CLAREMORE, Okla. – It’s time to plan this year’s outdoors adventures, and RCB Bank can help make those plans more affordable. Your next stop awaits with RCB Bank’s annual consumer loan promotion. Whether it’s purchasing or refinancing a pre-existing auto loan, RCB Bank has a great deal for you. As of March 1, 2023, RCB Bank is offering as low as 4.66% APR on loans for cars, boats, RVs and ATVs.

“We are always thrilled to offer a great deal to our customers,” RCB Bank’s Senior Executive Vice President and Chief Lending Officer Tim Cutsinger said. “For over 85 years, RCB Bank has strived to provide excellent customer service and outstanding rates.”

Hit the open road for some family time with a new vehicle, boat or RV. Upgrade to a more fuel-efficient vehicle. Refinance your car and possibly save thousands. Whatever you do, don’t miss out on this deal. Visit any of RCB Bank’s more than 60 locations across Oklahoma and Kansas to talk with a friendly representative or apply online at RCBbank.bank/LoanPromo.

RCB Bank is a $3.8 billion community bank with more than 60 locations in 35 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.bank or give us a call at 855.226.5722. Member FDIC, Equal Housing Lender, NMLS #798151.

This consumer loan offer for title-secured vehicles is available for a limited time only. APR includes a 3% discount for automatic debit of monthly payment from an RCB Bank checking or savings account. Rate could increase if automatic debit is canceled at any time during the term of the loan. Loan fees apply. Loan payment and APR will vary based on the loan amount, the term and any fees. With approved credit, including a minimum credit score of 675. Financing available for up to 100% purchase price (new) or 105% NADA trade-in (used 2016-2023) models. Not available for refinance of existing RCB Bank loan. Other terms, restrictions and exclusions may apply. RCB Bank reserves the right to change and/or discontinue the promotion at any time without notice.

Online quizzes sure seem like innocent fun. But before you take that next personality test, quick survey or “find out what type of BLANK you are” quiz, ask yourself: Do I know who’s gathering this information about me – and what do they plan to do with it?

The more information you share on these quizzes, the more you risk that information being misused, the Federal Trade Commission stated earlier this month.

A lot of the times, these quizzes and/or surveys will ask questions similar to the questions that are asked on online account security. Scammers can post a seemingly innocent quiz, then use your quiz answers to try and reset your online accounts, letting them steal your bank and other account information, the FTC warns.

One major way to protect your personal information — in addition to maintaining strong passwords and using multi-factor authentication — is to steer clear of online quizzes … or just don’t answer them truthfully, the FTC advises.

Another type of online quiz to be on the lookout for are quizzes that offer prizes for completion.

These quizzes may look official, giving gift cards as prizes to some of your favorite online establishments. And once you finish the quiz, you’ll be sent to a page where you are to enter your personal information so that the scammers can send you or award you your prize.

Once they have your personal information, coupled with some of the answers that were provided on the quiz, scammers can wreak havoc before you even know what happened.

If you suspect that an online quiz is a phishing scam, tell a friend. Then, report it to the FTC at ReportFraud.ftc.gov.

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

Source:

https://consumer.ftc.gov/consumer-alerts/2023/01/dont-answer-another-online-quiz-question-until-you-read

It’s almost the new year, which means it’s time for new year’s resolutions. According to a survey by Statista, financial goals are one of the top 5 areas where Americans wish to focus on improving.

If improving your finances is an area in which you’d like to focus, here are some ways in which that could be obtained.

If you don’t know about the 52-week savings resolution, you can read about it here. However, if that seems too daunting of a task, or is too hard to keep up with, try asking your bank to set up automatic transfers to a savings account. Think of it as setting up an auto-pay bill – only you’re paying yourself!

Start a financial journal. If you keep track of every penny you spend, you may see things on paper that you don’t notice day to day. Keeping a journal will make you more mindful of where your money goes.

Starting a journal will help you if you want to organize your finances. Organizing your finances can reduce stress by showing you where you stand financially and can help you start a path to financial success.

Reduce your debt. Paying down your debt always is a good place to start with a new year’s resolution. Your debt-to-income ratio plays an important part in your finances, so finding a strategy to eliminate your debt can be a great boost to your financial well-being.

Improve your credit score. Improving your credit score can make it easier for you to get approved for loans and lines of credit, and even lower interest rates. A person with a higher credit score can save thousands of dollars over the course of their life than someone with a low score.

Making financial resolutions can help you make 2023 the best ever and even more enjoyable beyond that. Whether you want to reduce debt or save money, you can build financial security by setting these types of resolutions.

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

Source:

https://www.statista.com/statistics/378105/new-years-resolution/

In today’s technological climate, manually balancing your checkbook with pen (or pencil) and your register likely has gone the way of the dodo bird.

But, knowing exactly what comes out and goes into your checking account not only is one of the best ways to combat fraud, it can give you a true idea of where your money is going and of your spending habits.

Most of your transactions and account information likely is readily available to you anytime in both your banking app and when you access your online banking account. You may even have a budgeting app linked to help you keep track of your expenses. So it may seem pointless or even redundant to keep track and balance your expenditures.

But with so many transactions these days, it’s easy to forget about one that hasn’t cleared your account yet. So if you regularly log all of your transactions, you always will know exactly how much money truly is in your account – to the exact cent.

And best of all, it doesn’t take long to learn, but it will require diligence on your part.

First, you should determine your account’s balance. Try to avoid using your debit card and writing checks for a couple of days to avoid any transaction-clearing lag. After waiting a few days, log into your banking app or online banking account to check your balance. Cross-reference the balance displayed against any automatic withdraws or outstanding checks. For instance, if your balance is $850.67, but you wrote a check to pay a water bill for $49.47, ensure that check has cleared. Otherwise, you’ll need to subtract the $49.47 from the $850.67 displayed balance.

Once you have determined your true balance, now, it’s just a matter of simple math. Just update your balance in your checkbook register by keeping track of each withdrawal and deposit as they occur. This includes debit card transactions as well as checks and automatic payments, as well as your payroll deposits if you have direct deposit.

Once you start logging each transaction, you can cross-reference to what posts to your account. You can either wait until you receive your monthly statement, or you can check daily or every other day, denoting each transaction in your ledger that clears and ensuring the totals match.

By keeping a running total of your transactions, your balance should match the balance on the statement. If the balances don’t match, check your register to see if a transaction has not been processed, if the bank has a record of a transaction that you do not have recorded in your register (then check this transaction to ensure it’s one you recognize or simply forgot to log) or if the amount of one of the transactions differs from what you registered.

If the balances still do not match, check your register and receipts against the record from the bank. Also check for any mathematical mistakes in your register (math mistakes happen to all of us!). If you believe an error has occurred, contact your bank.

Despite checkbooks and checks becoming more obscure in today’s technological landscape, having a handle and knowing just how much money is in your account always will be the most important tool you can have in your financial toolbox and is key to your financial health.

Tracking your transactions keeps you keenly aware of just how much money you have, helps you detect problems and, most importantly, allows you to plan ahead financially.

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. Member FDIC.

As inflation continues to rise in the first half of 2022, consumer debt is rising right along with it, according to the Federal Reserve System’s consumer credit report released on Aug. 5.

Consumer debt in the United States is nearly $3.4 trillion, according to the Fed. That is approximately $10,600 of debt for every man, woman and child living in the United States.

Staring at a mountain of debt is daunting. But with proper discipline – and a lot of hard work – you can eliminate your debt.

If you’d like to learn how, read on for these tips on how to greatly reduce and eventually get out of debt.

Know What You Owe and Track Your Spending

You can’t get out of debt if you don’t know where your money is going.

The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend, according to Federal Trade Commission.

Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like groceries, entertainment, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest.

Change Your Routines

It’s important to account for every penny earned and spent. Most people are shocked at the amount of money spent monthly on fast food lunches, coffee shops and online purchases. Small expenses add up.

By changing your habits – packing a lunch instead of eating out or brewing coffee at home or drinking from the “office pot of coffee,” you can quickly accumulate “extra” money in your budget.

Then you can take those savings and make a debt payment immediately. The instant gratification of seeing balances fall can be extremely motivating.

Tackle Your Debt

Small debt victories likely will make you feel good and motivate you to continue. But you must find a strategy that is right for you, according to the Consumer Financial Protection Bureau. The CFPB even offers a worksheet to help.

Here are the two methods the CFPB recommends. Both strategies have their pros and cons, the CFPB says.

Snowball Method – Tackle one debt at a time.

• List all debts in order from smallest to largest.
• Pay minimum payment on all debts while throwing as much money as possible to the smallest debt (for example, the money saved by changing your routines.)
• After the smallest debt is paid, move on to the next smallest debt until debt free.

Highest Interest Rate Method – Pay a little more than the minimum payment on all debts.

• Pay the minimum balance on each debt.
• Take extra money and apply it to the debt with the highest interest rate.
• Pay off debts in order from highest to lowest interest rates.

Don’t Take on More Debt

You cannot borrow your way out of debt. Low-interest payments and credit cards may indeed be a good deal, but you should work toward paying down what you currently owe before adding any new debt.

It’s important to try to make paying off your debt a top priority, because the way that you manage your credit could determine how much access you have to it in the future. Don’t be afraid to talk to a banker or a financial professional for suggestions on ways to attack your debt situation.

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. Member FDIC.

Sources:

https://www.federalreserve.gov/releases/g19/current/default.htm

https://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt/

https://consumer.ftc.gov/articles/coping-debt

Recently there has been a rise in email fraud where a scammer poses as a major retailer, luring unsuspecting people with claims that an expensive purchase was made by them. The email will give a number to call if the email recipient doesn’t recognize or wants to dispute the purchase.

This is a common phishing scam. The scammer simply wants you to call the number, and that’s when they’ll try to get information out of you.

Once the scammers get you on the phone, they’ll sound official. They may ask who you bank with. They’ll ask you for your account number and passwords.

Don’t fall for it. Do not give any personal information once they ask for it, no matter how official they sound. If they ask for access to your computer or mobile device, hang up!

There will be several red flags to look for if you receive such an email:

• The email address won’t have the business’s name or domain.
• There will be spelling and grammar errors in the email.
• When hovering over links, the displayed website doesn’t direct to the business.
• It may look like a reply to an email you never sent.
• The business logos and images are blurry.

Don’t just call a number you receive in an email without researching the phone number first.  Review your accounts to see if any unauthorized charges were made. If you don’t see any charges that are mentioned in the email, it’s very likely a scam.

If you believe you’ve been scammed, call your bank’s fraud department. You also can report fraud to the FTC at https://reportfraud.ftc.gov/.

Source:

https://www.fdacs.gov/Consumer-Resources/Scams-and-Fraud/Phishing-and-Other-Internet-Scams

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

As the world continues to move more toward digital transactions, more and more businesses and organizations utilize digital payment methods. Digital payments have boomed since the start of the COVID-19 pandemic because of their flexibility and ease of use.

But as more digital payment processing companies begin to emerge, scammers adapt. A new scam that has been on the rise is a micro-deposit scam.

Micro-deposits are small amounts of money – generally under $1 – that are transferred from one account to another. They typically come in pairs and in separate amounts, usually coming within three days of linking accounts. The purpose of micro-deposits is to verify if the account on the receiving end is the account that is intended to be linked to the depositing account.

So far, everything described is common when linking accounts.

But how micro-deposit scammers operate is by linking online accounts with strings of random numbers, just hoping to get a valid bank account. When a deposit is verified from a bank account, the fraudsters will use information about the account holder to withdraw funds from their account.

The best way to combat this type of fraud is to monitor your account regularly. If you notice a micro-deposit, DO NOT verify it if you didn’t initiate it and DO NOT click on any links that are embedded in a verification request message or download any attachments in a verification email.

If you’ve been the victim or a target of a micro-deposit scam, contact your bank to ensure it won’t happen again. And then contact the Federal Trade Commission at https://reportfraud.ftc.gov/.

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

Spring traditionally is a time of regrowth, new life and budding. You may get the itch to deep clean and organize your house.

And while you’re at it, you should consider a “spring cleaning” of your mortgage as well. These tips could lead to saving money, so take the time to look to see if any of these situations apply to you.

Private Mortgage Insurance

Private Mortgage Insurance, known as PMI, is required on some loans. If you started your loan with PMI, it will fall off once you reached the date when the principal balance of your mortgage is scheduled to fall to 78 percent of the original value of your home. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage. If you can’t find the disclosure form, contact your servicer. Also, if your home has increased in value since you purchased it, your Loan to Value (LTV) ratio may be at a point to discontinue your PMI early. You can request this from your lender and they would determine with an updated evaluation of your home with an appraisal. Discontinuing your PMI can free up some extra money each month if this applies to you.

Insurance

Check to see if your homeowner’s insurance policy has risen, and shop around for a lower rate. Getting a quote costs no money. Are you bundling your home and auto policies? Most insurance carriers offer a discount for bundling policies. It’s a good idea to get quotes to see if there’s savings of which you weren’t aware. Also check to see if your agent might have you over-insured. Lowering your policy to what you only need vs. more than you need could lower your cost as well.

Tax refund

If you receive a tax refund, consider using it as an additional payment toward the principal of your mortgage. Making one additional monthly payment a year can shave up to four years off your mortgage!

Refinancing

Now is a good time to think about refinancing your home. If you’ve owned your home for awhile and don’t plan on moving anytime soon, refinancing likely will save you a significant amount of money. In some cases, refinancing to a 15-year mortgage will make more sense.

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.

Source:

https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/

As tax season kicks into high gear, scammers are looking to take advantage. Scammers will make aggressive phone calls posing as IRS agents, hoping to steal money or information from victims.

Scammers will demand immediate payment for tax bills, regardless of whether you owe taxes or not. And if you give the scammers personal information, that can lead to identity theft, which in turn could lead to the scammer filing tax returns in your name and stealing your tax refund – in addition to other negative financial effects.

“With filing season underway, this is a prime period for identity thieves to hit people with realistic-looking emails and texts about their tax returns and refunds,” IRS Commissioner Chuck Rettig said. “Watching out for these common scams can keep people from becoming victims of identity theft and protect their sensitive personal information that can be used to file tax returns and steal refunds.”

Be on high alert if you receive a call, text or email asking to disclose your personal information. Don’t click on any links if you receive an email, and don’t respond to any texts.

If you receive one of these calls, hang up immediately. You can report any email you receive and report the phone number from which you received a suspicious call or text by emailing the IRS at  [email protected].

To ensure you stay safe this tax season, remember that the IRS will NEVER:

• Demand immediate payment using a specific method, such as a prepaid debit card, gift card or wire transfer.
• Threaten to immediately bring in law enforcement groups and arrest you for not paying.
• Demand that your taxes be paid without giving you an opportunity to question or appeal the amount owed.
• Call unexpectedly about a tax refund.
• Initiate taxpayer communications through email – ever.

Stay alert and safe this tax season, and remember the deadline to file your taxes is Monday, April 18, 2022.

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

Source:

https://www.irs.gov/newsroom/tax-scams-consumer-alerts

CLAREMORE, Okla. – RCB Bank, a $4.2 billion community bank with 65 locations in 36 cities across Oklahoma and Kansas, is now accepting applications for its 2022 internship program.

The paid internship is a 10-week program from May 23-July 29 and will be focused on these four core departments:

• Operations.
• Loans.
• Trust.
• Compliance.

“Our goal is to engage interns in meaningful work, educate them in the field of community banking, encourage growth, and empower interns to drive the success of the program,” RCB Bank AVP Talent Acquisition Specialist Stacey Moeder said. “Our goal is that each intern receives a well-rounded introduction to community banking and the opportunity to one day become a key contributor at RCB Bank.”

Requirements:

• Must be entering junior year (3-4 semesters remaining).
• Letter of Recommendation.
• Minimum 2.5 GPA.
• Major in the following:
  • Accounting.
  • Agricultural Economics.
  • Business Administration.
  • Economics.
  • Finance.
  • Management.

For more information and to apply, visit: RCBbank.com/Internships. RCB Bank is an equal opportunity and affirmative action employer.

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.

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/

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.

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.

What is auto refinancing?

Auto refinancing is when you replace your current automobile loan with a new loan that has better or different terms. The new loan pays off your original loan and you open a new loan with new paperwork, a new loan rate and new terms and conditions.

When to Refinance Your Car

There are many reasons why someone might need or want to refinance their car:

• Interest rates have gone down since you took out your original loan. If interest rates have dropped, it is worth talking to a lender and seeing what your potential savings could be over the life of the loan.
• You didn’t get the best deal possible when you purchased the car and would like a more favorable loan now. Car dealerships may not offer the best rates possible. If you took out your loan with a dealer and did not negotiate the interest rate, a refinance could save you a lot of money over the life of the loan.
• Your personal finances have changed and you would like a lower monthly payment. While refinancing can reduce your monthly payments, it often means taking a longer loan payoff period. Your car will also depreciate during that time and you may pay more in interest over the life of the loan. Term restrictions may also apply depending on the year of the vehicle.
• Your credit has improved since you received your original loan. If you previously had bad credit or no credit, checking to see if you can get a better deal a few years down the road is a good idea. You may receive better offers and save money over the life of the loan with a lower interest rate.

How to Refinance Your Car

Before you decide to refinance, talk to a few lenders to see what rates they offer and whether it will save you money over the life of the loan. Find out if there is a prepayment penalty, or fee for paying off your other loan early, and what others fees you may be responsible for when you refinance. You will also want to make sure your car’s value is more than the loan amount left, or it could be hard to get a new loan. Some lenders may have restrictions about the age of the car they will refinance.

Once you have determined if refinancing is a good option, prepare your documentation. You will likely need a number of documents on hand to apply for a new loan.
• Proof of income
• Evidence of auto insurance.
• Information on your current loan.
• Information about the car, including the make, model, mileage, year and vehicle identification number, or VIN.
• Your driver’s license.

After you have gathered your documentation, shop around. Look for loan promotions in your area and get prequalified with a few different lenders. Some lenders also offer a discount if you use an automatic payment option, so don’t forget to ask.

GAP Insurance

GAP, also known as Guaranteed Asset Protection, provides the consumer with protection in the event of a total loss of the covered car due to vehicle theft or an accident. If a total loss occurs, you file a claim and GAP will pay off the residual loan balance that the primary claim fails to pay. Given the ever-increasing costs of a complete vehicle restoration after an accident, GAP protection may be needed more now than ever before.

When to Get Car GAP Insurance

As a general rule, if you have less than 20% equity in on the car when you open the loan, GAP coverage should be considered. Conversely, if you enter the loan with more than 20% equity in the car, GAP coverage becomes less beneficial and effective. Also, the longer the loan period, the more helpful GAP coverage becomes.

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

Financing available with approved credit. Other qualifications, restrictions, and conditions may apply.

Mortgage Refinancing Basics

What is refinancing?

A mortgage refinance is when you replace your current mortgage with a new mortgage. There are many reasons why homeowners may want or need to refinance:

• To shorten the terms of their current mortgage.
• To get a lower interest rate than their current mortgage.
• To use the equity of the home to finance a large purchase, pay for an emergency or consolidate debt.
• To convert your loan from an adjustable interest rate to a fixed interest rate.
• To get the PMI (primary mortgage insurance) requirement removed. Many FHA loans require mortgage insurance for the life of the loan. A conventional loan will generally not require mortgage insurance if you have paid your loan balance down to 78% or less of the appraised value.

When to Refinance

In order to know if refinancing is a good option for you, you need to understand your long-term goals and your current financial situation. If you are refinancing to take advantage of lower interest rates, there are mortgage calculators that give you an estimate of how much it will cost to refinance and how much you can save over the life of the loan.

You also want to consider the break-even point, or how long it takes to earn back the money you spent to refinance. For instance, if it will take seven years to earn back the money you spent to refinance and you plan on moving in three years, it is probably a bad idea to refinance your loan.

Your personal finances can also determine if it is a good idea to refinance. If you need lower monthly payments because money is tight, refinancing might be a good option to relieve the monthly stress of the payment.

How to Refinance Your Home

In order to refinance your home, you will need to get approved for a loan the same way you did for the original financing. The first thing to do is have your documentation ready. This can include pay stubs, bank statements, a credit check, tax documentation and anything else your lender requests. It is also important to know that a strong credit score will have a positive impact on your refinancing terms. You may want to wait a few months to improve your credit score before starting the process.

Once your documentation is in order and your credit score is in a good place, you should then apply for a refinance with several different lenders. Apply at three or four places and do so in a short-time period so it reduces the impact on your credit score.

After you receive the loan estimate from different lenders, compare those documents and determine how much you will likely pay in closing costs. Closely compare the lenders’ fees, which could include the Origination Fee, Discounts Fee, Underwriting, Processing and Tax service Fee. Some third party fees, such as appraisers and title company fees, will likely be the same no matter what lender you choose.  Choose the lender that works best for you and try to get your rate locked in as soon as possible. Then you will work with your lender to close on the loan in the exact same way you closed on your mortgage the first time.

No matter what you decide, do your research and ensure it makes financial sense to refinance before beginning the process. 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.

Malware, otherwise known as malicious software, is a type of fraud that uses viruses, spyware, or other software to intentionally damage a computer, server, device or computer network. Criminals use malware to steal personal information, commit fraud, send spam or monitor and control online activity.

There are many different types of malware, including spyware, viruses, worms, adware and ransomware. Your computer may contain malware if you are experiencing one or more of the following problems:
• Your computer slows down, crashes or displays constant error messages.
• You cannot shut down or restart your computer.
• Unexpected messages and ads frequently pop-up on screen.
• You lose access to computer files.
• Settings on your browser change, such as the toolbar or home page.

Ransomware

Ransomware is a type of malware designed to hold data hostage. Ransomware encrypts or conceals access to your files in attempt to get you to pay a ransom to regain access. This is a growing threat for both individuals and businesses alike. The most common targets for ransomware attacks are small to medium-sized businesses, school districts, municipalities, health¬care institutions and financial institutions.

How to Prevent Malware

Most common malware attacks occur on the internet and email. To prevent malware, use up-to-date security software and firewalls. Do not change the security settings on your browser and pay attention if you receive a security notification from your browser. More tips to protect yourself from malware:
• Use strong passwords and multi-factor authentication.
• Do not download any unknown software or click on links in email, text messages or social media.
• Do not click on pop-up ads or banners that show up on your computer.
• Back up your data regularly.
• In emails, you should never click on a link you do not know or recognize.

Report a Scam

If you think your computer has malware, report it to the Federal Trade Commission here. You can also file an incident with the Cybersecurity & Infrastructure Security Agency here. If your personal information is compromised or fraud has occurred, call your bank immediately and call a credit reporting agency such as Equifax to place a fraud alert on your account. You can also contact your state Attorney General to report fraud.

Types of Construction Loans

A variety of constructions loans are available to homebuyers. It all depends on your specific situation. If you want to shop around and potentially use more than one lender, then getting two separate loans (one for the construction and then a second to pay off the construction loan and put the debt into monthly payments) may be the best choice. If you prefer to work with one bank and one lender, a construction-to-permanent loan may be the best finance solution. The important part is that you talk with a trusted banking professional before making any decisions.

Construction Only Loan

In this scenario, the borrower actually gets two loans. The first loan finances the construction of the home and the second loan refinances the construction into a long-term mortgage. This type of loan allows the homeowner to work with different lenders for the construction and permanent financing if they would like. The upside of doing this this loan is that you may have more flexibility if there are cost overruns and you can typically draw out money more often. A potential downside is that you typically cannot lock-in your interest rate or obtain full underwriting approval on your permanent loan until 90 days or less before home is complete.

Construction-to-Permanent Loan

With a construction-to-permanent, or “one time close,” loan you finance the construction of your home and the permanent financing with a single loan. In this type of a transaction the lender releases the money to the builder, contractor or other authorized suppliers as the phases of the construction are complete. The upside of this type of loan is that you know the details of your permanent financing up front. The downside is that these loans may be more limited in the number of times you can draw money to pay builders and contracts. It can also be more difficult to change your loan amount due to cost overruns.

Renovation Loan

If you see the home of your dreams, but it is a fixer-upper, a home renovation loan may be the right solution. A home renovation loan is based on the value of your home after the renovation is complete. This means you are borrowing against the future equity of your home and not just its current value. This may be a good option if the renovations are likely to increase the value of your home and/or reduce the long-term costs of the home.

Home Equity Line of Credit (HELOC)

A HELOC is a line of credit secured by your home based on the current equity of your home. A HELOC may have lower closing costs than a traditional construction loan. Another upside is that most banks only charge interest on what you draw, or use, from the HELOC and not from the total amount approved. A potential downside is that rates for a HELOC are often variable and can increase throughout the life of the loan.

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.

While most of us know saving money is a good idea, we often struggle to save for the future. Saving is not a one size fits all solution, but building a savings plan for your future is an important step to becoming financially independent. Talk with a wealth advisor about your personal goals. Your future self will thank you.

Build an Emergency Fund

Set a reasonable goal. Start by trying to save a small amount, such as $1,000. Don’t feel pressure about how much you are saving, just save something.

Take the next step: Track your spending and develop a budget. Do everything you can to stay within your budget. Little things will help you succeed, e.g., set up automatic savings with your bank, create a grocery list (and stick to it), cut coupons and save change.

Save for Education

Consider education investment programs. A traditional savings plan is good, but you also may want to consider an investment account.

Take the next step: Look up your state’s options for 529 plans or speak with a wealth advisor on interest-earning, tax-advantage plans. Some education plans allow you to use earnings on tuition and fees (including K-12 public and private), books, computer equipment and room and board.

Retirement Planning

Save today for your future self. There are four primary ways you can fund your retirement: personal savings (e.g., IRAs and investment accounts); Employer retirement plans; Social Security benefits and retirement income (rental property, part-time job).

Take the next step: Talk with a wealth advisor who can help you build a retirement savings plan and income strategy to maximize your savings.

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.

Do you want to renovate a home after buying? Are you considering building a new home? In these situations and many others, you will need a construction loan before you start a traditional mortgage. Depending on your situation, different loans are required.

Construction to permanent

With a construction to permanent loan the lender releases money to the builder as phases of the construction are completed.

Upside: Once the build is complete, the loan converts to a standard 15 or 30-year mortgage.

Downside: You have to lock in the interest rate at the beginning of the process. It can take a year or more to build a home and interest rates could be lower by the time you actually move in.

Construction only

Another way to finance the construction of your home is with a stand-alone construction loan. With this loan type, the homeowner take two loans. The first loan finances the construction of the home and the second refinances the construction loan into a long-term mortgage.

Downside: Since you obtain two separate loans, you pay two sets of closing costs and go through multiple loans applications and closings.

Upside: If you want to shop around for mortgage options instead of being locked into one lender’s options, you can secure a lower interest rate.

Renovation construction loans

These loans are available to people who want to do a renovation, but do not have the money to finance it themselves. You have many options to pay for home improvements, including personal loans, lines of credit or government insured loans.

Upside: Renovations can increase the value of your home or reduce your costs in the long-term. Bathrooms, new insulation, kitchens and finishing basements all add value to a home.

Downside: The improvement in home value may not justify the cost of renovations. There is also a chance renovations will cost more or take longer than you expected.

We are to here to help, even if you are not an RCB Bank customer. Connect with a local RCB Bank lender to get answers to your lending questions.

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

You are at or nearing retirement age. Boomers are breaking boundaries and re-defining retirement for the generations to follow.

• Have you accumulated enough assets to comfortably supplement Social Security?
• Do you know how long those assets might last?
• Are you confident you are managing your investments to preserve what you’ve built?

You have limited time left to accumulate sufficient assets for retirement. The temptation to raid your retirement savings to help fund your children’s college or to provide care for aging parents may be very real for you.

• Do you understand the costs of this decision?
• Do you need help prioritizing your financial obligations?
• Are you saving enough now to generate the income you will need for 20-35 years of life in retirement?

Retirement seems far away and may not be on your radar. Statistically, your generation saves better than the one before. But, your mobility often causes small repeated cash-outs from retirement accounts as you move from job to job, leaving little savings as the years go by.

• Time is on your side if you take advantage of it now.
• Aim to save a minimum of 10% (including your employer’s contribution, if available, and any IRA’s or other plans).
• Provide for your future self by including retirement savings in your current budget.

You may not have the obligations of a mortgage or children. This puts you in a prime position to build your retirement nest egg.

• The sooner you start saving, the longer your money has a chance to grow with compounding interest.
• Aim to put at least 5% away for retirement.
• Don’t be tempted to cash out your retirement account if you switch jobs.
• Make retirement savings a necessary expense in your budget.

A mortgage is one of the most expensive and long-term commitments you will make in your life. So how can you both save money and take years off your loan? It’s actually pretty simple. If you pay just a little extra on your mortgage each month or year, you will owe significantly less over the life of the loan.

Although most borrowers know their home is a valuable asset, they often don’t consider how much interest adds to their overall cost. Your mortgage is amortized, meaning you pay regular installments on principal and interest over the specified period of time. Every time you pay your mortgage, interest costs decrease and the principal increases. If you pay nothing extra on the mortgage, the total amount you owe over the life of the loan will not change. However, pay a little extra and you can take years off your loan and save thousands of dollars in interest.

Let’s look at this closer. If you get a 30-year loan for $250,000 and it accrues 4% interest per year, you will end up paying $179,674 in interest over the life of the loan. This is a big number, but one you can reduce by budgeting some extra money for your mortgage.

Using the example I’ve just described, the monthly mortgage payment is $1193.54 per month. If you can make one extra mortgage payment per year, you can save over $28,000 in interest over the life of the loan! Make it a Christmas present and pay a little at a time or make one lump payment at the end of each year. Paying just a little extra on your mortgage is the gift that keeps giving.

The more knowledge you have about the mortgage process, available loan options and your individual qualifications, the more satisfying your homebuying experience will be. Connect with a local RCB Bank lender to get answers to your lending questions. 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.  The monthly payment calculation expressed above is not for any specific loan type and is 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. Equal Housing Lender, Member FDIC. RCB Bank NMLS #798151.

If you are preparing to buy or refinance a home, take a look at your VA Loan option, which offers lower out-of-pocket financing than traditional lending options. Here are five benefits of VA Loans.

No. 1. 100% Financing

The U.S. Department of Veteran Affairs (VA) guarantees this loan, allowing you  to finance the entire purchase price of the home. Nearly all conventional and FHA loans require the loan-to-value to be below 100%.

No. 2. No Monthly Mortgage Insurance Costs

Most loans with less than a 20% down payment require you to pay for a mortgage insurance premium (for FHA loans) and private mortgage insurance, commonly referred to as PMI, for conventional loans.

While there is no monthly mortgage insurance, there is a one-time funding fee, which ranges from 1.5% – 3.3%, based on your eligibility and down payment. You may also be exempt from the funding fee if you were awarded a service-related disability.

You are also able to roll your funding fee into the loan to help keep your out-of-pocket expenses lower at closing.

No. 3. More Flexible Underwriting Standards

A VA Loan is the only loan that does not require student loans deferred over  one year to be included in the debt–to-income ratio, which is used by lenders to determine how much you can afford to borrow. Also, a VA loan allows for higher debt ratios than other loans like FHA, conventional and rural development.

No. 4. You Can Have Two VA Home Loans at a Time

VA does allow you to purchase another home if you are choosing to move prior to selling your current VA-financed home. It depends on how much entitlement you have left from the previous purchase and the loan limits in the area where you are buying your new home. Your mortgage lender can help you calculate your entitlement and qualification.

No. 5. VA Jumbo Option Available 

In most counties today, the maximum loan limit for conforming conventional and VA loans is $484,350. However, there are certain counties where the VA maximum loan limit exceeds $484,350; these loans are known was VA Jumbo loans. These amounts are current as of the time of writing this article. Most Jumbo loans require 20% down payment; however, VA loans do not. Depending on your eligibility, you may be able to pay a 10% or less down payment.

You can learn more about eligibility requirements at www.benefits.va.gov. Search VA home loans.

When it comes to obtaining a VA Loan, you want to work with a qualified VA mortgage lender.  RCB Bank is proud to offer a VA loan benefit to our active duty service members and veterans. We can help you determine your eligibility and what you qualify for. Plus, once you start the loan process, we’re here to walk you through start to finish.

Connect with a local RCB Bank lender to get answers to your lending questions. 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.  For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. With approved credit. Some restrictions apply. Equal Housing Lender, Member FDIC. RCB Bank NMLS #798151.

There is a lot of incorrect information out there that may persuade you not to pursue getting a home. Before you run in fear, talk to a lender first about your concerns, so we can help you know what is truth or myth.

Myth #1: You have to have a 20% down payment in order to get a mortgage – WRONG.

There are many down payment options. For instance, if you are a veteran, or buying in a rural location, you could potentially get into your new home with little to no down payment.

Several first-time homebuyer loan options start with a 3% down payment, and Federal Housing Administration (FHA) offers financing options starting with a 3.5% down payment.

With all of these down payment options, homeownership may be more BOOlievable than you think.

Myth #2: Being Pre-Qualified is the same as being Pre-Approved – WRONG.

Pre-qualification is based on un-verified information. This is an initial look at your application to make sure there are no major red flags that may prevent you from getting a mortgage. For example, a pre-qualification may use an estimate of your credit score and compare your income with your debts to see if you can support a mortgage payment. The pre-qualification process is quick and is based on information you provide to your lender. A pre-approval is a more extensive process where the lender uses verified information (e.g., your credit report and pay stubs) to determine which mortgage you actually qualify for.

Without a pre-qualification or pre-approval, home shopping may become a frightfully batty experience.

Myth #3: Shopping around for lenders will hurt your credit – WRONG.

Multiple inquiries can hurt your credit, but FICO allows for rate shopping by grouping all similar inquiries made within a 30-day timeframe as one hard-hit. This allows you to shop around as long as it is within 30 calendar days.

When shopping lenders, be sure to ask what fees they charge, what the interest rate and annual percentage rate (APR) are, and if you aren’t putting 20% down, what is the cost for private mortgage insurance (PMI).

Don’t be spooked by misinformation about mortgages. Talk to a lender and get the truth. I’m here to help you have a FANGtastic homebuying experience, even if you are not an RCB Bank customer. Connect with a local RCB Bank lender to get answers to your lending questions. 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. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. With approved credit. Some restrictions apply. Equal Housing Lender, Member FDIC. RCB Bank NMLS #798151. Alex Penny NMLS #1535836.

By Brent Carroll, RCB Bank Lending

New cars can quickly depreciate in value causing your auto insurance to pay less than what you owe on your car loan. What happens when an accident totals your car? Who pays the difference between the insurance settlement and your outstanding loan balance? You do. Or, maybe not.

Get$Fit Tip: Protect your assets.

It may be worth buying Guaranteed Asset Protection (GAP) coverage to help you avoid the risk of negative equity and having to continue making principal payments after a total loss. Depending on your loan term, GAP adds on average an estimated $7-$11¹ to your monthly loan payment, but it potentially could save you thousands of dollars in the event of loss.

When GAP may benefit you:

• You make a small or no down payment on a new car
• You agree to a loan term longer than 48 months

Talk to a lender for details to see if GAP is right for you.

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

Invest in yourself. RCBbank.com/GetFit

¹GAP insurance costs varies between lenders and loan terms. See your lender for specific questions regarding your personal loan qualifications and overall costs. ²GAP Insurance covers the residual value of the loan as of the date of loss. Ancillary products can be purchased at an additional cost, which vary based on loan terms. Qualifications and restrictions apply. Above example is for generic illustration purposes only, based on 700 credit score. Does not factor in down payments, additional fees or other costs. Subject to credit approval. Rates are accurate as of June 15, 2018, and subject to change without notice. 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.

It’s easy to get caught up in day-to-day affairs and inadvertently let important dates creep up on you. One critical date to keep aware of is the annual tax filing deadline – which is different this year from the typical due date.

According to the Internal Revenue Service (IRS), the filing deadline to submit 2022 tax returns or an extension to file and pay tax owed is Tuesday, April 18, 2023, for most taxpayers. By law, holidays in Washington, D.C. impact tax deadlines for everyone in the same way as federal holidays. The due date is April 18, instead of April 15, because of the weekend and the District of Columbia’s Emancipation Day holiday, which falls on Monday, April 17.

Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.

The IRS has recommendations to keep in mind during tax season at its website (IRS.gov), including tips on what information you should have ready before filing. The IRS says it anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return.

Source:

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

By now, most people are aware of identity theft, and the importance of keeping your personal information away from those who intend to do harm with it. Many people might even know someone who has been the victim of identity theft, and the ordeal that came with it.

But what should you do if you discover your identity has been compromised? Or, what if you’re not sure, but think someone has gained access to your personal information? Acting quickly is key to avoiding damage to your credit status and avoiding your own personal nightmare.

Fortunately, there are options to help you in the event this happens. You can report identity (ID) theft to the Federal Trade Commission (FTC) online at IdentityTheft.gov or by phone at 1-877-438-4338.

The FTC says that if you report online, you will receive an ID theft report, which will help you prove to businesses that someone stole your identity. You will also get a recovery plan to assist you in fixing problems brought on by identity theft.

The Consumer Financial Protection Bureau (CFPB) says you can place a fraud alert or security freeze on your credit report by contacting the nationwide credit reporting companies: Equifax, Experian and TransUnion. The CFPB adds that when you place a fraud alert at one of those companies, it must notify the others.

Avoiding identity theft in the first place is obviously the goal, and something everyone needs to take seriously. However, if you do find yourself a victim, keep in mind that there are procedures in place to help you.

For more detailed information on how to report identity theft, visit the links below.

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

Sources:

https://www.usa.gov/identity-theft

https://www.consumerfinance.gov/ask-cfpb/what-do-i-do-if-i-think-i-have-been-a-victim-of-identity-theft-en-31/

A lot goes into the decision to buy a house, and so does the decision to take out a mortgage to pay for that home. Having a good understanding of what all your mortgage entails will take some of the mystery out of the process.

There are various costs associated with a mortgage, including:

• Interest rate
• Points (Or discount points; With these you pay more upfront, but receive a lower interest rate and end up paying less over time)
• Fees
• Other charges

There is a cost you will pay each year to borrow the money for your home. According to the Consumer Financial Protection Bureau, that is the interest rate, which is expressed as a percentage. The interest rate only reflects the cost of borrowing the money for your home.

An annual percentage rate (APR) reflects your interest rate, but also includes any points, mortgage broker fees and other charges involved in the cost of the loan. Therefore, your APR is usually higher than your interest rate.

The CFPB advises caution when comparing loan options, and to be sure you understand differences between the terms being offered. As just one example, the APR of a closed-end loan includes fees, but the APR of a home equity line of credit does not.

Opinions expressed above are the personal opinions of the author 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.

Source:

https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-mortgage-interest-rate-and-an-apr-en-135/

Having an emergency savings fund is considered an essential part of your overall financial wellbeing. But what exactly constitutes an emergency, and when should you use it?

Emergency savings funds are designed to pay for unexpected expenses, or to cover the bills if you have a loss of income. While you can’t control when something unexpected happens, you can control being prepared for the unexpected.

The most common reasons to dip into your emergency savings funds are salary reduction (to help bridge the gap); medical bills; unexpected repairs, such as vehicle or air conditioning/heating units; or replacing appliances.

And because everyone’s definition of an emergency differs, it might be easier to say what you shouldn’t spend your emergency savings fund on. Remember, these funds are designed for emergencies, so dipping into it to help pay for nonessential items like a vacation or concert tickets or other entertainment expenses should not happen.

A good baseline is this: Do you need the item to survive? If you don’t, you definitely should shy away from using the emergency savings fund for the purchase.

Having a reserve fund for financial emergencies can help you avoid relying on other forms of credit or loans that can turn into debt, the Consumer Financial Protection Bureau states. If you use a credit card or take out a loan to pay for these expenses, your one-time emergency expense may grow significantly larger than your original bill because of interest and fees.

The CFPB also says don’t be afraid to use it if you need it, and if you spend down what’s in your emergency savings fund, just work to build it up again.

Practicing your savings skills over time will make this easier.

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

Sources:

https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/

https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-executive-summary.htm

So you know you want to buy a house, but you’re not sure what your first step should be. Your home most likely will be the biggest purchase you make in your lifetime, and the process of buying and qualifying for a mortgage can be daunting.

But just what exactly is a mortgage? Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

According to the Consumer Financial Protection Bureau, a mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed, plus interest.

Basically, the collateral of the mortgage is the house itself. The lender holds the rights to the house until the mortgage is fully paid off. Mortgages generally have a set payment schedule (typically over 30 or 15 years), so that the mortgage is completely paid off at the end of your term. Generally, the payments will be made monthly and typically consist of both principal and interest charges.

To get a mortgage, you’ll have to work with a mortgage lender. And before you even start looking at houses, you should get a mortgage prequalification.

There are several types of mortgages – whether it’s a rural development loan, a VA Loan or a conventional loan – and you should work with your lender to navigate the process and see which mortgage is right for you.

The CFPB recommends you focus on a mortgage that is affordable for you given your other priorities, not on how much you qualify for.

Becoming a homeowner is not an easy process, so it’s important to do your research before you decide to buy. That’s why finding the right mortgage lender is crucial, because it’s essential to understand what you’re signing on for when you borrow money to buy a house.

Opinions expressed above are the personal opinions of the author 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.

Source:

https://www.consumerfinance.gov/ask-cfpb/what-is-a-mortgage-en-99/

Shaun Robinson

Loan Officer
27010 E. 116th St. S.
Coweta, OK 74429

• NMLS# 873134

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• Office: 918.259.1340

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• Contact Shaun

WINFIELD, Kan. – RCB Bank in Arkansas City and Winfield recently made a $500 donation to Angels in the Attic. The donation is just one of many ways RCB Bank and its employees give back to the communities in which they serve.

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

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

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

PHOTO: From left, an Angels in the Attic volunteer, RCB Bank Credit Analyst Raven Nuss, RCB Bank Loan Admin Assistant Kristen Dobbins, Angels in the Attic Executive Director Janice Marr, RCB Bank SVP Market President John Sturd, RCB Bank Loan Admin Assistant Cindy Harper and RCB Bank VP Loan Officer Ron Smith donate money and presents to Angels in the Attic.

RCB Bank is a $4.1 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.

If you’re in the market for a home, the first thing you should do before you start shopping is to find a mortgage lender. Your mortgage lender will help guide you through the process and will look out for your best interests.

Your lender will want to evaluate your credit, and you should be evaluating your lender as well. The Consumer Financial Protection Bureau recommends contacting at least three lenders and recommends these tips:

• Share the basic facts about your situation and the kind(s) of loan you are considering.
• Ask the loan officer whether your plan makes sense to them, or whether they might recommend something a little different. If they recommend something different, ask why.
• Ask the loan officer to show you the interest rate, APR, estimated fees, and monthly payments for a couple of different loan options.
• Ask the loan officer to look at your documents and help you understand whether there are any reasons you might not qualify for the loan options you have discussed.

After following those tips, there are even more questions to ask. The more thorough you are during this process, the more prepared you’ll be to make a decision on who you should pick as your lender.

Ask what the closing costs are. There is a large range when it comes to closing costs, but you can expect them to be between 3% and 6% of your loan. So on a $200,000 home, your closing costs as a buyer could amount from $6,000 to $12,000. Closing costs can include an application, appraisal or home inspection fee and a variety of other miscellaneous charges. Make sure you know exactly how much your closing costs will be. However, some closing costs are negotiable, so ask which of those can be negotiated.

Ask if you qualify for any down-payment assistance programs. Having enough money for a down payment often is what keeps potential buyers from being able to make their home purchase. However, there are many down-payment assistance programs that can offer help, depending on your circumstances. One study found that buyers who use down payment assistance programs save an average of $17,766. When you’re talking about that kind of savings, having a mortgage lender who can help you navigate that process is priceless.

Ask if you’ll have to pay mortgage insurance. If you put less than 20 percent down you’ll likely need to get private mortgage insurance, or PMI, and add its cost to your monthly payment. Once the equity in your home reaches 20 percent you can get rid of PMI and reduce your monthly payment. But you should ask your lender what your options are. The answer may be just, “Make a bigger down payment.” Or you may find there are other loan programs that you might qualify for that don’t require mortgage insurance.

Ask who pays taxes and insurance. Most mortgage payments include taxes and insurance. However, some don’t. That’s why you should ask ahead of time. If your mortgage payment doesn’t include taxes and insurance, you’ll have to pay them yourself each year, which can be a big chunk of change when they’re due. But if your mortgage does include taxes and insurance, your lender will collect money as part of your payment each month and put it into an escrow account. When your real estate taxes and homeowners insurance payments are due, the mortgage company will pay the bills from your escrow account.

Opinions expressed above are the personal opinions of the author 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.

Sources:

https://www.consumerfinance.gov/owning-a-home/explore/contact-multiple-lenders/

https://www.realtytrac.com/blog/2016-down-payment-assistance-affordability-analysis/

The Federal Trade Commission received 2.8 million fraud reports in 2021. The FTC also stated that fraud losses increased to more than $5.8 billion, a more-than 70% increase from 2020.

It’s no secret that fraudsters are constantly figuring out ways to try and scam you out of your money. And you can stay one step ahead of them by being informed. Staying informed is the best way to combat fraud.

The Association of Certified Fraud Examiners noted that the economic downturn will fuel new fraud risks, stating that scammers are more likely to commit fraud when economic conditions worsen.

With the rise of two-factor authentication as a way to protect your account, scammers now are pretending to be a company, calling you and asking for the two-factor authentication code after initiating a fake log-in. Once they have the code, they can access your account and change the information before you even know what is happening. Remember, companies will never ask you for your passwords OR your multi-factor authentication code. No matter how official they sound, NEVER give this information to anyone.

Another type of fraud predicted to rise this coming year is business emails being compromised. As more and more people are working remote, this type of fraud is expected to be commonplace this coming year. You may get an email that appears to be from your company’s president, asking about a payment that is overdue. The scammer then will provide you with an account to replace the payment information you already have on file.

Employment scams, while not new, are expected to rise again. Scammers will take advantage of people looking for a job, and those who are job hunting are susceptible to falling for the scam. The scammers typically will offer a remote job opportunity, and then will say the job is yours after you send them your banking login credentials and/or your account number, so they can pay you. But then they’ll have access to your account. And if you ever are asked to send money or refund money as a condition of employment, this is a surefire scam. Ignore it and move on.

Student loan fraud also is expected to rise. NEVER pay to apply for federal student loan relief. If you are ever contacted and asked for a payment, guaranteed approval or promised a quicker forgiveness process, you are being targeted by a scammer.

Staying vigilant and informed is the best way to combat fraud. Fraudsters constantly are adjusting their scamming methods as people become more informed. And remember, if it sounds too good to be true, it usually is.

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

Sources:

https://www.ftc.gov/news-events/news/press-releases/2022/02/new-data-shows-ftc-received-28-million-fraud-reports-consumers-2021-0

https://legacy.acfe.com/report-to-the-nations/2022/

https://c80211ea91bab460a01a-e73d423e7486dd5fc383150a57d2a8f5.ssl.cf1.rackcdn.com/20221011-Andi-McNeal-1280×720.mp4

https://consumer.ftc.gov/articles/use-two-factor-authentication-protect-your-accounts

WINFIELD, Kan. – RCB Bank employees have a lot to be thankful for and were aiming to spread some holiday cheer. Which is why RCB Bank recently donated $2,000 total to two local food pantries.

Both Winfield Community Food Pantry and Joseph’s Storehouse Food Pantry in Burden received $1,000 donations.

“Generous hearts by many of our employees and customers allowed us to donate a lot of food to the pantries,” RCB Bank SVP Market President Gregg Conklin said. “This is the season of giving, and RCB Bank is proud to always give back to our communities.”

Employees were allowed to wear jeans on Fridays for approximately two months – if they brought two or more cans of food to donate.

RCB Bank is a $4.1 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.

Whether you own a home and are looking to buy land, or if you want to buy land on which to build your dream home, the process is vastly different – and often more difficult – than buying an existing home.

Do your research when buying land. Every piece of land is zoned for a specific use, be it commercial, agricultural or residential. Find out from the county in which the property is located how it is designated. The zoning information is key to whether or not you can build what you’d like to on the property, and the rules usually vary from city to city and county to county.

If the property is zoned how you wish, next find out if you can build on the land. Just because it’s zoned how you prefer, it’s still a good idea to see if the land is prone to any hazards such as flooding. Also check the topography and the soil. Flat land is easiest on which to build, so if it’s rocky, hilly or has many depressions, it may cost more to build there. With a soil test, you can figure out how much weight the soil can handle, which will tell you if the ground is strong enough on which to build.

Also, how easy will it be to access the land? If your property is landlocked, it’s likely you’ll have to travel over someone else’s property to access it. Is it near roads? If not, you’ll need to factor in the cost of building a road to access your property.

Does the land have access to utilities and internet? It will be costly if water and sewer utilities are unavailable.

Obtaining financing for land oftentimes is more difficult of a process than buying an existing home, especially if you don’t have any immediate plans for the land.

While buying land isn’t as straightforward as buying an existing home, if you find the perfect piece of property and know what type of home you’d like the build, buying the land outright could make all the potential difficulty worth it.

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

It’s common knowledge that your home generally is the most important purchase you’ll make in your lifetime. That’s why who you choose as your mortgage loan originator is just as important as which home you choose.

Your MLO will help guide you through the process and will look out for your best interests. They’ll help you choose which loan is right for you and they’ll help you understand all facets of the home-buying process. MLOs estimate your loan amount and interest rate based on a review of your income, assets and credit report. Getting a mortgage prequalification is an important first step and can help you figure out your home buying budget.

Mortgage loan originators must have a comprehensive knowledge of lending products, banking industry rules and regulations, and the required documentation for obtaining a loan.

“Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses,” according to the U.S. Bureau of Labor Statics.

To become a registered MLO, the following requirements must be met:

• Submit their personal history and experience (MU-4 form).
• Submit fingerprints for a state and federal background check.
• Have a unique identifier number.

In essence, MLOs are your link between you, your mortgage and homeownership. They’ll walk with you through each step of the process, from origination to closing. It’s generally a good idea to contact an MLO before you start looking at homes, because they’ll give you an idea of your budget and how much you can afford to spend.

Opinions expressed above are the personal opinions of the author 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.

Sources:

https://mortgage.nationwidelicensingsystem.org/about/Pages/default.aspx

https://www.bls.gov/ooh/Business-and-Financial/Loan-officers.htm

Jay Terrill

Loan Officer
5000 W. Kenosha St.
Broken Arrow, OK 74012

• NMLS# 460350

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• Office: 918.249.3030

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• Contact Jay

Holiday shopping season is here, which means more spending – and more fraud.

It’s no coincidence that the busiest season for shopping coincides with the highest period for fraud. Every day, fraudsters target consumers with an array of legitimate seeming propositions. But during the holidays, fraudsters make extra efforts to trick and defraud consumers. Every year, according to the Federal Bureau of Investigation, thousands of people become victims of holiday scams. Scammers can rob you of your hard-earned money and personal information and destroy holiday cheer.

Here are the top three fraud threats coming this holiday season:

Fake Retail Sites

Are you seeing a deal that’s too good to be true? That might be because it is. Fake retail sites are websites set up to look like real merchants (including well-known brands), but actually lead to a fraudster-held account. Fake retail sites have become especially popular in the age of social media, where posts and accounts look legitimate but are not.

What to Watch Out For: Domain name and or website copy contains misspellings, IP address is non-U.S., website doesn’t have a HTTPS (secured) URL, or generally looks off.

Mystery Shopping

Everyone is looking to pick up a little extra cash this time of year. Mystery shopping scams (or secret shopping scams) take advantage of that desire by luring victims into job opportunities where they “test” products and services but are first required to pay the employer for a fee or license. In reality, the job doesn’t actually exist.

What to Watch Out For: Shopping or dining-related job opportunities that require you to pay the employer first, wiring money to your employer or depositing a check into your bank account on their behalf.

Charity Scams

Scammers are always finding new lows. Charity scams take advantage of our generosity. Fraudsters pose as a legitimate charitable organization and steal donations before they’re discovered.

What to Watch Out For: High-pressure pitches through phone, email or in-person; to donate, go to accredited charities.

And always remember – even during the Christmas season – if it seems too good to be true, it probably is.

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

Source:

https://www.fbi.gov/how-we-can-help-you/safety-resources/scams-and-safety/common-scams-and-crimes/holiday-scams

Whenever you take out a loan, you’ll almost always end up paying more back than you borrowed.

In almost every case, it will cost you less to pay off your loan faster, making a payment each month that is more than the amount due.

If you’ve been paying on a loan for awhile and it’s getting close to where you can pay it off, you may notice that the payoff amount of the loan is different than your loan’s current balance.

No, it’s not a mistake. That’s because the difference likely is because of the way the interest of your loan is calculated. Basically, your balance is what you currently owe, and your payoff is what you owe plus interest that accrues from the statement date and a specific payoff date.

If you’d like to pay off your loan early, check to see if there is a pre-payment penalty. If you are considering paying off your mortgage, you can request a payoff amount from your lender or servicer. According to the Consumer Financial Protection Bureau, if your loan is a “closed-end” loan secured by a dwelling, once you request a payoff amount, servicers must provide you with an accurate statement of the total amount that would be required to satisfy your obligation in full as of a specified date.

The best way to get the accurate payoff amount is to contact your lender. And keep in mind, getting a payoff quote does NOT obligate you to pay off the loan as quoted. If you change your mind, you can simply keep making the monthly payments. And if you’d like to pay it off early at some point in the future, contact your lender again to get an updated loan payoff amount.

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. Financing available with approved credit. Restrictions apply. Member FDIC.

Source:

https://www.consumerfinance.gov/ask-cfpb/what-is-a-payoff-amount-is-my-payoff-amount-the-same-as-my-current-balance-en-205

If you’re in the market for a loan, one tactic some unscrupulous lenders use is what’s called “yo-yo financing.”

A yo-yo financing scam happens when a borrower agrees to a loan and signs a contract. But after the contract is signed, a few days or weeks later, the lender will call you and say that your financing wasn’t approved and they no longer can offer you the agreed-upon rate.

The lender will then try to renegotiate the loan or the offer will be completely rescinded. They’ll then offer a new rate that has a much higher rate and higher monthly payments.

The up and down is much like a yo-yo, which is how the scam gets its name.

It is important to be aware of this tactic so you don’t become a victim.

Here are some tips to avoid yo-yo scams:

• Don’t agree to the loan until you’re ready. If you’re not ready for the loan, don’t let the lender pressure you into taking one.
• The Federal Trade Commission advises when getting a loan to ask if the deal is final, and, if the lender says yes, to get it in writing.
• Read the fine print. If you see something that doesn’t look correct, ask the lender to explain it in further detail.
• Don’t be afraid to walk away. If you’re not getting a good feeling from the lender, just leave. It’s better to walk away than to be subjected to a yo-yo scam. You’ll save your valuable time in the process.

If you believe you’ve been a victim of a yo-yo scam, visit the FTC’s website and fill out a complaint form at http://reportfraud.ftc.gov. After submitting a complaint, you may be contacted for more information.

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

Sources:

https://consumer.ftc.gov/media/79933

https://www.ftc.gov/business-guidance/blog/2016/09/deal-or-no-deal-ftc-challenges-yo-yo-financing-tactics

CLAREMORE, Okla. – RCB Bank Trust recently donated just more than $5,700 to the Rogers State University Foundation.

“RCB Bank has a rich history of giving back to the communities we serve,” RCB Bank AVP Wealth Advisor Mary Wood said. “I’m proud that RCB Bank is committed to continue support of Rogers State University.”

Pictured: RCB Bank AVP Wealth Advisor Mary Wood, right presents a $5,718.11 check to Rogers State University Vice President for Development Steve Valencia.

RCB Bank is a $4.1 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.

James Robison

Loan Officer
11633 E. 86th St. N.
Owasso, OK 74055

• NMLS# 492708

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• Office: 918.274.1403

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• Contact James

There are so many types of fraud, it’s hard to keep up with them all. That’s why it’s important to stay vigilant at all times to protect yourself from scammers.

Fraudsters know the more that people become aware of their scams, the less likely they are to work. So they are constantly adapting their techniques.

One newer scam that has seen a sizable uptick over the summer is smishing.

What is smishing? It’s similar to phishing. But instead of an unsolicited email, it’s through text messaging. The term smishing is a mashup of SMS – short messaging service (i.e. text messages) – and phishing.

A typical smishing message will seem like it’s from a bank, but it’s not just limited to fake banking messages. Recently, the United States Postal Service issued a media release warning against unsolicited text messages claiming that a USPS delivery needs immediate response. Other messages may appear to be from Costco, Home Depot, Amazon or other retailers.

No matter where the message says it’s from, one thing holds true – scammers are trying to gain your personal information.

The scammers are hoping to receive information such as: account usernames and passwords, Social Security number, date of birth, credit and debit card numbers, personal identification numbers (PINs) or other sensitive information. This information is used to carry out other crimes, such as financial fraud.

If you feel like the message may truly be authentic, you should still verify before sending information. If you get a text purportedly from a company or government agency, check your bill for contact information or search the company or agency’s official website. Call or email them separately to confirm whether you received a legitimate text. A simple web search can thwart a scammer.

The Federal Communications Commission offers these tips to avoid becoming a victim of a smishing attempt:

• Never click links, reply to text messages or call numbers you don’t recognize.
• Do not respond, even if the message requests that you “text STOP” to end messages.
• Delete all suspicious texts.
• Make sure your smart device’s operating system and security apps are updated to the latest version.
• Consider installing anti-malware software on your device for added security.

The bottom line – as it is in most attempted scams – is stop before automatically sharing your information, no matter how official it looks. Verify the authenticity of the message you receive. With due diligence, you can avoid becoming a victim of a scammer.

If you think that you are a victim of smishing, you should contact law enforcement to report the scam. You can also file a complaint with the FCC at no cost. If you have given your bank information to scammers, call your bank and inform them to see what your bank can do to protect your accounts.

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

Sources:

https://www.fcc.gov/avoid-temptation-smishing-scams

https://www.uspis.gov/news/scam-article/smishing-package-tracking-text-scams

Paying off your auto loan early can have some big benefits – but is it right for you?

The answer to that question depends on many factors, including the interest rate and terms of your loan, your financial goals, your other debt obligations and your budget.

First, you should check to see if your loan contract stipulates that a fee or penalty be paid for paying it off early.

If there is an early payoff fee or penalty, you’ll have to do the math and see if the potential savings of paying it off early outweighs the penalty or fee.

If you’re carrying massive credit card debt, it likely will be better to tackle that debt first. Once that is conquered, that could free up even more money to help you pay off your auto loan faster.

But if there’s not an early payoff fee or penalty, and you don’t have a lot of credit card debt, then in most instances, paying off your auto loan early will be beneficial to your financial well-being.

Firstly, paying off your loan early assumes you already have an emergency savings account. If you don’t have money for unexpected emergencies, you should instead take the extra money you would use to pay off your loan and instead secure funds for an emergency savings account.

But if you do already have an emergency savings account, paying off your car loan early will lower your debt-to-income ratio. A lower DTI will improve your credit score and can help you qualify for lower interest rates if and when you need to borrow money.

Paying off your auto loan early also can help you make progress toward other financial goals you have. Saving for a dream vacation? You can make that a reality quicker without an auto loan payment. Wanting to boost your retirement? Putting that money into your retirement fund likely will pay off in the long run.

You can always talk to a financial advisor to get an expert opinion on the best way to meet your financial goals.

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. Member FDIC.

Source:

https://www.consumerfinance.gov/ask-cfpb/can-i-prepay-my-loan-at-any-time-without-penalty-en-843/

Do you think owning a home is out of reach because of student loans? Have you explored a mortgage in the past only to be denied because of student loan debt?

The Federal Housing Administration made a change recently that has made it easier for those with student loans to qualify for an FHA loan. That change, coupled with the upcoming student debt forgiveness program, could spark the housing industry as more people will qualify for mortgages.

“The change for FHA Single Family Title II forward mortgages remove the current requirement that lenders calculate a borrower’s student loan monthly payment of one percent of the outstanding student loan balance for student loans that are not fully amortizing or are not in repayment. The new policy bases the monthly payment on the actual student loan payment, which is often lower, and helps home buyers who, with student debt, meet minimum eligibility requirements for an FHA-insured mortgage,” according to the U.S. Department of Housing and Urban Development.

Your student loan debt is part of your debt-to-income ratio. Your DTI can affect how much money you’re qualified to borrow and your interest rate. The higher your DTI, the riskier you appear to lenders.

However, your DTI is just one factor in the underwriting of a mortgage. While this change may help your DTI, there also are many other factors used to determine if you qualify for a loan, such as your credit score, income and work history to name a few.

If you’ve applied for a mortgage in the past only to get denied because of your student loan debt, or if you never applied because you feared your student loan debt was too high, now may be the time to seriously research homeownership and start taking the steps to get prequalified for a mortgage.

Whether you chose to start the prequalification process now or after the federal government’s student loan forgiveness program (set for later 2022), it’s best to be prepared so you’re not flying blind into the process. Research mortgage lenders and find one who understands your needs and will help you navigate the entire process, from origination to closing.

Student loan debt may seem to be overwhelming when you’re trying to buy a house. Fortunately, the federal government’s recent changes may clear a path to making your dream home a reality.

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.

Source:

https://www.hud.gov/press/press_releases_media_advisories/hud_no_21_103