is a natural disaster you can rely on it to help you rebuild your home and your personal belongings. Get insurance now, don’t wait until a tragedy has struck when it is too late. Dealing with an Immediate Disaster Assessing your financial situation is the first step when dealing with the aftermath of an immediate disaster. Once disaster strikes, your financial situation can become fluid and will likely continually change as you are going through the recovery process. Once you are safe and can access the internet or phone, you will want to: How to Get Help Afterward After the disaster passes and it leaves you with no home or no job, there are ways of getting help. File for Unemployment If you cannot go back to work right away, apply for unemployment. The unemployment office in your town can help you, or you can use the FEMA site to file for unemployment assistance. You might have to find short-term work in another area or find a new job entirely while your community is going through the rebuilding process. Apply for FEMA Grant and Use Its Other Resources The Federal Emergency Management Agency (FEMA) provides emergency relief help to people following a natural disaster. You may be eligible for FEMA funds up to $33,000 through the Individuals and Households Program and FEMA directly. This assistance can help to repair your home to make it livable again or will pay for the expense of temporary housing. The Emergency Financial First Aid Kit (EFFAK) helps financially prepare you and offers tips for reducing the impact disasters may leave on your finances. A natural disaster can strike anywhere at any time. No matter what type of disaster it is, it can leave devastating results. While you may have emergency resources ready to go like bottled water, flashlights, extra food and batteries, you need to consider if you are prepared financially for the aftermath. The above tips can help.

Are You Prepared Financially for a Natural Disaster?

View Resource Are You Prepared Financially for a Natural Disaster?
No matter what field you’re in, hiring a new employee can be a busy time for your company. While managing all the necessary orientation tasks and administrative paperwork, it’s important to also remember the steps you need to take with your bank to get your new hire fully onboard. If your new employee is going to have access to any of your business’ bank accounts, the first thing to do is notify the bank so his or her name and other basic information can be added to these accounts. Next, you will want to go into your Business Online Banking account and add your employee as a new account user. If he or she is a “beneficial owner” on any account, the bank will be required to ask you for certain identifying information, like name, date of birth and social security number. We may also ask for a valid I.D. such as a driver’s license or passport. This is part of a new rule for all financial institutions enacted in May 2018 as part of the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism. Any signature cards associated with your company’s accounts will also need to be updated with your new employee’s signature. Similarly, any accounts that require a token for secure log in should be updated at this time. Remember, if your company has multiple accounts (such as Business Checking, Business Savings and Business Certificates of Deposit), you will need to update each of them with the required information. If you have any questions, please don’t hesitate to contact your local branch, business banker or our call center.

Have a new employee? Take these steps with your bank to get them on board.

View Resource Have a new employee? Take these steps with your bank to get them on board.
When you are traveling to foreign countries from the United States, it is often necessary to exchange your American dollars for the local currency. When you trade currency in one form for currency in another, you will see that it is not a dollar for dollar transaction. Instead, the value of a U.S. dollar in Mexico is different from the cost of a U.S. dollar in Canada, Australia, or even France. To make matters even more interesting for travelers, currencies in the world market continuously gain and lose value, so the exchange rate is always in a state of flux. You might discover that the same dollar is worth more in pesos, pounds, or yen tomorrow than it is today. Alternatively, it could be less. It is all about the economic conditions in one country relative to the economic conditions in another. Do a little research before you head out to exchange currency. Know what the going exchange rate for the currency in question is on any given day and then look for places known for dealing fairly with travelers looking to exchange funds. Smarter Travel recommends places like the following for fair exchanges: Further, they go on to advise against tourist-filled areas like airports, train stations, and major attractions. Smarter Travel also recommends that you avoid exchange rates that appear too good to be true as they could be scams or may even involve counterfeit money. Exchange Rate Overview While some credit cards offer conversions to local currencies without fees, know that plastic is not as universally accepted outside the United States. You could find yourself in a bit of a bind if you planned to rely on your credit and debit cards to be the substantial spending method for your trip. While these features from credit card companies are convenient in certain circumstances, they may not offer quite the assistance you are hoping for as you travel the globe. Exchange Methods There are two primary methods for exchanging currency:
  1. Floating currency.

  2. Pegged currency.
The current market determines floating exchange rates. Supply and demand can have a substantial impact on how much a currency is worth on any given day with floating currencies. That is more common in countries that have economies that are mature and stable, like: Floating currency makes exchanges more efficient because the markets adjust automatically for fluctuations in value. If you are traveling to countries or regions where the currency is less stable, you will probably encounter a pegged currency system. That is an attempt by the government to prevent things like runaway inflation. You will likely only see this type of exchange rates in third world countries and other locations with emerging economies. One suggestion in this situation is just to convert what you need in these currencies during your time in that country. Best Practices for Exchanging Currency USA Today has an excellent suggestion: convert at least some of your money to local currencies before you travel rather than after reaching your destination. Many of the more popular tourist locations charge higher exchange rates. Another bit of advice to consider is to visit banks and ATMs for exchanges as they often have lower rates. You should also pay close attention to surcharges various facilities charge for converting currency. Some add a flat fee and others charge a percentage. If you are paying a hefty flat fee, it is worth considering the conversion of a significant amount of currency in a single transaction, rather than making multiple smaller exchanges. One of the biggest pieces of advice to offer when it comes to exchange rates, though, is that you should make sure you know the policies of your credit card for foreign currency transactions. Most credit cards are very happy to offer them but may charge fees you are not aware of for doing so. Make sure you read the fine print and know your company’s policy when it comes to foreign currency purchases. Traveling the world and visiting exotic destinations can be very exciting. If you do not pay attention to things like exchange rates, though, you could find yourself paying much more than necessary for the privilege.

Exchange Rate Basics

View Resource Exchange Rate Basics
When an employee exits your company, one of the most important things to do is make sure that his or her name is properly removed from any bank accounts they had access to as an employee. A good first step is to have one of the other signers on any relevant accounts notify the bank immediately that the employee is no longer with your company. You will also want to make sure that any security tokens for the accounts your former employee had access to have been disconnected. If the employee had access to Business Online Banking, log in and delete them as a user. If they were an Administrator on any accounts, be sure to establish new Administrators where needed. Next, you will want to update any signature cards the employee’s name was on. Remember, all of the signers on your company’s accounts will need to sign new signature cards at this time. They may also have to update the signature cards a second time if a new employee is hired and needs to be added to any accounts. Finally, don’t forget to delete your former employee from all additional Business Banking services that are included with your accounts, such as Online Bill Pay or a business debit card, for example. And remember, you can always contact your local branch, business banker or our call center if you have any questions.

Steps to take with your bank when an employee leaves your company.

View Resource Steps to take with your bank when an employee leaves your company.