By RCB Bank Fraud Department, 877.361.0814

Wiring money is a way to send and receive money fast. It’s also a prime target for fraud.

Wire fraud often happens when dishonest people convince you to willingly send funds under false pretenses.

Because money moves fast in a wire transfer, it is nearly impossible to get it back.

Banks are required by law to make deposited check funds available within days, but it may take weeks to uncover a fake check.

You are liable if you deposit fraudulent funds into your bank account. If a check you deposit turns out to be a fake, you are responsible for repaying the bank.

Don’t be fooled. Before sending or accepting money, ask yourself these questions.

Do I really know this person?

Is the person a new acquaintance? A new romance? Scammers often use social media, email or phone to target victims. They will do whatever it takes to develop a seemingly real relationship with you, which may include meeting you in person. Be on guard for romance scams.

Is this person claiming to be a family member in trouble?

It’s called a grandparent scam. A criminal pretends to be a relative who needs money, e.g., they’re in trouble, had an accident or need bail money. They ask you to send money fast via gift cards or wire transfer, and beg you not to tell anyone. Always call the person at a known number (not the caller ID number) to confirm their story.

Is this person claiming to be a government agent, police officer or banker investigating a series of fraud cases and needs my help?

Scammers spoof caller ID and email addresses to look as if it is a trusted company or friend calling. Do your research, check the facts and talk to your bank about the transaction before sending money.

Is this person offering a get-rich deal. Am I asked to keep it secret?

Do not pay upfront for a promise to make money fast. Watch out for prize and inheritance scams that require you to pay taxes in advance.

Did this person come to my door or are they offering me an advance-payment service?

“No thanks.” Do not pay for services in advance. This also goes for things like debt relief, loan offers, online purchases or jobs. Watch out for services that require payment through electronic transfer to a home office or to another individual who they claim to be the boss.

Are you feeling pressured to send money?

Be suspicious of urgent money requests. Scammers want you to act fast and use threats and emotional ploys. STOP. Slow down and check the facts. Discuss the transaction with your bank, the police or a friend before sending money.

Protect Yourself: If you feel you are a victim of fraud, call your bank immediately.

Get more security tips at:

RCB Bank Security Center
FBI.gov/scams-and-safety

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

It should be no surprise that as a homeowner you are responsible for expenses beyond your mortgage payment, such as property taxes, homeowner insurance and mortgage insurance, to name a few.

Benefit #1: Escrow is a personal payment manager

An escrow account is a service provided by your lender to help you manage and budget home-related costs. A benefit of an escrow is you make one monthly payment that includes your mortgage principle and interest, plus a percentage of your insurance and tax expenses. Your lender takes care of paying the various bills due throughout the year.

Most lenders require escrow accounts on mortgages greater than 80 percent loan-to-value and are set up at closing.

Benefit #2: Escrow lets you spread out annual costs over time.

Another benefit of an escrow is you don’t have to stress to come up with large lump sum payments.

How escrow works

Your lender adds up your additional home-related costs outside your mortgage payment – taxes, homeowners insurance, mortgage insurance, flood insurance, etc. – They divide the total cost of these payments by 12 (months) and add it to your monthly mortgage payment.

Generally, a cushion of 1/6 of the total escrow charges is collected at loan closing to account for any unexpected increase in premiums when it’s time for the lender to make the yearly payment.

Your escrow account builds with each monthly payment. Funds are withdrawn from your escrow to pay for bills as they are due.

Can your escrow payment change over time? 

Yes, if there are changes in insurance costs and taxes, your escrow payment will also change.

Annually, your lender will review your escrow. The review looks at updated taxes and insurance costs to ensure the amount paid into the account is enough to cover costs. If costs have decreased, due to a change in insurance for example, there may be an overage and you would be issued a refund. If costs have increased, you will be required to make up the shortfall.

There are usually two ways to cover a shortfall.

1. Pay the shortfall in one lump sum.

Your full payment covers the past payments and brings your account to balance. An increase in monthly payments is necessary to cover the increased costs for future payments.

2. Divide and pay the amount over the next 12 payments.

Paying back your shortage over time will increase your monthly payment more than paying a lump sum because you are paying the shortage plus the increase in costs over the next year.

It’s important to understand, if insurance costs and taxes increase, your monthly payment will also increase going forward.

Get$Fit Tip: Shop around for insurance.

If you want to keep your monthly payment as close as possible to what you pay now, an annual check on your homeowner policy or other insurance plans may help. It is your responsibility to review your policy and shop around for the best deal, not your lender.

Make sure your policy is in line with current market rates and has not increased more than a few percentages, which is typical for some insurance companies. It’s always a good idea to comparison shop and request quotes. If you find a better deal, contact your lender to update your escrow account information.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. RCB Bank is an Equal Housing Lender and Member FDIC. RCB Bank NMLS #798151.

You found your dream home, made an offer and it was accepted. You’re pre-approved for a loan and feeling good. Your mind is now focused on moving. Hold on. A pre-approval is not a loan guarantee. To ensure a smooth mortgage process, avoid these four things during closing.

DO NOT take on new debt.

I realize with a new home comes the desire to purchase new furniture, appliances and sometimes even a shiny new car for the garage. Some stores offer no-money down and zero percent interest credit. It’s tempting to start purchasing.

Taking on new debt may raise your debt ratio (the relationship of income to debt). Banks and mortgage companies weigh this number heavily to determine your credit worthiness. Raising it could cause heartache at the end of your transaction. Loan officers run another credit check a few days before closing to verify no new debt has been obtained.

DO NOT Change Jobs.

The stability of your job and income are essential to your loan approval. Your capability of repayment is ultimately what the lender needs to see. Changing jobs during the purchase process could complicate things. For example, if switching from a W-2 salaried status to a contractor or full commission job would most likely disqualify you (that income typically needs two years of income for calculation). A bank typically needs to see 30 days on the job, at least one pay stub and time to verify employment. Verification of income is sent to the employer to make sure the income matches the paystub and that you are still employed, as well as a verbal verification a day or so before closing.

DO NOT stop paying your bills.

A new home purchase can become expensive when you are out closing costs that aren’t part of your typical monthly obligations. You have additional costs like movers. Even if money gets tight, pay your bills. Remember, loan officers will re-pull credit at the end of the transaction.

DO NOT pack up important papers.

You’re stoked about moving. Maybe you’ve already started packing. Make sure you don’t pack up tax documents, bank statements, paystubs or any other important documents that might be requested by your loan officer. The quicker you can respond to the processing requests of your loan, the quicker it will be approved. Delaying the response can delay closing.

Buying a home is exciting, but until you sign the papers at closing, your mortgage isn’t final. Loan officers issue a pre-qualification based on the documentation you provide. The final approval is issued on documents retrieved between signing the contract and loan closing. The final underwriting decision is made on a final credit review, tax transcripts, verification of employment and verification of deposit, NOT the initial credit, tax returns, paystubs and bank statements.

Loan officers are here to make this process as smooth and as simple as possible. Be open with your loan officer and make sure they completely understand your situation and that one of the above doesn’t become a gotcha moment.

Lenders at RCB Bank are happy to help answer questions even if you are not a customer. Give us a call or visit our online Mortgage Center.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only.  RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Is this the year you have resolved to start your own business?

First, I suggest you get to know four people:

• A banker
• A CPA
• An insurance agent
• An attorney

Building good relationships with these invaluable resources will help you and your business succeed.

Now, let’s talk about applying for your business loan.

Prepare a solid business plan

Before you apply for a business loan, you need to have a good business plan. A lender’s main concern: are you going to be able to repay the loan?  You need to be clear on how you plan to build and sustain your business.

Understand what lenders look for

When deciding to loan you money, most lenders look at the five C’s of credit.

1. Credit – Your credit report is a detailed list of your credit history and provides insight on how you manage credit and make payments. Lenders are looking to see if you pay back your creditors.
2. Capacity – Do you have the means to repay your loan? How much debt do you have compared to how much you earn? Lenders want to know if you can comfortably manage your loan payments.
3. Character – Character is tough for a lender to assess in the brief time loans are considered. This is where a good-standing relationship with a banker, who is likely to be your lender, is beneficial. They want to know if you are trustworthy. Will you repay your loan? Lenders will review all available information, such as credit reports and public records, to see if you’ve met past obligations or have a history of legal problems.
4. Conditions – These are economic and other outside circumstances that may affect your ability to repay, like your business industry, the local market and competition to see how your business may fare.
5. Capital – Do you have some of your own assets invested or a financial base to help you weather changes in the marketplace? Trying to start or sustain a business without any owner investment is considered very risky – what’s to keep you from walking away in hard times? Most lenders want to see some financial investment from the business owner.

Build relationships

While you want to score as high as possible on each of the five C’s, all loans are different and not every borrower will have an A+ rating on each category.  Having high scores on some factors may compensate for less-than-perfect scores on others. The key is to be open and honest with your lender.

If you’re interested in starting a small business, check out local resources available to help, such as:

• The SBA Score Program – free mentoring and education for aspiring entrepreneurs and business owners.
• Oklahoma Small Business Development Center – helps you think, start, grow and reinvent your small business.
• Kansas Small Business Development Center – Start, grow and learn about business.
• Technology schools, community colleges, universities – business and industry training services to help you get a better understanding and foundation for business.
  Oklahoma colleges and universities
  Kansas public colleges and universities.

Our lenders and business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a lender and/or business services representative in your area.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only.  RCB Bank is an Equal Housing Lender.  RCB Bank NMLS #798151. David Goodwin NMLS#449727. Member FDIC.

Investing is a tool for building wealth.

Legendary investor Warren Buffett defines investing as “… the process of laying out money now to receive more money in the future.”

The key to successful investing is setting clear-cut goals. Know what you want, the cost to get it and how long you have to save.

We all have different comfort levels when it comes to investing our money. We call this risk tolerance. The concept of risk tolerance refers not only to your level of comfort in taking a risk, but also your financial ability to endure the consequences of loss.

Therefore, when it comes to investing, there is no one- size-fits-all strategy.  When I talk about investing with my clients, I like to use a bucket visualization. Imagine investing as three buckets.

Everyone needs to begin with a foundation – bucket one. This is your readily available cash, including your savings, emergency fund and short-term investments.

Once you have bucket one filled, you are ready to toss money into buckets two and three, your mid-term and long-term goals. The amount you invest in each bucket varies by your time horizon and risk tolerance. Bucket two consists of low-risk investments while bucket three is long-term, higher growth risk investments.

As with any plan, it is important to monitor your portfolio to ensure you stay on track with your goals.

If you plan to work with a financial advisor, make sure they are working for you with your best interest in mind. It’s important that you have an open line of communication with your advisor.

I am here to help answer questions you may have about investing even if you are not an RCB Bank customer. Feel free to contact me, my information is at the bottom of this page.

At RCB Bank Trust, we offer professional recommendations at no cost, no obligation.

We provide a conservative approach to growing and preserving wealth tailored to your individual financial needs. Call one of our wealth advisors today and request your free review.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments. Connect with a wealth advisor in your area.

The bucket concept was originally created by planning guru Harold Evensky. It is one of many approaches to investing.

Investment products are not a deposit. Not insured by the FDIC or any federal government agency. Not guaranteed by the Bank. Subject to risk and may go down in value.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details.

The habits your kids pick up now will follow them throughout life. Guide them to good money habits with these tips.

Get$Fit Tip #1: Pay yourself first.

Did you know the average college debt for the graduating class of 2016 was $37,000?* Are your kids prepared to manage debt and build wealth at the same time? Do they know the secret to keeping car-buying costs as low as possible? What about how to prepare for unexpected expenses?

Get$Fit Tip #2: Take full advantage of your bank.

Teach your kids about money using our Learning Center, which offers uncomplicated money tips to help  build wealth, reduce debt and make money-smart decisions.

Also, help your kids begin building relationships at their bank and gain an understanding of services and resources available to them. Building a relationship with a banker now will help them in the future when it comes time to borrow money, begin investing and buy their first home.

Get$Fit Tip #3: Comparison shop for everything!

Student loans, college text books, rental properties, auto insurance, clothes – make it a habit to compare prices and look for the best deals. A little effort on your part can save you thousands of dollars.

Get$Fit Tip #4: Learn to budget.

Money flows out faster than it flows in. Building wealth is not about how much money you have, it’s about how you manage the money you have. Learn to live below your means. It’s the only way to build wealth.

Get$Fit Tip #5: Watch your credit score.

Your credit score is a history report on how well you manage your money. Pay bills on time and use credit cards carefully. The alternative is long-term debt and financial hardship.

Get$Fit Tip #6: Needs and wants are not the same thing.

There is never enough money to buy everything you want. Choose wisely. Today’s choices will affect your future financial well-being. Is instant gratification more important than a comfortable lifestyle?

Get$Fit Tip #7: Learn the secret to saving.

The easiest way to build wealth is to set up automatic savings. Have a portion of your wages automatically go into a savings and/or retirement account through payroll direct deposit. Invest in yourself.

* Institute of College Access and Success.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

The Problem

Buying a car is a major purchase. Budgets are tight. It’s tempting to accept financing based on the lowest monthly payment, but this may prove a costly mistake. Here is why.

Lower monthly payments often mean longer loan terms and higher interest rates. You may be able to obtain 84-month term (7 year) financing and a budget-friendly monthly payment, but you’ll pay more over the life of the loan. You also risk becoming upside down on your loan, owing more money for your car than it is worth.

Don’t be payment-driven. Save up as much as you can and negotiate the sales price down, not the monthly payment.

The Solution

Here are additional tips to help you keep your car buying costs as low as possible.

1. Know your credit score. More importantly, know the details in your report. Your credit score will determine which loan you will qualify for and the interest rate you’ll pay. Start reducing your current debt now to improve your score and financing options.
2. Get pre-approved. Know the exact amount you can spend before you start looking (and stay under that number). Start with your financial institution and shop around. A banker can also access car evaluations to improve your bargaining power with the dealership.
3. Focus on price. Know what the car is worth, not what the dealer tells you it is worth. Do your homework. Check NADA guides. Shop online. Compare dealers. View the car evaluation with your banker. Then go to the dealership and negotiate a fair purchase price for the car, not your loan payment.
4. Decide needs versus wants. You may want a newer model vehicle but do you want — can you honestly afford — the higher purchase price and possible higher interest rate? It’s a matter of choice. I encourage you to save up as much money as possible before you shop so you have more choices.  With a higher down payment, you can borrow less money. You can choose a higher monthly payment with a lower term, which will save you more money over the life of the loan.

Avoid the payment-driven temptation and start saving up now for your next vehicle. In the meantime, explore your financing options and ask your banker what you can do to improve your credit score.

Final piece of advice: Don’t be afraid to walk off the lot.

Don’t rush your decision and accept the first offer. It’s your money and your life. Be good to yourself.

Our lenders are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a lender in your area.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC and Equal Housing Lender, RCB Bank NMLS #798151. Curtis Bales, NMLS #800411.

Recent news about dramatic declines in the Dow Jones have been front and center lately.  While the “Dow” is often first quoted on the news, it is not a particularly good representation of the U.S. stock market.  It is just an index of 30 companies. Also, it is price-weighted, which means the companies with the highest stock price carry the most weight. The five companies that currently carry the greatest weight in the Dow are Boeing, Goldman Sachs, 3M, United Health Group, and Home Depot. However, none of these companies crack the top ten when looking at the largest companies in the U.S. by market capitalization.

Alternatively, the S&P 500 is an index of about 500 companies, making it a much broader barometer of the U.S. stock market.  Moreover, it is market-weighted, so the largest companies by market capitalization carry the greatest weight.

Headline vs. Reality

Headline: On February 5, 2018, the Dow experienced the largest point drop in history.

Reality: On February 5, 2018, the S&P 500 declined 4.10 percent, which ranks as only the 39th worst in the last 40 years.

Why has the stock market declined?

Believe it or not, the recent declines were prompted by good news.

January payroll reports show 200,000 workers were added to U.S. payrolls and, more importantly, average hourly wages increased 2.9 percent from January 2017. This was the highest level of year-over-year wage growth since June 2009. In anticipation of a strong jobs report and a pick-up in wage inflation, bond markets drove yields on the benchmark 10-Year U.S. Treasury bond sharply higher from a closing level of 2.63 percent on Thursday, January 25 to an intraday high of 2.88 percent on Monday, February 6. This sudden rise in market interest rates spooked equity investors in several ways. It could indicate both a faster pace of Fed rate hikes to keep up with inflation and an increase in borrowing costs for U.S. corporations.

What should I do about it?

I don’t get emotional about stock market swings.  Stock market swings are sometimes irrational.  Look to the fundamentals instead.  In my view, nothing has really changed in the last week from a fundamental or economic perspective. We believe the cyclical backdrop for stocks remains positive given synchronized global growth, rising corporate profits and relatively easy monetary conditions compared to history in the U.S. and abroad.

At RCB Bank Trust, we are conservative, long-term investors. 

We don’t try to time the market and we don’t overreact to headlines and short-term volatility. That being said, this is a great time to gut-check your risk tolerance and make sure your asset allocation is right.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments. Connect with a wealth advisor in your area.

By Jocelyn Wood, RCB Bank

Do you know your credit score? A good score matters if you want to want to qualify for lower loan interest rates. It may also improve your chances for lower fees on insurance premiums, like home and auto for example.

It’s important to understand a credit report and a credit score are two different things.

Your credit report is a compilation of credit-related information.

• Identifying information like name, address, birthdate, Social Security Number.
• Credit accounts, payment history, current and past loans, etc.
• Credit inquiries – who has accessed your report within the last couple years.
• Public records & collections – overdue debt from collection agencies, wage garnishment, liens, foreclosures, etc.

The information in your report provides a story of how well you manage your credit and debt and influences a lender’s decision to loan you money?

Your credit score is a matrix of your credit report – a 3-digit number, ranging from 300-850.

FICO^® Scores are most widely used.

I asked Lender Jake Dwyer, AVP at RCB Bank, what is the easiest way to maintain a good financial footprint?

“The biggest influence on your credit score is payment history,” Dwyer said. “A record of ongoing, on-time payments will help your credit. Basically, pay your bills on time and keep your credit card balances low.”

Your credit score is generally calculated based on five factors, revealed in your credit report:

• Payment history
• Amounts owed on credit and debt
• Length of credit history
• New credit
• Types of credit used

“Lenders want to know you can afford to make your monthly payments,” Dwyer said. “Owing too much debt, carrying high balances on your credit cards and having too many credit accounts opened at one time are high risk factors. We want to see a long history of you responsibly managing a variety of credit, like student loan, credit card and mortgage.”

He also mentioned your credit score reflects your risk at the time it was pulled. It can change depending on your credit behavior.

“The best way to repair your credit is to pay off your debts,” said Dwyer. “Pay your credit card bill in full each month. Don’t spend what you can’t pay. Lenders want to see responsible money management and self-control.”

The first step to improving your credit is to know what is in your credit report.

Request a copy of your credit report at annualcreditreport.com. Federal law allows you one free report annually from each credit reporting agency: Equifax, Experian and TransUnion.

Ask your lender for tips on how to improve your score, or give Jake Dwyer a call at 918.259.1342.

Source: Fair Isaac Corporation (FICO), myfico.com. FICO® Score does not factor in income, length of employment, alimony or child support payment and other things that lenders may consider when determining loan qualification. Having little payment history or only new credit can result in a lower FICO® Score. It is not always from missed payments or maxed-out credit cards. Talk to your lender for details. Learn more about FICO® Score at myfico.com

Opinions expressed above are the personal opinions of Jake Dwyer, AVP, Loans, NMLS #1413664, and meant for generic illustration purposes only. RCB Bank NMLS #798151. Member FDIC and Equal Housing Lender.

Lending officers have their own language. We try not to use unfamiliar jargon when working with customers, but “talking mortgage” is second nature to us. Let me clarify some lingo my customers have called me out on.

1003

Your loan application. Pronounced ten-o-three. This is a uniform document all lenders use as their mortgage application.

LTV

Loan-to-value. This is a ratio of what you owe on your home versus what it is worth. In a home purchase transaction, this is also your loan balance versus your purchase price. The industry uses the lower ratio — appraised or purchase price — as the value of the home. Therefore, your purchase LTV may be higher than your actual LTV if your appraisal comes in higher than your purchase price.

CLTV

Combined loan-to-value. This is like your LTV, but includes the overall loan amount versus the overall value when combining a first and second mortgage.

DTI

Debt-to-income ratio. Also known as back-end ratio. A percentage of a consumer’s monthly gross income that goes toward paying debts.

Front-end ratio

Mortgage-to-income ratio. Indicates which portion of an individual’s income is used to make mortgage payments. It is computed by dividing your projected monthly mortgage payment by your monthly gross income. Front-end and back-end ratios are used by lenders to determine how much you can afford to borrow.

PMI

Private mortgage insurance. Commonly referred to as MI or mortgage insurance.  This is required on loans for which the buyer makes less than a 20 percent down payment or has less than 20 percent equity on a refinance. This insurance policy protects the lender in case the borrower ends up in foreclosure.

CD

Closing disclosure. A required disclosure given to all borrowers on mortgage loans three days prior to closing. This is a five-page document that details loan terms, payments, fees and other costs.

LE

Loan estimate. This document mirrors the closing disclosure, but is issued at the beginning of the loan application. Since the two documents look alike, it is easy to compare fees, costs and changes from start to finish.

Hazard Insurance

Homeowners insurance.

When it is time to buy or refinance a home, talk to a local lender first. The more you know about the mortgage process, available loan options and your individual qualifications, the more satisfying your homebuying experience is.

Lenders at RCB Bank are happy to help answer questions even if you are not a customer. Give us a call or visit our online Mortgage Center.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only.  For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Appraisals are a necessary part of the homebuying process, and for years, they were required to obtain mortgage financing on all new purchases or refinances.

Now, in some cases, the Federal National Mortgage Association, known as Fannie Mae, may waive an appraisal for eligible transactions.

Not all homes qualify.

In fact, Fannie Mae states that the majority of transactions will not receive a Property Inspection Waiver (PIW), meaning an appraisal is required to establish the market value.

Minimum standards for a PIW include one unit properties at or below 80-percent loan-to-value for principal residences and second homes.
Fannie Mae uses a database of more than 26 million appraisal reports as well as a proprietary analytics system to determine if the current market value of a property is acceptable or should be confirmed. For example, properties located in disaster-impacted areas will require new appraisals.

If your property receives the inspection waiver, you still have a choice to order your own appraisal.

Appraisals are important.

An appraisal verifies the value of the property you are purchasing. It helps you and your lender ensure you are not overpaying based on current market conditions.

A PIW, in my opinion, will best serve refinances. There are limitations for refinances too. Not all will qualify.

Do your homework.

A PIW may shorten your mortgage process by eliminating the need to schedule an appraisal, which will lead to a reduction in loan origination costs.

It’s important to be informed and get all the facts regarding your mortgage financing options.

I can help answer your questions, even if you are not an RCB Bank customer.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and Member FDIC. RCB Bank NMLS #798151.

Source: Fannie Mae Property Inspection Waiver Fact Sheet

There is a new sophisticated Netflix phishing attack you need to watch out for. They start out very pleasant, saying they have some trouble with your billing info, and pretty please with sugar on top need you to update your payment details. But if you fall for it, they will try to steal your login details, your credit card data, your picture and your ID!

Think Before You Click!

• Never click on a login link or an account verification link in an email. If there is one, bail.
• Check for the green HTTPS padlock. If there isn’t one, bail.
• If there is a padlock, check the name of the site. If it’s not exactly what you expect, bail.
• Don’t ignore telltales such as spelling and grammar errors. If it looks wrong, bail.
• Guard your ID closely. If you’re asked for a selfie or ID when it isn’t absolutely necessary, bail.

Let’s take a closer look.

(Note the simple trick, right there in the subject line, of not spelling out the brand-theft text “Netflix” exactly: the crooks wrote the X as the Greek letter chi, so that Netflix came out as Netfli?.)

Next, you wind up here and that’s where they steal your credentials. But wait, there’s more…

Next, they steal your credit card data:

And trying to keep you on the hook, they throw in a Verfied by VISA page:

Then to add insult to injury, they make you confirm your identity by taking a selfie holding your identity card. Yikes!

An Apple scam is also going around.

Watch out for emails from Apple stating “someone has logged into your Apple ID from an unknown device.” It’s not real.

Stop. Look. Think. Don’t be fooled.

Information provided by Stu Sjouwerman, Founder and CEO of KnowBe4, Inc. Keeping You Informed. Keeping You Aware.

Set your young adult up for financial success with the right money management tools. Help transition financial responsibilities by setting up your child up with services designed to help deposit money, monitor accounts and guard against fraud.

Here are a few options that may benefit your young adult.

Anytime, anywhere banking
Mobile Banking & Mobile Deposit

Your young adult can check balances, pay bills, deposit and transfer money and find the nearest ATM or bank location from a smartphone. If child is going out of state, there is no need to switch banks. We can go anywhere. Download our Mobile Banking app. Once downloaded, you can sign up for Mobile Deposit.

Message, data rates, fees and deposit restrictions may apply. Subject to eligibility. Funds may not be available for immediate withdrawal.

Guard your account
Text Banking

With Text Banking, your young adult can set up text alerts and be notified anytime a transaction occurs on an account. This is a great fraud detection tool, as well as a budget tool to track account balances and monitor account activity 24/7.

Message and data rates and fees may apply.

We pay you to bank with us!
Rewards Checking

Let your young adult enjoy the same rewards you do.  We offer a variety of Rewards Checking accounts that meet your spending or saving preferences.

Some restrictions apply. Visit RCBbank.com/rewards to learn more.

A money-saving, easy-tracking way to pay bills.
Online Bill Pay

With Online Banking and Bill Pay, your young adult can pay bills to companies, institutions or individuals in one location. Saves time and money. Schedule payments in advance or set them up to recur each month. Also, our calendar and history features, lets your young adult see past and future payments at a glance – a great budget too.

Some restrictions apply. eBills may not be available for some companies.

Money management in one convenient location.
Online Banking

Online Banking allows your young adult to bank whenever, wherever. He or she can make payments, transfer money, view monthly statements and set up email alerts for practically anything. Stay in the in clear with alerts for insufficient funds or low balances – great for young adults just starting out.

It’s important to remind your children never to bank while using public Wi-Fi.

Learn more about online and mobile banking best practices at on our Security Center.

Access more resources in our Learning Center to help you and your young one during their transition of finanical responsibilities.

Message, data rates, and fees may apply. All accounts utilizing service must be enrolled in eStatements to avoid fee. Subject to eligibility and further review. Deposits are subject to verification and may not be available for immediate withdrawal. Deposit limits and other restrictions apply. Full details at RCBbank.com/BankAnywhere. MemberFDIC

Minimum Reward Requirements: Ten (10) debit card transactions per rewards cycle and maintain e-Statement enrollment. Not maintaining e-Statements will result in forfeiture of rewards benefits. Minimum reward requirements listed must be met and post to the account in each rewards cycle, which begins on the first business day of the month and ends on the last business day of the month. Debit card transactions include merchant or point-of-sale transactions, and exclude refunds or ATM transactions. Some restrictions apply. A monthly fee of $3 will be assessed for accounts receiving a paper statement. Member FDIC

Do you have a plan for your child’s transition from your checkbook to their own after they leave home? Have you discussed with  who will be expected to pay for what and for how long?

It’s time to have the talk.

Here is a 3-point guide to help you begin the transfer of money management responsibilities.

Have the talk.

Make a plan for your young adult’s transition from your checkbook to their own and communicate it with them. Start talking about money and life, about budgeting, expectations, unexpected expenses, credit and long-term effects of debt. Be sure you discuss who is paying for what. Set your young adult up for success.

Make sure your young adult has a checking account (and a savings account).

Already have one? You are set to go. If not, no worries. RCB Bank is local in many Oklahoma and Kansas college towns, like Stillwater, Norman, Wichita and Lawrence. Even if your young adult is moving out-of-state, we can go too. Our products are designed to serve you wherever you are. We offer a variety of mobile banking options that make it easy to bank wherever, whenever. Plus, keeping your young adult’s account with RCB Bank offers you easy access, in case you need to transfer money while helping them transition to adulthood.

Consider helping your young adult establish credit.

Building a good credit score now is important when it comes time to borrow money for a car or house later. Credit cards are not the only way to establish credit. Consider a Certificate of Deposit (CD) loan. To do this, have your young adult open a CD with money they’ve saved. Then talk to your banker about a loan against the money in the CD. This is a great option if you’re nervous about your young adult having a credit card.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

When I think of small town local businesses, I’m reminded of Mayberry from The Andy Griffith Show. In Mayberry, everyone is treated like family. Life was slower and townsfolk looked after one another with genuine care.

Things are little bit different now, but even in our fast-paced modern world, the spirit of Mayberry can still exist at your business. It begins by cutting down on the time you spend away from your customers.

Skip your daily trip to the bank.

Seriously.

Ask your bank about Remote Deposit Capture (RDC)*, which lets you process and deposit checks from your customers into your bank account without leaving the office.

Let’s look at two business owners. Are you business owner A or B?

Business owner A: You collect checks. Fill out a deposit slip, adding up your total once, twice and however many times until it balances. You leave your shop and drive to the bank. You wait in line to make your deposit. Then, you head back to the shop; maybe run an errand on the way.

Business owner B: You don’t have time to run the bank every day, so your checks pile up in a drawer until you make your weekly trip. Did you know the longer a check sits un-deposited, the higher risk it may bounce?

Streamline cash flow and save money.

Both business owners can improve efficiency with the convenience of RDC.  Plus, they can keep their cash flow going by adding funds to their accounts quicker.

Did I mention you can save money and possibly a lot?

If you want to see just how much, check out the RDC Business Value Calculator, available at remotedepositcapture.com. Enter in a few details and you can see your personal cost savings for mileage, labor and productivity by using RDC.

Miles cost money. If your bank is just one mile from your business, that is two miles a day round trip, 10 miles per week. That’s 520 miles a year; and with the standard mileage rate at 54.5 cents, you’re spending nearly $283 a year traveling to the bank. How far are you from your bank?

Time is money. If an employee makes $10 an hour and they spend half an hour a day processing your payments, you’re paying roughly $1,300 in wages for trips to the bank each year.

Things have changed since Opie walked the streets of Mayberry, but one thing remains the same – the value of quality customer service.

RDC lets you focus on building relationships with your customers by spending less time managing your daily finances.

Ask your banker for details.

Our business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a business services representative in your area.

* See your Business Services Rep for more details. Funds may not be available for immediate withdrawal.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

You’ve likely heard about the new tax plan and the changes coming to our tax code. I am not a certified public accountant (CPA) and cannot speak to how this may directly affect you individually, but I can share how the changes may affect your mortgage tax deduction.

One benefit of home ownership is being able to deduct your property taxes and mortgage interest on your income taxes.

For example, let us say you buy a home for $275,000 and the taxable value of the home is 1.25 percent of the sales price. On a mortgage at 80 percent loan-to-value accruing interest at 4 percent, you can expect to pay around $8,700 in interest and $3,400 in taxes, a total of $12,100, the first year. This amount will decrease each year as you pay down your principal.

Under the current tax code, the standard deduction is $6,350 for single filers and $12,700 for married filing jointly. If you had no other deductions, it would benefit you to itemize if you were single but not if you were married filing jointly.

The proposed tax plan will increase the standard deduction for single filers to $12,500 and married filing jointly to $24,000.

Using our example, the $12,100 mortgage deduction falls below the standard deduction for both single and married filing jointly.

Owning a home is an American dream for many people, and there are benefits to home ownership other than a tax break. Before you decide to purchase, be sure to look at the full picture of ownership.

With many current deductions and potential phase-outs of those deductions if the new tax proposal passes, it’s important to do your homework. Talk with your CPA and ask them to show you a future tax plan based on the proposed law.

When you decide to buy or refinance, first talk to a local lender. The more knowledge you have about the mortgage process, available loan options and your individual qualifications, the more satisfying your home buying experience will be.

Lenders at RCB Bank are happy to help answer questions even if you are not a customer. Give us a call or visit our online Mortgage Center.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only.  For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Sources: taxpolicycenter.org and irs.gov

Make text banking your first defense against fraud.

Fraud can happen to anyone. It happened to me and text banking tried to warn me.

I was out of town. I noticed two purchase alerts in my messages. My wife and I share an account and she had recently been to a craft fair, so I assumed they were hers. I was in a hurry and did not verify the transactions. My mistake. A couple of hours later, my bank called to inform us these were fraudulent charges on my wife’s card. Luckily, they caught it quickly and canceled her card before other fraud occurred.

Fraud departments are great at what they do, but so are fraudsters. It’s ultimately up to me to keep track of what is happening on my account. Text banking allows me to monitor account activity quickly and easily throughout the day from my phone. If I don’t recognize an expense, I can check it out right then. Detecting fraud early can help minimize loss.

Many major credit card companies also offer text alerts. Let text banking help you guard your money.

Other cool features:

You can use text banking to check account balances, transfer money between accounts and notify you when your balance falls below a specific dollar amount. You can pick and choose which alerts you want to receive. Smartphone and Wi-Fi not required.

Learn more ways to protect your money at RCBbank.com/GetFit.

Want to know more about text banking?

For more information about text banking and to read frequently asked questions, visit our Text Banking page.

To sign up for text banking, visit any of our RCB Bank locations.

Message, data rates, fees, and other transfer restrictions may apply. Funds may not be available immediately. Delivery of alerts may be delayed for various reasons, including service outages affecting your phone, wireless or internet provider, technology failures, and system capacity limitations. Any time you review your balance, keep in mind it may not reflect all transactions including recent debit card transactions or checks you have written.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Message, data rates and fees may apply.

By Jocelyn Wood, RCB Bank

You want to save more money.

The truth is you can save more money.

The struggle is you want things now. Waiting is hard. Saving money requires discipline.

What if saving could be easy?

Here are two ways to build your wealth that involves little effort.

1. Set the task on auto-drive.

Direct Deposit – Ask your employer to deduct a certain amount of money from your paycheck each month and transfer it into a savings or retirement account. When you receive a pay raise, transfer that to savings too. It’s called direct deposit, and the only discipline required is initiating the process.

While you may not think you have money to set aside, you do. When money is transferred before you see your income, you’ll soon forget it. You’ll adjust to living on the money you do see. And you’ll feel less stressed when you see your savings grow. Ask your company’s human resource department for details.

2. Set up auto savings.

Auto Money Transfer – Schedule an automatic money transfer from your checking account to a savings account through your online banking or mobile banking app. Set it up to recur monthly, or weekly for faster savings.

If you’re nervous, start with a small amount. Transfer the money into an account you don’t have easy access to, no debit card, no checks.

Not convinced you have the funds? Do this. Call your cell phone and TV providers, insurance companies and others and ask how you can reduce your bills. Schedule the differences you save each month to transfer to your savings account. You can set up an automatic transfer in 10 minutes or less. Ask your bank if you need help.

Saving money is a choice.

Choose to take control of your financial well-being. Then set the cruise control.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC and Equal Housing Lender, RCB Bank NMLS #798151.

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By Jocelyn Wood, RCB Bank

This is the year you’re going to take charge of your money. No more rationalizing overspending. No more excuses why you can’t put money into savings. No more regrets.

Everyone can save more money.

The question you have to ask yourself is what kind of life do you want? Do you want to be debt free? Do you want those new black leather boots? Do you want to retire comfortably? Do you want the newly released smartphone? Do you want to stop living paycheck to paycheck? Do you want your daily large caffe latte from your favorite coffee shop?

Saving money is a personal choice only you can decide, and making the commitment takes effort. It requires discipline and self-control, but the end result – more money in your savings, a larger down payment on a home or being debt free – is worth your diligence.

Here are three practical tips to help you change your attitude about spending and start thinking like a saver.

#1 Match your spending

If you struggle with sticking to a budget or tracking your expenses, try this: save an amount equal to whatever you spend on nonessential indulgences. If you want your morning java, put $4 in a jar. If you plan to eat lunch out, put $8 in jar. You will literally see your spending habits and potential savings.

If you can’t afford to save the matching funds, you can’t afford whatever it is you want.

#2 Remember you work hard

Before you spend your hard-earned money, take the cost of the item you want and divide it by your hourly wage. If you want a $90 pair of boots and you make $10 an hour, are those boots worth the nine hours of work?

Also, pay yourself first. That means put money aside from every paycheck into a savings or retirement account. Saving even $25 a month adds up. Set up automatic savings through a direct deposit or money transfer. You may surprise yourself how fast your savings grows when you put it on auto-pilot. Ask your bank for more information.

#3 Do not buy on impulse

Start thinking like a saver. Never purchase expensive items on impulse. Think over each purchase for at least 24 hours. During that period, do steps one and two. This will help you consider how necessary the item is that you want to buy. It will also help you have fewer regrets about purchases and more money for savings.

You don’t have to do it alone. Find someone who will help you stay on track of your savings goal. Check out AmericaSaves.org, a site dedicated to helping individuals save money, reduce debt and build wealth. You can take the savings pledge and set up text alerts to receive encouraging money saving tips targeted to your specific goal.

Also, ask your bank about products and services that offer money-management tools. Get financially fit and take charge of your money.

Photo Credits: Pam Brown and Cherise Saltmarsh

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC and Equal Housing Lender, RCB Bank NMLS #798151.

Is your child leaving the nest? Do they fully understand the daily financial issues that will soon become their reality? It’s never too early to start the conversation. Here are six money tips to teach your children before they leave home.

1. Know the real cost of things.

The price tag is rarely the actual cost. Talk about hidden fees, taxes and interest. Talk about personal expenses – utilities, car payments, mortgage, and unexpected purchases that can lead to financial trouble if you don’t plan for them, like auto repairs and medical expenses.

2. Learn to budget.  

Building wealth is not about how much money you make, it’s about how you manage the money you have. Money flows out faster than it flows in. Learn to spend less than you earn. Plan for purchases, comparison shop, negotiate terms and fees and save up money before buying things.

3. Be very careful with credit cards.

Talk about the pros and cons of credit cards. One missed credit card payment can set you on a course toward long-term debt. Misuse of credit cards can also hurt your ability to take out a loan for a car or house. Don’t be afraid to share your personal experience with credit card misuse or debt and the sacrifices you had to make to rise above it.

4. Needs and wants are not the same thing.

You will never have enough money to buy everything you want. Choose wisely. Is instant gratification more or less important than a comfortable lifestyle? Today’s choices will affect your future financial well-being. Again, share stories of choices and consequences.

5. Learn the secret to saving.

The easiest way to build wealth is to set up automatic savings. Enroll in payroll direct deposit. Schedule recurring automatic money transfers from checking to savings. Start small and increase with pay raises. If you learn to put money aside and live below your means when you are young, it will be easier to build wealth as you move up the ladder.

6. Consider your future.

Most adults in or nearing retirement wish they had saved more money. Nearly half of Americans have no retirement savings and still have to work when they are 70 and 80 years old. The younger you start saving, the greater control you’ll have over your financial well-being. Talk to your teens about your personal retirement preparations.

However you decide to prep your kids for the real world, be sure money is a topic of conversation.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.