You might be surprised to learn that the FDIC is not funded by tax payer revenue, so it receives no Congressional appropriations. Rather, it’s funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities. With an insurance fund totaling more than $45 billion,...
Saturday, 18 December 2010
The FDIC, Your Bank, and You
We’re launching our blog with a short series of posts dedicated to how we work with the Federal Deposit Insurance Corporation, or FDIC, to protect your hard-earned cash. (With bank failures and economic doom-and-gloom all over the news we thought it a good place to start.) But before we get into specifics, we need to provide a brief history of the...
Make the Most of FDIC Insurance
Our last post made reference to the FDIC’s Electronic Deposit Insurance Estimator, or EDIE, to help you determine if you have adequate deposit insurance for your accounts. Today we’ll delve further into ways you can make the most of available FDIC deposit insurance coverage. Perhaps one of the best features of FDIC deposit insurance is that’s free....
Benefits of “Going Local”
“The past few years have seen increased emphasis on “going local,” or supporting local communities by consuming products that are produced and sold by independent organizations rather than big-box, franchised retailers,” according to American Fork City Councilman, Dale Gunther in an article published in the February 2009 Utah County Business Journal....
“How much should I have in savings?”
It’s not often that I read the magazines in the break room–partly because I could care less what’s going on with Brangelina or because I have no interest in making cupcakes look like butterflies. But I confess to opening the April 1, 2009 issue of Family Circle Magazine a few days ago and stumbling upon an article by Kate Ashford titled “Financial...
Tax Fun Facts
Is it really fair to place the words “tax” and “fun” next to each other? We’ll let you decide, but with April 15th bearing down on us, here are some interesting–if not fun–tax facts to divert your thoughts for a few minutes and hopefully lift your spirits. The first property tax in the United States was in 1798.The first US income tax started during...
Minimizing the Stress of a Layoff – Part 1 of 3
Layoffs are commonplace in a sagging economy, and chances are good that you know someone who has recently been laid-off from his or her job. And it often doesn’t matter how good you are at your job or how hard you work. But a layoff doesn’t have to be the end of the world, nor should it be. The key to minimizing the stress and negative fallout is...
“You want to do what?!?”
A recent discussion with my wife about our long-term retirement hopes was very revealing. The discussion went something like this: Wife: “When you retire I think it would be fun to go to culinary school together and consider opening a restaurant. We have so much fun in the kitchen talking and cooking.” Me: “Yeah. That would be fun. It would...
What Really Matters?
When the stresses of life and work bog us down it’s easy to forget the things that really matter or are of the most value to us. Here are three things that I have been reminded of recently that may be of some value to you, too:Relationships One of my peers recently reminded me that while we’re working hard to handle the pressures of the economy on...
Summer Travel and Vacation Budgeting
Contributing source: PracticalMoneySkills.comIf your kids are like mine, they have made you keenly aware of the fast-approaching summer break. And with the summer kick-off holiday of Memorial Day just a few days’ away, summer travel and vacation plans are being completed at a feverish pace. So here are some things to keep in mind, lest you overspend...
Eating Healthy Without Breaking the Bank
I recently read an article in a SelectHealth publication about healthy eating that lead off with: “Do you go into sticker-shock when you load your shopping cart with healthy foods? A study in the Journal of the American Dietetic Association found that healthy foods such as lean meats, low-fat dairy products, fruits, and vegetables are significantly...
A Fortune of Frugality
In my efforts to be somewhat frugal, I have found a great little Chinese take-out restaurant within walking distance of my office with great food at a great price. In the fortune cookie that came with my meal today I received the following: “You shouldn’t overspend at the moment. Frugality is important.”Certainly, practicing frugality is an important...
Savings Rate at 14-Year High (Duh)
The Bureau of Economic Analysis (BEA) announced on June 1, 2009 that April’s U.S. Personal Savings Rate hit 5.7%, the highest level since February of 1995 (5.9%). And although the economic stimulus plan was aimed at increasing spending to support the economy, much of the increase in real disposable incomes went into savings.Moreover, in their search...
Manage Your Accounts Wisely and Guard Against Fees
Many of our nation’s more than 8,000 community banks offer overdraft services to their customers who would otherwise inadvertently overdraw their accounts and thus become subject to fees and complications. In a perfect world, consumers would never find themselves in a situation where they may overdraw their account; however, we know our customers encounter...
Friday, 17 December 2010
Summer Travel and Vacation Budgeting
Contributing source: PracticalMoneySkills.comIf your kids are like mine, they have made you keenly aware of the fast-approaching summer break. And with the summer kick-off holiday of Memorial Day just a few days’ away, summer travel and vacation plans are being completed at a feverish pace. So here are some things to keep in mind, lest you overspend...
How Does the FDIC Affect My Bank’s Service?
This post addresses how the FDIC affects the level of service you receive from your bank. But before we jump into service levels, you need to understand more of what the FDIC does and how it operates.The FDIC directly examines and supervises more than half of the institutions in the banking system. Banks can be chartered by the states or by the federal...
Buying Stuff…
Sometimes the best way to face reality is with a little humor… Was this post helpful? Please leave us a comment below and tell us what you think of our blog, or to request information on another subje...
Tips to Help Build and Maintain Good Credit
Having good credit and using it wisely can make life go easier. Fortunately, there are positive steps you can take that will help make this possible. Here are three important facts to know as you build your good credit:1. You Can CORRECT Your Credit Report when it is in ErrorYour credit report is the summary of your financial reliability–your history...
Banks Declare War!??
Post under
Bank Tips,
Family Finances,
Loans - Credit,
Online Tools,
Security Helps,
Ways to Save
Today I visited a commonly viewed website to see the headlines for the day. Much to my surprise, one headline read “Banks declare war — on you!” “Really?” I thought. “I must have missed that memo.” Of course, I had to click to read more about this ruthless declaration of tyranny and oppression. It turns out that the sensationalized article was...
News You Can Take to the Bank
Western Community Bank was recently invited to participate in a roundtable discussion sponsored by the good folks at Bennett Communications and Utah Valley Business Quarterly. Other Utah County institutions including Far West Bank, Bank of American Fork, Zions Bank, AmBank, and Family First Federal Credit Union also participated. The entire discussion...
Safe Shopping Tips for the Holiday Season
According to statistics compiled by http://www.identitytheft911.com/, two to four identity theft crimes are reported every hour of the winter holiday shopping season.“The annual holiday shopping season is a peak time for identity theft, so it’s critical that consumers be on high alert and educate themselves in order to help reduce the risk of becoming...
“Consumer debt is not your friend”
I follow a number of blogs that interest me. One of my favorites is the blog of New York Times best selling author and really nice guy, Seth Godin. A few days ago he wrote a brilliant post on his blog about consumer debt that I wanted to share on Smart Banking Tips. It’s posted here in its entirety with his permission. (And I highly recommend subscribing...
Automate Your Savings for Maximum Benefit
One of the greatest consumer tools to be adopted by banks in the last decade is online banking. This powerful tool lets you check your account balance, transfer funds, and manage your money from the comfort of your office or home computer. Online banking has also made it easier for people to save money by allowing users to better maintain their accounts...
(Almost) Pain-Free Budgeting
Do you have plenty of cash, know exactly where every penny goes and never have stress paying bills? If so, you may want to skip this post, because you’re either too rich or too smart to need it.For the rest of us, making–and sticking to–a meaningful budget can be an essential tool for ensuring that our money gets used where it’s needed. Even if you’re...
Cool Online Tools to Help You Succeed
Many banks are working aggressively to improve their online services to include interactive budgeting and financial management tools to help their customers. Many are doing this in response to other non-bank tools available online. While these non-bank tools are pretty amazing, they lack an important feature: regulatory oversight.Sites like mint.com...
Managing a Joint Account
Whether you’re married, have a business partner, or operate a non-profit organization, chances are good that you have a joint checking account. Chances are also good that you (or another account signer) have had some heartburn managing the account. In times when every penny counts, here are some tips on how to help you keep your joint account worry-free...
Manage Your Accounts Wisely and Guard Against Fees
Many of our nation’s more than 8,000 community banks offer overdraft services to their customers who would otherwise inadvertently overdraw their accounts and thus become subject to fees and complications. In a perfect world, consumers would never find themselves in a situation where they may overdraw their account; however, we know our customers encounter...
Tips for Small Business: Surviving Today’s Financial Crisis
Post under
Bank Tips,
Business - Economy,
Family Finances,
Loans - Credit,
Ways to Save
I’ve been looking for some good info for small business owners and stumbled upon this article. It’s longer than I would normally include on the Smart Banking Tips blog, but it’s a pretty quick read with some excellent advice from Robert C. Seiwert, Sr. Vice President and Director, ABA Center for Commercial Lending & Business Banking.1) Check your...
Banking is Changing (part 1 of a 2-part series)
Post under
Bank Tips,
Business - Economy,
Family Finances,
Loans - Credit,
Ways to Save
Amidst the news of economic stimulus, bank failures, and tightening credit markets, it should be obvious that the banking industry has an unprecedented opportunity to make some changes. Banks that embrace the opportunity will be successful. Those that don’t may find a long and jagged road to recovery (or failure).I’m a firm believer that challenges...
Banking is Changing (part 2 of a 2-part series)
Post under
Bank Tips,
Business - Economy,
Family Finances,
Loans - Credit,
Ways to Save
In part one of this series I said that I’m a firm believer that challenges are opportunities dressed in work clothes, and that by deduction we can quickly see that there is a surplus of opportunity in our current economic environment.Here’s where I see some of the greatest opportunities for individuals, families, and businesses: * Improved lending...
The Myth of the Deaf Banker
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Business - Economy,
Family Finances,
Loans - Credit,
Ways to Save
Perhaps it’s a product of the tremendous amount of noise and chaos in the market today. Perhaps it’s because of the “stuffy” and “fat” stereotype assigned to bankers and bank executives. But I think it’s most likely attributable to the current economic turbulence and the sickening reports of bailouts and bonus pay for the “Big City Bankers” and the...
Is Banking Just a Chore?
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Bank Tips,
Business - Economy,
Family Finances
Today I learned there are studies that show people view banking as a chore. The remarkable thing about this statement is not that people view banking as a chore, but that studies are actually being conducted to point out the rather obvious. I didn’t need to read this to know it—I work at a bank, after all, and you can tell by the looks on the faces...
Banks That Put You First
Post under
Business - Economy,
Family Finances
Think about the last time you were at the bank. Which of the following two scenarios sounds most familiar? Teller: Hello, how can I help you? Customer: I need to make a withdrawal from my savings account. Teller: What is your account number? Customer: Hmm, you know, I don’t use this account much; I’m not...
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