Fake COVID-19 Tests Online

Fake and unauthorized at-home COVID-19 testing kits are popping up online as opportunistic scammers take advantage of the spike in demand. Be vigilant and do your research before buying an at-home test. Check the seller before you buy, especially if you’re buying from a site you don’t recognize or one of which you never have heard. Do an online search for the seller’s name, plus words like “scam,” “complaint,” or “review.”

Text Message Scams

So you got a text message from a number you don’t recognize, promising prizes, saying you’re qualified for a special offer, or saying you have visited an unsecure website and your phone needs to be cleaned. Do not respond to or click on a link in these messages. Similar to email scams, text message scammers rely on the person receiving the scam to respond or click before thinking. By then, it’s too late. Do not ever click on a link unless you were expecting it and it’s from a number saved in your phone or one that you recognize and can verify. The same rule applies in general with emails.

Student Loan Scams

If you have a federal student loan, you probably already know that the Coronavirus emergency relief program that has paused your payments is ending. Repayments will begin again after May 1, 2022. Scammers know it, too, and are looking for ways to take advantage: they’re calling, texting, and e-mailing to try to use any confusion around restarting your student loan payments to steal your money and personal information. If a scammer calls about student loans, NEVER pay an upfront fee and NEVER give out your Federal Student Aid ID.

Invention Promotion Scams

Every year, tens of thousands of people try to turn their ideas into something they can market and sell. If you’re one of them, you might be looking for help — and shady invention promotion firms may be looking for you. To avoid scams, it helps to investigate the company or individual. Dishonest invention promoters lie about the profit potential of your invention to get you to pay for expensive, but often useless, services. Do an online search for the promotion company’s name, plus words like “scam,” “complaint,” or “review.”

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

Sources:

https://www.consumer.ftc.gov/features/scam-alerts

https://www.ed.gov/news/press-releases/biden-harris-administration-extends-student-loan-pause-through-may-1-2022

The new year traditionally is a time of reflection and resolutions. If one of your resolutions is to buy a house this year, here are some tips that will help that resolution become a reality.

Improve your credit score

If you have any debts or credit card balances, work on eliminating them or paying them down. Even if completely eliminating your debt isn’t possible, paying it down could increase your credit score – and even a small boost can mean lower interest rates on a mortgage. Also, paying these off might feel good, but don’t close those accounts as that could lower your score if you eliminate the positive reporting tradeline.

Avoid big purchases

Sure, you might need new appliances and new furniture in your new house. But wait until after you’ve closed on your mortgage before pulling the trigger on those purchases. Spending money on big-ticket items decreases your available cash – which is key in the home-buying process. Or if you use your credit card or take out a store line of credit to pay for it, it could hurt your credit score.

Save, save, save

Save every penny you can. Having money saved for a down payment and closing costs can majorly help you in the loan process. The more money you have in savings, the better. Evaluate your spending habits – if you eat out for lunch every day, bring your lunch instead and save the difference. If you stop for coffee a few times a week, skip it and save that money, too. These small things will add up over time.

Research lenders

Finding the right mortgage professional will make the process much easier. Your lender will be your mortgage resource and will help you every step of the way to bring your resolution to fruition. It also will be important to get preapproved for your mortgage, which the lender will help with as well.

Determine what you want in a house

Just what specifics do you want in your home? Do you want to live closer to work, or in a specific school district? These are the things that are good to know ahead of time, and they will help you narrow down available houses. And then, start looking!

Making a resolution and sticking to it always is fulfilling. And if buying a house is on your resolution list this year, these steps should help make the process much easier.

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. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

OWASSO, Okla. – The employees at Owasso’s two RCB Bank locations, along with employees of the RCB Bank Owasso Mortgage department, recently “adopted” two families in need to ensure they would have a merry Christmas.

Along with a bunch of presents, the employees also contributed enough money to give three $100 gift certificates for the children.

“The support that our staff showed was amazing,” RCB Bank Owasso Market President Skip Mefford said.

PHOTO CUTLINE: RCB Bank employees in Owasso recently “adopted” two families and donated these presents along with three $100 gift certificates to help them celebrate Christmas.

RCB Bank is a $4.2 billion community bank with 65 locations in 36 cities across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.226.5722. Member FDIC, Equal Housing Lender, NMLS #798151.

Now that 2021 is over, scammers will be working to take advantage of people looking for end-of-the-year deals. They’ll usually start the scam with a sense of urgency: Act now before this deal is gone forever!

Scammers will try to sell you on time-sensitive special offers. Some of these will be offers of a product or service for a small fee, normally for shipping fees. Be sure to read the terms and conditions if available. Usually deep within the terms and conditions, it will state that there is a trial period, usually 14 days to try the product/service then you will be charged the full amount if you don’t call to cancel.

And if no terms and conditions are offered, ignore the “deal.”

These are all examples of “If it sounds too good to be true, it usually is.”

Don’t pay upfront for a promise. Someone might ask you to pay in advance for things like debt relief, credit and loan offers, mortgage assistance, or a job. They might even say you’ve won a prize, but first you have to pay taxes or fees. If you do, they will probably take the money and disappear.

Here are some warning signs of telemarketing fraud—what a caller may say:

• You must act “now” or the offer won’t be good.
• You’ve won a “free” gift, vacation, or prize. But you have to pay for “postage and handling” or other charges.
• You must send money, give a credit card or bank account number, or have a check picked up by courier. You may hear this before you have had a chance to consider the offer carefully.
• You don’t need to check out the company with anyone. The callers say you do not need to speak to anyone including your family, lawyer, accountant, local Better Business Bureau, or consumer protection agency.
• You don’t need any written information about the company or their references.
• You can’t afford to miss this “high-profit, no-risk” offer.
• You must pay by using a gift card.

If these or similar “lines” are spoken from a telephone salesperson, just say “no thank you” and hang up the telephone.

Visit the RCB Bank Security Center for more information on how you can protect yourself from fruad.

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

Sources:

https://www.uscfc.uscourts.gov/node/2891

ARKANSAS CITY, Kansas – RCB Bank recently made a $500 donation to Angels in the Attic.

On top of the cash donation, RCB Bank employees from Winfield and Ark City donated toys and gifts to Angels in the Attic as well.

The bank locations had a “jeans day” to raise money for the project. RCB Bank employees adopted two families and bought gifts for those family members.

“We’ve done this the past several years,” RCB Bank Retail Coordinator Kim Fleetwood said. “We do our best to help take care of our communities.”

PHOTO CUTLINE: From left, Kim Fleetwood, RCB Bank Retail Coordinator; Kristin Dobbins, RCB Bank Loan AA and gift project coordinator;  Raven Nuss, RCB Bank Credit Analyst and gift project coordinator;  Ivy Beals, Angels in the Attic Executive of Case Management; Janice Marr, Angels in the Attic Executive Director; and John Sturd, RCB Bank Market President.

RCB Bank is a $4.2 billion community bank with 65 locations in 36 cities across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.226.5722. Member FDIC, Equal Housing Lender, NMLS #798151.

WINFIELD, Kansas – RCB Bank made a $500 donation to Burden High School in Central USD 462 earlier this month.

The donation will be used by the Agriculture and Business Leadership class at Burden High school to benefit Joseph’s Storehouse and the Senior Center.

PHOTO CUTLINE: RCB Bank VP Loan Officer Chris Baker, left, presents a $500 donation to Ky Biddle, Vocational Agriculture instructor and FFA adviser at USD 462 Central of Burden, Kansas.

RCB Bank is a $4.2 billion community bank with 65 locations in 36 cities across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.226.5722. Member FDIC, Equal Housing Lender, NMLS #798151.

Timing is everything, and that is especially true when purchasing a house. Whether you’re waiting for the right home or applying for a mortgage, there are many time-sensitive processes to follow to ensure you can get the home and the financing you want.

It may seem like there’s a lot of hurry up and wait going on. But because it is likely the biggest purchase you’ll make in your life, there’s a good reason for the wait.

For traditional mortgages, the most noticeable is the three business-day waiting period between receiving your closing disclosure and the consummation date (often known as your closing day). This three business-day rule was introduced in October of 2015, and it applies to both original mortgages and refinancing.

When your three business-day waiting period starts is determined by your consummation day. This three business-day rule may include Saturdays, but it does not count Sundays or holidays.

For instance, if you want to sign on a Friday and a holiday falls on a Thursday, you must receive your closing disclosure on Monday. Because of this, the three-day period is NOT measured by hours.

You can sign the closing disclosure any time before you sign your final documents on your consummation day.

This waiting period gives you time to review all the documents to ensure that the terms you’re agreeing to match the terms outlined at the beginning of the mortgage process when you received your loan estimate (which lenders are required to disclose no later than three days after receiving your completed application).

The closing disclosure will show you the final terms of your mortgage, including your purchase price, interest rate, APR, closing costs, monthly payment, and more. Between the closing disclosure and consummation, if the APR, loan product type or prepayment penalty changes, that would require a revised closing disclosure, which in turn would require a new consummation date. Other changes to terms and costs outside of these (like title fees and insurance), will warrant a corrected closing disclosure, but will not require a new three business-day waiting period.

Basically, the closing disclosure is designed to protect you from bait-and-switch tactics if a lender promised you one set of terms but then presents worse terms just prior to the consummation day.

Source: https://www.consumerfinance.gov/know-before-you-owe/

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

‘Tis the season for scams.

This Christmas season, be on the lookout for scams and fraud. The Christmas season is the busiest shopping part of the year, and scammers are in full swing waiting to take advantage.

As many retailers begin their Christmas sale specials, scammers are ready with fraudulent websites and social media campaigns, impersonating those retailers. The scammers are hoping to entice you to spend money for products you’ll never receive.

Add in projected shipping delays and supply chain issues, and this Christmas season scammers are projected to be rife. Scammers preying on those will offer products that aren’t available or products that may not be quite what they seem.

Scammers generally won’t have any new tricks during the holiday season, but they will try different spins on scams that have worked in the past. During the Christmas season, scammers thrive as many tend to be more generous and in a giving spirit.

Here are some seasonal scams of which to be aware:

Charity scams

One-third of all charitable giving is done in December, fundraising software company Network for Good reports. That means more sham charities exploiting Americans’ goodwill via fake websites and pushy telemarketers.

Delivery scams

As holiday packages crisscross the country, scammers send out phishing emails disguised as UPS, FedEx or U.S. Postal Service notifications of incoming or missed deliveries. Links lead to phony sign-in pages asking for personal information, or to sites infested with malware.

Travel scams

Nearly 50% of U.S. adults plan to travel during the holidays in 2021, a SurveyMonkey poll found. Spoof booking sites and email offers proliferate, with travel deals that look too good to be true and probably are.

Letter from Santa scams

A custom letter from Ol’ Saint Nick makes a holiday treat for the little ones on your list, and many legitimate businesses offer them. But so do many scammers looking to scavenge personal information about you or, worse, your kids or grandkids, who may not learn until many years later that their identity was stolen and their credit compromised.

Gift card scams

When purchasing gift cards, make sure to purchase from counter attendants or from customer service. Thieves will copy the codes on cards and call after the holidays (when they know they will be activated) and use them before the intended recipient gets a chance to. Grabbing a card from an unattended sales rack increases the chances of having this happen to you.

Being aware of the types of scams that scammers use can help keep you — and your money — safe this Christmas season.

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

Source:

https://www.aarp.org/money/scams-fraud/info-2019/holiday.html

The holidays are a time when it’s tempting – and easy – to toss your budget out the window and splurge on your friends and family.

After all, it’s the season of giving. And often, giving the perfect gift is just as fun as receiving a gift.

However, with proper planning, you can stay on budget while spreading Christmas joy and avoiding the stresses that come with searching for that perfect present.

There’s no magic secret to a holiday budget. You’ll have to put the pen to the paper and figure out ahead of time how much you can afford to spend. Then you have to stick to it.

In other words, make a list and check it twice.

Having a budgeted list and sticking to it will help you navigate all the expenses that come with the holidays.

Make a list of everyone you need to buy for and then a price range for each person with gift ideas. If you do this, it will come in handy later.

Let’s say you find a great deal on a gift for one person on your list and it comes in $25 under budget. That can help you later if a gift you found for another person is $20 over budget – you can still purchase that gift, because you were under budget on the first person.

One final tip is to start thinking about next year. Save your receipts. They can come in handy next Christmas when making your budget. You’ll know who all you shopped for and how much you spent on them.

Also, when planning for next year’s Christmas budget, talk to your bank and see if they have options that will help you save throughout the year. They’ll most likely be happy to set up a separate account that you can deposit money into every payday. Then you’ll automatically have your money ready to go!

Make it a challenge to see if you can come in under budget. If that happens, you can reward someone who wasn’t on your list – yourself!

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only.  RCB Bank, member FDIC.

A retirement plan needs regular checkups to ensure it remains in good health. If you haven’t done it yet this year, you should set aside the time to do it before the start of the holiday season, which is usually the busiest time of the year.

According to the Center for Retirement Research at Boston College, 50% of households are “at risk” of not having enough to maintain their living standards in retirement.

Regular checkups of your retirement plan can keep you informed on whether or not you’re on pace to meet your monthly expenses once you retire and if you’ll be able to maintain your living standards.

You should check your contributions and account balances, and adjust accordingly. Also, if you have more than one retirement plan, check to see if it would be better to consolidate them, or if it’s best to keep them separate. If you have one retirement plan, check to see if it would behoove you to open another.

Depending on how close you are to retirement at the time of your “checkup,” you should consider shifting your investments around. If you’re close to retirement, a more conservative approach may be prudent to safeguard what you’ve accumulated. Conversely, if retirement is a ways away, a more aggressive approach may be in order.

No two paths to retirement are the same, so what works for one person won’t necessarily work for you. Consider talking to a financial advisor to help you map out your strategy and help you identify anything you may have overlooked on your self-checkup. That way you can get a plan that is catered specifically to your needs.

Financially Fit is your home fitness guide for all things financial, provided by RCB Bank. Find money-building tips, insights and inspiration to help you improve your financial well-being at RCBbank.com/GetFit. Investment products 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 principal amount invested. The information provided is for educational purposes only and does not constitute tax, investment or legal advice. Consult a professional wealth advisor to discuss your individual retirement savings needs.

Sources:

https://crr.bc.edu/special-projects/national-retirement-risk-index/

How to Take Advantage of the Equity in Your Home

The equity in your house is one of the most valuable tools you have as a homeowner. It can increase over time, and it can be used to access money in the form of a loan or a line of credit that can pay for big expenses like renovating your home or the consolidation of high-interest debt.

So just what is home equity? It is your home’s market value, minus the amount you owe on it. This is why it usually increases over time – as you pay off your mortgage, you’re subtracting less against the home’s market value. Also, if your home increases in value, your equity rises as well. However, the opposite is true as well – if your home decreases in value, your equity may drop if it decreases more than what you’re paying on the mortgage.

Differences Between a Loan and a HELOC

A home equity loan gives you a lump sum of money up front, and you make payments over the life of the loan at a fixed interest rate to pay it off.

A home equity line of credit (HELOC) is similar to a credit card – you establish a line of credit, with your home as collateral – and you use the credit when you need it. You pay interest only on the money you use, and you can also continue to use the funds as you repay them. These rates are typically adjustable.

How to Build Home Equity

You can make additional payments to the principal of your mortgage to build equity faster.

Appreciation of your home also will increase the equity over time. The increase in value of your home over time is not guaranteed, but has been typical over the most recent history of the real estate market in the United States.

Also, if you make home improvements, that may increase your home’s value, which in turn would increase your equity. Not all home improvements are the same, however, so be sure to research to find out which one would add the most value to your home.

Benefits of Using Home Equity

The Tax Cuts and Jobs Act of 2017 lets homeowners deduct the interest on home equity loans or lines of credit if the money is used to “buy, build, or substantially improve the taxpayer’s home that secures the loan.”

Also, because you’re borrowing against your home, it would be a secure loan or line of credit. Typically loans secured by homes have lower interest rates than other loan options.

Drawbacks of Using Home Equity

Remember that your home secures the amount that you borrow through a home equity loan or line of credit. If you don’t pay your debt, the lender may be able to force you to sell your home to satisfy the debt. Also, some lenders may charge fees, so be sure to look to see if the fees are what you would consider excessive.

Also, if you sell your home using a real estate agent, there are fees associated with the sale transaction from the real estate agency, title company, and more. These costs can be as much as 10% of the value of the home. If you max out your equity and owe more than 90% or so on your home, you may not have enough equity to sell your property after accounting for the fees.

If you’re interested, ask more questions to seek out answers

Ask all the lenders you interview to explain the loan plans available to you. If you don’t understand any loan terms and conditions, ask questions. They could mean higher costs. Knowing just the amount of the monthly payment or the interest rate is not enough. Pay close attention to fees, including the application or loan processing fee, origination or underwriting fee, lender or funding fee, appraisal fee, document preparation and recording fees, and broker fees; these may be quoted as points, origination fees, or interest rate add-on. If points and other fees are added to your loan amount, you’ll pay more to finance them.

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. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply.  RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

With the recent news of Social Security benefits increasing by nearly 6% in 2022, now is the time to be on the lookout for Social Security scammers.

Those who receive Social Security benefits don’t have to do anything to receive the increase. The increases will happen automatically.

However, scammers will try to take advantage of those who are unaware that their increase will happen automatically.

These tips from the Social Security Administration (SSA) show you what to look for and how to recognize a Social Security scammer:

Social Security scammers may:

• Threaten arrest or legal action against you unless you pay a fine.
• Promise to increase your benefits or resolve identity theft if you pay a fee.
• Demand payment with retail gift cards, wire transfers, internet currency or by mailing cash.
• Pretend they are from Social Security or another government agency. Caller ID, texts or documents sent by email may look official but they are not.

DO NOT BELIEVE THEM!

If you owe money to Social Security, the agency will mail you a letter with payment options and appeal rights. Social Security does not suspend Social Security numbers or demand secrecy from you, ever.

How you can help:

• If you receive a questionable call, hang up and report it at ssa.gov.
• Do not return unknown calls, email, or texts.
• Ask someone you trust for advice before making any large purchase or financial decision.
• Do not be embarrassed to report if you shared personal information or suffered a financial loss.

If you think you’ve been a victim of a scammer, call the SSA fraud hotline at 1-800-269-0271.

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

Source:

https://www.ssa.gov/scam/

BLACKWELL, Okla. – RCB Bank employees and Shepherd Oil Co. recently teamed up to donate bottled water to Blackwell Elementary School.

Because of the COVID-19 pandemic, students are asked to bring a water bottle each day because the water fountains can only be used to refill bottles. Many times, students forget to bring a bottle, and the donation of 25 cases of water will help fill the gap.

When RCB Bank employees became aware of the issue, they believed it would be a good way of helping the children out.

Photo cutline: Shepherd Oil Co.’s Jeremie Niccum (left), RCB Bank AVP Retail Coordinator Brianna Turner (second from left), RCB Bank Customer Service Representative Melinda Wynn (second from right) and RCB Bank Blackwell Market President Dennis Buss (right), recently donated 25 cases of bottled water to Blackwell Elementary School. Also pictured are Blackwell Elementary students, from left, Kodi Price, Mackenzie Alvarado and Bailey Payne.

RCB Bank is a community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.226.5722. Member FDIC, Equal Housing Lender, NMLS #798151.

A cash windfall isn’t something for which you can plan ahead of time. It’s also not something you should ever count on. But knowing what to do if it happens can be extremely beneficial.

Should you spend it? Invest it? Pay off debt? All of the above?

Those answers will depend on the amount of money received and your financial situation. The answer will not be the same for everyone.

Windfall sizes can vary dramatically – from a small one that can help you eliminate a debt or allow for a  major purchase, to an even larger one that can make you financially independent, or to a size that may be more money than you could ever spend in your lifetime.

No matter the size of the windfall, the first thing you should do is resist the temptation to rush into anything – be it a purchase, an investment or even quitting your job. Formatting a plan before rushing into anything will help you avoid any regretful decisions. The most important tool you have when it comes to money is knowledge.

Secondly, separate the windfall from your usual accounts to avoid spending it. You could put it in a short-term CD or in a new interest-earning savings account until you come up with a plan. This will give you time to decide on how the windfall can serve you now and in the future.

It also would be wise to meet with a financial advisor. A financial advisor will help you map out the plan for your financial future and will help you get good use of the money. And if the windfall is big enough, they could help you plan for generations to come.

Together, you’ll assess your current financial situation and your financial goals and formulate a plan to put you on a successful path.

Coming into a significant amount of money may be cause for reason to celebrate, but it will be even more rewarding if you have a plan on what to do with the unexpected money. If you’re fortunate enough to have unexpected money come your way, don’t miss out on the opportunity to get ahead.

Financially Fit is your home fitness guide for all things financial, provided by RCB Bank. Find money-building tips, insights and inspiration to help you improve your financial well-being at RCBbank.com/GetFit. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

Consider refinancing into a shorter-term loan

Paying off your mortgage is a marathon, not a sprint.

But what if you’ve reached a point of the marathon and found a way to run the rest of it downhill?

Now is a great time to consider refinancing your loan from your current 30-year note to a 15-year mortgage. You’ll likely end up paying significantly less interest over the term of your new loan compared to your current loan.

The interest rate for a 30-year mortgage in 2006 averaged more than 6.0%. Recent rates for a 15-year home refinance have been in the 2%’s. This is a potential savings of tens of thousands of dollars by refinancing.

Your savings come as the amortization schedule pays down much faster with more money going to principle and less to interest. For example, if you got a $100,000 loan with a 30-year repayment period in January 2006 paying 6% interest, the monthly payment would be around $600. The amount of interest paid per payment would range from around $100 at the first payment to around $250 in 2021. If you refinanced the remaining balance of around $71,000 into a new 15-year loan with a 2% interest rate, the monthly payment would drop to around $460 per month and would save approximately $25,000 in interest compared to the 30-year loan.

But does refinancing your loan make sense?

There is no cookie-cutter approach to refinancing. There are many factors to take into consideration before taking the plunge. The example scenario described above could be different for your situation depending on a variety of unique factors specific to you and your mortgage.

Do you plan on staying in your house for a while longer, or do you plan on moving soon? If you don’t plan on staying in your current home much longer, it likely would not make sense to refinance because of the cost and fees associated with refinancing. Interest rates can emotionally draw you to refinance, but be sure to do the math of how much will you would save monthly and/or over the life of the loan versus how much it costs to refinance. For example, if it cost $4,000 to refinance and you save $100 per month, it will take 40 months — a little over 3 years — to recoup the cost. If you plan on moving prior to that time frame, it probably would not be worth the “feel good” rate.

Other related costs with refinancing

Before jumping into anything, don’t forget to factor in other costs. Can you recoup the cost and gain savings after the break-even point?

There may be closing costs, processing fees, appraisals, loan origination fees, discounts fee, underwriting, and tax service fee. Some third party fees, such as appraisers and title company fees, likely will be the same no matter what lender you choose. Most of the time, the savings over the life of the loan will more than offset these costs, but you should do your due diligence to check this yourself just to make sure.

Choose the lender that works best for you and try to get your rate locked in as soon as possible when you refinance. 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. With approved credit. Some restrictions apply.  RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Spoof websites can lure unsuspecting people into giving away their information without knowing that they’re doing it. A spoof website will try to make itself look almost exactly like the website it is trying to spoof, hoping a person will enter their personal information or username and password.

Once a scammer’s fake, but legitimate-looking website gets indexed by search engines, it will appear in search results based on the search words you type.

Even if you are a seasoned internet user, it is easy to fall prey to the sophisticated techniques that are used in website spoofing. With the wool pulled over your eyes, you could inadvertently give phishers extremely damaging information. The best way to handle spoofed websites is by exercising caution at all times.

Finding your way onto a spoofed website usually happens by using vague or incorrect search engine terms. It also can happen if you type a web address too quickly and accidentally transpose two letters or misspell the web address.

How to spot spoof websites

There are several ways to spot a fake website:

• Misspellings and grammar mistakes: While most fraudulent websites try to make it look as close to the actual website they’re trying to spoof as possible, misspellings or improper capitalization of words sometimes creep in. Also look for missing periods or commas
• Take a close look at the URL: If the URL isn’t what you expect it to be, it’s probably a spoof website. Close that website as soon as possible.
• Blurry logos or images: Because spoof websites don’t have access to original company logos and images, the ones they’ll use are lower resolution and likely will appear to be blurry on the spoof website.

If you see any of these red flags, don’t click on any links.

How to prevent visiting a spoof website

If it is a website you visit often, such as your bank website, bookmarking the website and accessing it directly via the bookmark will prevent you from accidentally typing in the website address incorrectly.

Also, be extra careful when using a search engine. Ensure the words are spelled correctly.

Before clicking on a link, hover over it and read the true website address at the bottom left of the browser. If it isn’t familiar, don’t click on the link.

By taking your time and being careful, you should be able to avoid most problems.

What to do if you suspect a spoof website

If you happen across a spoofed website, you can report the fake website to the federal government here:

https://reportfraud.ftc.gov/

You can report it to Google as well here:

https://safebrowsing.google.com/safebrowsing/report_phish/?hl=en

Sources:

https://www.phishing.org/phishing-and-spoofing

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

CLAREMORE, Okla. – RCB Bank is pleased to announce that Traci Cook has joined the Board of Directors.

“We are excited and honored Traci has agreed to become a member of our board,” RCB Bank President & CEO Roger Mosier said. “Her background and experiences provide us with valuable insight that will allow RCB to continue to expand our presence in Oklahoma and Kansas.”

For the past 25 years, Cook has been serving the accounting and financial needs for several energy leaders across the state of Oklahoma, most recently at Ascent Resources, LLC since 2015 as its Senior Vice President – Chief Accounting Officer.

“RCB Bank is dedicated to serving the various communities where it operates, and its longtime commitment to customer service and support for local businesses is admirable,” Cook said. “I am honored to join the RCB Bank Board, and I look forward to serving the company as it continues to grow.”

Prior to her time at Ascent, Cook spent 19 years at Chesapeake Energy Corporation and six years at Deloitte & Touche. She has been responsible for SEC financial reporting, tax accounting and budgeting, which included playing a significant role in the filing of more than 70 public debt and equity offerings along with two initial public offerings.

Cook earned a Bachelor of Science in Accounting from the University of Central Oklahoma and is a Certified Public Accountant.

RCB Bank is a $3.8 billion community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

ARKANSAS CITY, Kan. – In an effort to help build school spirit, Arkansas City High School provides a “Bulldog Purple Friday” T-shirt to all students.  Students are encouraged to wear the shirts on Fridays.

ACHS provides the T-shirts to all students at no cost.

RCB Bank recently donated $2,000 to ACHS to underwrite a portion of the cost of the T-shirts.

“RCB Bank is a proud supporter of Arkansas City Public Schools,” RCB Bank Arkansas City Market President John Sturd said. “We’re excited to partner with Arkansas City High School in providing the entire student body with Bulldog Purple Friday T-shirts.”

Photo cutline: Arkansas City High School USD 470 Athletics Director Aaron Butcher, left, accepts a $2,000 donation from RCB Bank Arkansas City Market President John Sturd.

RCB Bank is a $3.8 billion community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

Get a mortgage prequalification before you start home shopping

If you’re shopping for a home, the first step you should take is to get prequalified for your mortgage.

Buying a home can be daunting, especially for first-time homebuyers. But having a roadmap can make the process easier. And that’s where a mortgage prequalification comes in.

By prearranging financing, you can save a considerable amount of time. A lender will examine your credit report, pay stubs, bank statements, etc., and be able to tell you what they think you’re qualified to borrow. Remember, you’re the only one who knows what you can afford based on your living costs. Rather than looking at a myriad of properties, you can narrow your search down to a handful of homes that fit a purchase price and mortgage payment you can make comfortably and examine those in great detail. You’re also less likely to be let down or become disillusioned when you fall in love with a property only to find it’s out of your price range.

If you apply for prequalification and later decide you’re not ready to buy a house in your desired price range, it’s better to learn that before you start shopping for houses.

Prequalification allows you to move quickly and shows you’re serious

The housing market is booming right now. Houses aren’t on the market for very long. If you want to purchase your dream home before someone else snatches it from you, you need to make sure you’re ready to submit an offer immediately.

When a seller is looking at multiple buyers with interest in their property, it’s important to stand out from everyone else. Say there were three other buyers, and you were the only one with a prequalification letter. You will have a much better chance of getting the seller’s attention because you have direct evidence of your ability to obtain financing. This should reduce any skepticism or anxiety a seller may have.

Timeframe

Once you get prequalified, you’ll receive a prequalification letter. Check your expiration date and keep it in mind while you’re shopping for your future home. Prequalification letters generally are valid for 90 days. If you haven’t purchased a home by then, you can request a renewal by submitting your up-to-date financial information again.

Taking the time to go through the prequalification process for a mortgage has some distinct advantages. Once a lender gives you the green light, it can help you find a great property at a fair price, while eliminating a lot of hassle.

The loan you choose will depend on your financial situation, how much you have to put down and where you want to buy a home. It is always a good idea to talk with a lender before deciding what loans to choose. 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. With approved credit. Some restrictions apply.  RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Starting a savings plan for emergencies may seem like a daunting task. Your goal may seem unreachable or impossible, especially if you’re living paycheck to paycheck.

According to a May 2021 survey, not saving enough for emergencies is Americans’ biggest financial regret.

But why is an emergency savings plan important? Because while you can’t control when something unexpected happens to you, you can control being prepared for the unexpected.

Imagine your air conditioner going out in the July heat on the hottest day of the year. Or, your car breaking down. Unforeseen circumstances can cause problems that can then snowball, if not addressed as soon as possible.

An emergency savings plan creates a financial buffer which helps in times of need and can stave off debt. An emergency savings fund can keep you from needing to take out a payday loan or using high-cost credit cards to cover the cost of the emergency.

According to a July 2021 survey, more than half of Americans have less than three months’ worth of expenses saved in an emergency fund – and 25% have no emergency fund at all – which is up from 21 percent in 2020.

Three months’ worth of savings won’t happen overnight.

So how do you start saving?

If money is tight, start small, with a goal of saving $100. Then $500. Then $1,000. Work your way up to six months’ worth of expenses. It’s not about how much money you make — it is how you manage your money that matters.

Once you have it established, resist the temptation to dip into it.

Have the money direct deposited from your paycheck into a designated emergency fund account – not your checking account – so it’s automatic.

Financially Fit is your home fitness guide for all things financial, provided by RCB Bank. Find money-building tips, insights and inspiration to help you improve your financial well-being at RCBbank.com/GetFit. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.

CLAREMORE, Okla. – RCB Bank is pleased to announce that Brad Rayl has joined the Board of Directors. Since 1990, Rayl has been serving the insurance needs of local businesses, industry leaders and ag-based operations in Kansas.

“I am excited to join the RCB Bank board and hope to contribute to their continued success,” Rayl said.

Rayl, a graduate of Kansas State University in Agricultural Sciences, was instrumental in the founding of Kansas Ethanol, an 80-million-gallon fuel alcohol facility. He also was involved in the purchase and creation of Kansas Protein Foods, which makes soy-based products for the food industry.

“Brad provides our board with an important perspective from our Kansas customers.” said Roger Mosier, RCB Bank President and CEO. “Our recent growth in the Kansas markets has been an important part of our bank’s success. Brad has a strong background in Kansas and is active throughout RCB Bank’s Kansas footprint.”

Rayl was on the Kansas State Fair Board for 21 years and currently sits on the boards at Kansas Ethanol, Barkman Honey and Kansas Fair Grounds Foundation.

Rayl and his wife Jolie operate Rayl Angus Ranch. He and his wife have two children, Abby and Parker.

RCB Bank is a $3.8 billion community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.