I challenge you not to accept your financial life as it is. This coming year, aim to get ahead — start an emergency fund, build your retirement savings, pay off your debt or take control of whatever money situation is causing you stress.

The key to getting ahead is to get started. Here are some tips to help you make a financial change.

Invest in you

To build your wealth, start paying yourself first. When you receive money, before you spend a penny, put some of it in your savings account or retirement fund. Set up automatic deposits and watch your savings grow with little effort.

Changing your saving habits may require changing your spending habit, but the payoff – not worrying about paying your bills, taking a trip you’ve been dreaming of and retiring on your terms – is worth it.

Stop throwing money away

Paying late fees is like pulling money out of your wallet and throwing it into the wind. Start paying down debt, beginning with the highest interest debt. Pay your bills on time. If need be, call the company and see if you can adjust your due date. Never hurts to ask and it could save you from paying late fees.

Try the 50/30/20 budget plan

Harvard bankruptcy expert Elizabeth Warren suggests splitting your monthly income into three categories:

1. Fixed expenses – survival needs – should total no more than 50 percent of your income.
2. Non-essentials – wants like TV, morning coffee, hair appointments – should total no more than 30 percent.
3. Savings – emergency fund, retirement – should be 20 percent or more.

Match your spending

Have a hard time sticking to a budget? Try this. Before you spend money on something you want, first put the same amount of money in a savings jar.  You will be able to see exactly how much money you are spending, or how much you could be saving or using to pay off your debt. If you cannot afford to match your spending, you cannot afford whatever it is you want to purchase.

Live within your means

Rich people stay rich by living like they are broke. It is a matter of what you value more, instant gratification or freedom from debt and having money when you really need it.

You work hard for your money. Do not waste it on things you do not really need.

50/30/20 Plan: Elizabeth Warren and Amelia Warren Tyagi. All Your Worth: The Ultimate Lifetime Money Plan. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, member FDIC.

Convenience

Life often takes place outside business hours. Need to transfer¹ money into your account before dinner? No problem. At a soccer game and need to make sure the electric bill is paid? Check it instantly. You can also avoid late fees and set up automatic, recurring bill payments². To access these features, call your bank or ask your bank representative to sign you up when you open an account.

Security

Industry standard bank technology protects your money with firewalls, anti-virus protection, encryption, fraud monitoring and automatic logout, among other features. These create a strong defense against hackers who want to access your account. Scammers will also try to get information from you. Phone calls pretending to the be the IRS, emails claiming the bank needs your account information, charity scams, sweetheart scams and wire fraud are only a few of the culprits. Don’t give information to anyone unless you are absolutely sure they are legitimate.

Flexibility

The more time you save banking, the more time you can spend with your family, kids, friends or partner. Technology offers you the ability to customize your banking experience. If you only use your phone to check balances or make simple transfers, text banking³ is for you. Mobile deposit⁴ is perfect for those folks who need to deposit checks, but can’t make it into the bank. Depending on the bank, other services such as person-to-person⁵ payment systems and phone banking are also available.

Disclosures

¹Funds may not settle or be available immediately. ²Some fees and restrictions apply. Ask us for details. ³Standard carrier fees for data and text messaging may apply. ⁴Message, data rates, and fees may apply. All accounts utilizing service must be enrolled in eStatements to avoid fee. Subject to eligibility and further review. Deposits are subject to verification and may not be available for immediate withdrawal. Deposit limits and other restrictions apply. ⁵Available in the RCB Bank Mobile App. $1/transaction fee applies (non-refundable) and will be combined with the transaction amount. Requires an active debit card to initiate transaction. Transaction amount including fee is deducted from available balance immediately but may not settle on the same business day. Insufficient or Bounce fees may be incurred if adequate funds are not available at settlement. Funds may not be available to the recipient the same business day as transfer. Recipient must claim funds within 10 days. Fee is not refunded if recipient does not claim funds. Message, data rates, and transaction limitations apply. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

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.

If you are considering buying a foreclosed property, it is good to familiarize yourself with the process. There are typically three times during this process when it is possible to buy the property: pre-foreclosure, at auction and after the foreclosure.

What is foreclosure?

A foreclosure is the process where a bank or financial institution takes ownership of a property due to a variety of reasons, but most commonly because of lack of payments on a loan.

Buying pre-foreclosure

It is possible to buy a home before the foreclosure is finalized and the homeowner has vacated the property. The bank is not involved in the sale yet and allows investors to make the homeowners an offer on the home. The benefit is that the buyer can inspect the home and get relevant details before purchasing. The seller also gets a chance to sell the home quickly and without it affecting their credit rating as much. If the sellers do accept your proposal, be prepared to close quickly. You must complete the sale before the lender puts the home up for auction.

Buying at Auction

Once the legal process is complete, the foreclosed property is sold at a public auction to the highest bidder. This process is completed in-person or online, and you are required to register if you want to bid. If you win the bid, you generally have to pay in full immediately after the auction. The bidding generally opens with an automatic starting price of the amount owed on the property.

To buy a foreclosure at auction, there are some things to keep in mind:

1. Do your research — When you buy a foreclosure at auction, you do not receive any guarantee that the property is free of liens or encumbrances. This means you could potentially buy a property that has claims against the property, such as a tax debt. Do a title search on the property you are interested in to make sure you can afford any additional costs. Title searches can be done at the county courthouse, or a title company can run a title for you for a fee.
2. Condition – Since the property belongs to the homeowners up to the point of foreclosure, you are not likely to get a chance to see inside the property. Look closely at any available pictures and drive by the property to inspect the exterior before the auction.

Buying post-foreclosure

Post foreclosures or real estate owned properties are those that did not sell at auction. To try and cover their loss and fees, banks will sell the properties through real estate agencies. The properties are generally sold “as is” and may need repairs. This makes the home inspection essential since you will pay for any repairs. It is also smart to get an appraisal to ensure the bank price is fair.

Buying a foreclosure requires a little more research and knowledge of the process, but armed with that knowledge you can often get a great deal on your next home. 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 RCB Bank personnel and meant for generic illustration purposes only. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

Spring has historically been the busiest time of year for the real estate market. Maybe it’s the brighter weather, greener earth or the sweet smells of blossoms blooming that stir a desire to move. Whether you are buying or selling your home, there are several ways to spring clean your finances to help improve your credit or help you get a better interest rate on your mortgage.

Consider refinancing your student loan debt.

Student loans can have high interest rates, and are frequently set up on a repayment plan based on your current income. In the case of an income-based plan, you are normally paying interest (and maybe not all the interest you accrue on a monthly basis). Some loan programs require a bank to count a percentage of the student loan balance toward your monthly debt if there is not a scheduled payment showing on your credit report. This percentage is typically more than your required payment, which increases your debt-to-income ratio and can potentially cause you not to qualify. Amortizing your loan and setting a specific repayment time will pay your student loans off over time and may boost your credit as you pay down the balance instead of it increasing due to unpaid interest.

Lower your debt-to-income ratio.

Your debt-to-income ratio is an important factor in mortgage qualification. If you have multiple credit cards payments or high interest loans, your monthly payments can be quite high. If you are able to consolidate your credit card debt or loans into one payment and lower your overall monthly cost, then you can lower your debt-to-income ratio as well.

Limit credit inquiries.

When you apply for credit, e.g. credit card or loan, the lender generally does a hard inquiry or “hard pull” on your credit. These hard inquiries may hurt your credit score, especially if you allow several of them within a short time span. When you are shopping for a mortgage, the inquiries from banks or mortgage companies made within a 14-day period should only count as one hard hit. This should not affect your credit score dramatically. It is when you are applying for a variety of credit types (car loan, furniture store, credit card, etc.) in a short time that it may hurt your credit score.

In contrast, when you check your own credit score, it is considered a soft inquiry and does not affect your credit score.

There are many ways to improve your credit, but most are going to be situation dependent. A trusted mortgage lender will be able to help you and offer guidance on how to improve your credit score. This may take a few months to a year, or it could be as quick as a few weeks depending on your personal circumstance.

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. 

Imagine your retirement fund as the seat of a stool. Its stability depends on the construction of the legs. Put all the weight on one leg of the stool and you risk a wobbly future. Instead, use multiple funding sources to build a sturdier retirement savings plan. Depending on your desired lifestyle, we suggest saving between 10-20% of your salary to fund your retirement. Use this balanced approach to diversify savings.

First Leg: Employer Plan

If your employer retirement plan offers a match, fund this account up to the full match if not more. If your employer does not offer a match, you will want to contribute more money toward this account.

Second Leg: Social Security

Social Security benefits can vary drastically depending on how long you work, the amount you earn during your highest earning years and when you elect to claim your benefits. The generation retiring now is receiving about 35-40% of their former salary in the form of Social Security benefits.

Third Leg: Personal Savings

This may include savings accounts, IRAs, CDs, investment accounts and your home’s equity. While it is possible to build a solid three-legged stool, you may want to reinforce your retirement fund with a fourth leg.

Fourth Leg: Retirement Income

Income may be in the form of a rental property, part-time job or small home-based business. However you go about it, you have to sit on your retirement stool, so make it is sturdy enough to hold you during your retirement years. Find a wealth advisor you trust to help you plan a retirement savings strategy built for your individual lifestyle goals and needs.

Save now. Save often. Your future self will thank you.

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

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your retirement. RCBbank.com/GetFit

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by FDIC or any government agency, Not a bank guarantee, Not a deposit, Subject to risk and may lose value.

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.

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Don’t be another victim.

Thousands of people have lost millions of dollars and their personal information to fake IRS communication scams, according to the IRS. Here are important reminders from the IRS about tax fraud.

​Two most important things to know about the IRS.

1. ​The IRS DOES NOT initiate contact by email, text messages or social media with taxpayers to request personal or financial information.
2. The IRS does not threaten taxpayers with lawsuits, imprisonment or other enforcement action. The IRS also cannot revoke your driver’s license, business licenses or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.

​Telltale signs of tax fraud.

​IRS-impersonation telephone scams

You are told you owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. Victims may be threatened with arrest, deportation or suspension of a business or driver’s license. You may also be told you have a refund owed to you and the caller needs personal information in order to process the refund. If you don’t answer the phone, they may leave an urgent callback message.

Scams targeting tax professionals: The objective is to steal their clients’ data so they can file fraudulent tax returns that better impersonate their victims.
​
​Email, phishing and malware schemes

You receive an official-looking email from the IRS or others in the tax industry, including tax software companies. Their name and logo appear on it. These phishing schemes may seek information related to refunds, filing status, confirming personal information, ordering transcripts and verifying PIN information.

Be alert to bogus emails that appear to come from your tax professional, requesting information for an IRS form. The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information, nor do they require life insurance and annuity updates from taxpayers or a tax professional.

​Taxpayer Advocacy Panel scams

Some taxpayers may receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, where unsolicited emails try to trick victims into providing personal and financial information. Do not respond or click any link.

What to do? 

The IRS will only deal with you on these related issues via US mail. 
If you get a call, hang-up and contact the IRS directly.

• Never respond to an email or fax.
• Never call the number listed in the email or provided to you by phone.
• Go directly to the IRS website at www.IRS.gov for assistance.
• Read up on IRS Tax Scams Consumer Alerts.

Source: www.IRS.gov

 Ask for Details. Member FDIC.

By Stacy Dunn | RCB Bank Information Security

Information is as good as gold.

If you think your business is too small to be a victim of data loss, think again. Cybercriminals find small to medium-sized businesses to be more accessible targets.

While physical securities are a concern (leaving documents lying around or not shredding personal paperwork), the majority of incidents tend to be more hands off.

Hackers like to infiltrate businesses with social engineering tactics:

• Phishing & vishing
• Customer account compromise
• Vendor management intrusion

The National Institute of Standards and Technology offers a framework to help businesses protect their work spaces. Each business has unique risks and will require tailored security measures.

Preventive measures:

• Limit employee access to sensitive data.
• Use strong passwords that expire.
• Use multi-factor authentication.
• Train staff on information security.
• Reduce risk with effective policies and procedures.
• Encrypt all data, especially email and mobile devices.
• Use reliable endpoint protection, firewall and email filtering.
• Update and patch systems regularly.
• Protect all facets of your business, e.g., websites and vendor access.

Your network is only as strong as your weakest user.

Hackers are one step ahead in trying to steal information. Take steps to not become their next victim.

Information security training is a must-have in today’s environment.

Invite RCB Bank’s Information Technology and Business Services teams to speak about cybersecurity at your workplace. Call 918-342-7379 to schedule an appointment, or connect with our business services representative in your area.

Invest in your business.
RCBbank.com/BusinessSolutions

This article is published in Value News, February 2019 Issue, valuenews.com.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. See a business representative for specific questions regarding PosPay details, pricing and fees for your personal situation. Call us at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

By Stacy Dunn, Information Security, RCB Bank

By Jocelyn Wood, RCB Bank

I stress over gift-giving.

I never know what to give people. I’m embarrassed when I can’t afford their wish list.

Holidays are a time for gratitude and fellowship. Gifts are to be an expression of joy and generosity, not a stress inducer. Definitely not a debt instigator.

If you fret over gift-giving, try one of these no stress, pay less ideas that won’t break your budget.

Low cost, big heart gift ideas:

“We give memories,” said Michelle Duhaime, Lawrence. “I bought 20 cans of silly string. I gave each grandchild two cans; told them Grampa was hiding somewhere on the property; and to go find him! Best $20 I have ever spent!”

“I follow a four-gift rule for my kids,” said Melissa Welchel, Oklahoma City. “Buy something they want, something they need, something to wear and something to read.”

“For families, we do group gifts, board games, homemade gift baskets, rather than buying for each individual,” said Welchel.

“I help someone with a project they’re working on,” said Kim James, Verdigris. “It means more than buying something they may not need or want.”

“We restrict ourselves to one store bought gift and we set a price limit,” said Stephen Taylor, Tulsa. “For friends, we make homemade goodies or gifts. People are happy getting it, and we don’t spend time agonizing over whether someone will like their gift.”

“We give money to our pastor to give to someone who could use extra help,” said Tara Depperschmidt, Stillwater. “We don’t want to know who it goes to; just that it goes to someone who really needs it.”

Obtaining a mortgage requires a lot of documentation, multiple forms, financial records, third-party paperwork; not to mention multiple layers of inspection to verify your information is accurate. Financial changes during your loan process can invalidate paperwork and delay your loan closing. Here are four ways to avoid delays in the loan process.

No. 1: Inform lender of a job change ASAP.

You submit pay stubs and W2’s to your lender, but, right before closing, your lender may request employment verification from your employer. If your job or income status changes, this can potentially create a holdup in the loan process; or worse, your loan may be denied, even if you were pre-approved. A job change requires updated documentation and approval verification. Some jobs have a probationary period, which too may affect your loan approval process. If you are planning a job change, let your lender know as early as possible as this can also help you avoid delays.

No. 2: Resist increasing debt.

A few days before closing, your lender runs a final credit check to check for new debt. If you open a new credit card, finance new appliances or furniture, buy a car, co-sign on another loan or take on more debt, new documentation is required. Resist the urge to make big purchases during your loan process. New debt may affect your loan qualification.

No. 3: Avoid big financial changes.

Most lenders require up to two months of bank statements for proof of funds used for your home transaction. Changing banks during your loan process may cause a delay in obtaining the necessary statements. Moreover, any large deposits made into your account need explanation. Most loans will allow a gift, but these funds require additional documentation signed by you and the person making the gift.

No. 4: Keep credit card balances low.

A large portion of your credit score reflects your credit utilization. Keeping credit card balances under 20 percent of your available balance helps your credit score. When it comes to your mortgage, your credit score helps determine both your interest rate and mortgage insurance (if required). A higher credit score helps you qualify for better rates, saving you money over the life of your loan.

Before you make major financial changes, talk to your lender first. This will help you avoid delays or setbacks during your mortgage process.

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

This article is published in Value News, November 2018 Issue, valuenews.com.

By Jamie Andrews, SVP, Senior Operations Officer, RCB Bank

In a recent trend, fraudsters are focusing their attention on ATM terminals. Be aware.

Fraudsters are able to compromise a merchant’s payment system or ATM by use of malware or by attaching a physical device, such as a skimmer, which reads the data in the magnetic stripe and can be used to produce a fake card.

Fraudsters may also use mini cameras to capture PIN numbers used on transactions at ATM terminals. Then, they go on shopping sprees and/or withdraw funds from the bank account attached to those cards.

What is a skimmer?

A device made to fit snugly and invisibly over or inside an ATM card slot or merchant terminal.

How does RCB Bank protect you?

RCB Bank issues EMV chip cards, making it more difficult for fraudsters to counterfeit your debit card. When possible insert your card to complete your transaction.

Some merchants do not have EMV chip terminals and require you to swipe or slide your card. Be more alert when using these types of terminals with the tips below.

RCB Bank uses systems to monitor unusual card activity and will reach out if we see something suspicious. Note: We will never ask you for your PIN number. 

RCB Bank’s ATMs have been upgraded to EMV chip terminals, which provide an additional level of security.

How can you help protect yourself?

• Before using your card at an ATM, inspect it to see if anything on the card insert looks suspicious.
• Be aware and report the transaction if it initially errors but then suddenly goes through.
• Be alert if the insert or swipe of  your card is not smooth.
• Avoid standalone cash machines in dimly lit areas.
• When possible use ATMs physically installed at a bank.
• Cover the PIN pad with your hand when entering your information.

RCB Bank is dedicated to protecting your financial information. When we work together, we can prevent, identify and resolve fraud faster.

If you suspect fraudulent activity, contact our fraud department immediately at 877.361.0814.

Learn more ways to stay alert for fraud in our Learning Center and Security Center.

Did you know closing costs vary between lenders? If you want to save the most money on your closing costs, it pays to shop around. Here’s why.

Interest rates are restricted by market conditions. Your options are limited.

Buyers often shop interest rates, choosing the lowest rate possible to help their overall savings over the life of the loan. Yet, rates change daily, sometimes more than once per day depending on different economic factors.

When comparing lenders’ rates for secondary market financing, all lenders base their rates off the same market trading; therefore, all quotes should be similar, typically within .125 percent, .250 percent at most.

Lender fees vary from lender to lender giving you more options to lower your costs.

Lender origination charges, application fees, processing and underwriting fees can vary significantly between lenders. The best way to compare lenders is to request Loan Estimates. Their fees will be listed under Closing Cost Details on page 2, section A.

You can also cut costs by comparing homeowner’s insurance coverage and premiums.

Oftentimes, the largest expense on your Closing Disclosure is homeowner’s insurance, another expense that varies between companies.

Generally, you will need 14 months of homeowner’s insurance set aside in your escrow account paid at closing. If you choose a policy that charges $1,800 annually versus a $2,500 annual policy, you can save $800 at closing.

Know where your money is going.

Ask your lender plenty of questions. A good lender can answer all your questions and make you feel comfortable about your spending decisions. Buying a house is one of the most expensive things you will buy. Why spend more than you have to?

Talk to a lender to explore your options. 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.