With the world’s many tornadoes, earthquakes and tsunamis, many people have been given an in-depth look at a disaster’s devastating effects. Physical safety should be the first concern, of course. However, after the emergency passes, it is time for reality to set in. In many cases, people lose their homes and personal belongings. While you cannot entirely prepare yourself against a natural disaster, you can develop your finances so you can quickly recover and get back on your feet once the emergency is over. Preparations to Take In Advance Here are some ways to prepare your finances in advance. Start and Maintain an Emergency Fund The rule of thumb is to have a minimum of up to six months of your expenses saved up as an emergency fund. While you may think of this emergency fund as money to use in the event you lose your job; you also want to ensure you have enough to live on while recovering from a natural disaster. Take Out Emergency Cash While you may typically rely on your debit or credit cards, what happens if the power goes out and you lose access to your bank account? You need to have actual cash on hand to cover you for at least a week in case you are told to evacuate. Have Adequate Homeowners Insurance You should have your home adequately insured so if there is a natural disaster you can rely on it to help you rebuild your home and your personal belongings. Get insurance now, don’t wait until a tragedy has struck when it is too late. Dealing with an Immediate Disaster Assessing your financial situation is the first step when dealing with the aftermath of an immediate disaster. Once disaster strikes, your financial situation can become fluid and will likely continually change as you are going through the recovery process. Once you are safe and can access the internet or phone, you will want to: How to Get Help Afterward After the disaster passes and it leaves you with no home or no job, there are ways of getting help. File for Unemployment If you cannot go back to work right away, apply for unemployment. The unemployment office in your town can help you, or you can use the FEMA site to file for unemployment assistance. You might have to find short-term work in another area or find a new job entirely while your community is going through the rebuilding process. Apply for FEMA Grant and Use Its Other Resources The Federal Emergency Management Agency (FEMA) provides emergency relief help to people following a natural disaster. You may be eligible for FEMA funds up to $33,000 through the Individuals and Households Program and FEMA directly. This assistance can help to repair your home to make it livable again or will pay for the expense of temporary housing. The Emergency Financial First Aid Kit (EFFAK) helps financially prepare you and offers tips for reducing the impact disasters may leave on your finances. A natural disaster can strike anywhere at any time. No matter what type of disaster it is, it can leave devastating results. While you may have emergency resources ready to go like bottled water, flashlights, extra food and batteries, you need to consider if you are prepared financially for the aftermath. The above tips can help.

Are You Prepared Financially for a Natural Disaster?

View Resource Are You Prepared Financially for a Natural Disaster?
No matter what field you’re in, hiring a new employee can be a busy time for your company. While managing all the necessary orientation tasks and administrative paperwork, it’s important to also remember the steps you need to take with your bank to get your new hire fully onboard. If your new employee is going to have access to any of your business’ bank accounts, the first thing to do is notify the bank so his or her name and other basic information can be added to these accounts. Next, you will want to go into your Business Online Banking account and add your employee as a new account user. If he or she is a “beneficial owner” on any account, the bank will be required to ask you for certain identifying information, like name, date of birth and social security number. We may also ask for a valid I.D. such as a driver’s license or passport. This is part of a new rule for all financial institutions enacted in May 2018 as part of the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism. Any signature cards associated with your company’s accounts will also need to be updated with your new employee’s signature. Similarly, any accounts that require a token for secure log in should be updated at this time. Remember, if your company has multiple accounts (such as Business Checking, Business Savings and Business Certificates of Deposit), you will need to update each of them with the required information. If you have any questions, please don’t hesitate to contact your local branch, business banker or our call center.

Have a new employee? Take these steps with your bank to get them on board.

View Resource Have a new employee? Take these steps with your bank to get them on board.
When you are traveling to foreign countries from the United States, it is often necessary to exchange your American dollars for the local currency. When you trade currency in one form for currency in another, you will see that it is not a dollar for dollar transaction. Instead, the value of a U.S. dollar in Mexico is different from the cost of a U.S. dollar in Canada, Australia, or even France. To make matters even more interesting for travelers, currencies in the world market continuously gain and lose value, so the exchange rate is always in a state of flux. You might discover that the same dollar is worth more in pesos, pounds, or yen tomorrow than it is today. Alternatively, it could be less. It is all about the economic conditions in one country relative to the economic conditions in another. Do a little research before you head out to exchange currency. Know what the going exchange rate for the currency in question is on any given day and then look for places known for dealing fairly with travelers looking to exchange funds. Smarter Travel recommends places like the following for fair exchanges: Further, they go on to advise against tourist-filled areas like airports, train stations, and major attractions. Smarter Travel also recommends that you avoid exchange rates that appear too good to be true as they could be scams or may even involve counterfeit money. Exchange Rate Overview While some credit cards offer conversions to local currencies without fees, know that plastic is not as universally accepted outside the United States. You could find yourself in a bit of a bind if you planned to rely on your credit and debit cards to be the substantial spending method for your trip. While these features from credit card companies are convenient in certain circumstances, they may not offer quite the assistance you are hoping for as you travel the globe. Exchange Methods There are two primary methods for exchanging currency:
  1. Floating currency.

  2. Pegged currency.
The current market determines floating exchange rates. Supply and demand can have a substantial impact on how much a currency is worth on any given day with floating currencies. That is more common in countries that have economies that are mature and stable, like: Floating currency makes exchanges more efficient because the markets adjust automatically for fluctuations in value. If you are traveling to countries or regions where the currency is less stable, you will probably encounter a pegged currency system. That is an attempt by the government to prevent things like runaway inflation. You will likely only see this type of exchange rates in third world countries and other locations with emerging economies. One suggestion in this situation is just to convert what you need in these currencies during your time in that country. Best Practices for Exchanging Currency USA Today has an excellent suggestion: convert at least some of your money to local currencies before you travel rather than after reaching your destination. Many of the more popular tourist locations charge higher exchange rates. Another bit of advice to consider is to visit banks and ATMs for exchanges as they often have lower rates. You should also pay close attention to surcharges various facilities charge for converting currency. Some add a flat fee and others charge a percentage. If you are paying a hefty flat fee, it is worth considering the conversion of a significant amount of currency in a single transaction, rather than making multiple smaller exchanges. One of the biggest pieces of advice to offer when it comes to exchange rates, though, is that you should make sure you know the policies of your credit card for foreign currency transactions. Most credit cards are very happy to offer them but may charge fees you are not aware of for doing so. Make sure you read the fine print and know your company’s policy when it comes to foreign currency purchases. Traveling the world and visiting exotic destinations can be very exciting. If you do not pay attention to things like exchange rates, though, you could find yourself paying much more than necessary for the privilege.

Exchange Rate Basics

View Resource Exchange Rate Basics
When an employee exits your company, one of the most important things to do is make sure that his or her name is properly removed from any bank accounts they had access to as an employee. A good first step is to have one of the other signers on any relevant accounts notify the bank immediately that the employee is no longer with your company. You will also want to make sure that any security tokens for the accounts your former employee had access to have been disconnected. If the employee had access to Business Online Banking, log in and delete them as a user. If they were an Administrator on any accounts, be sure to establish new Administrators where needed. Next, you will want to update any signature cards the employee’s name was on. Remember, all of the signers on your company’s accounts will need to sign new signature cards at this time. They may also have to update the signature cards a second time if a new employee is hired and needs to be added to any accounts. Finally, don’t forget to delete your former employee from all additional Business Banking services that are included with your accounts, such as Online Bill Pay or a business debit card, for example. And remember, you can always contact your local branch, business banker or our call center if you have any questions.

Steps to take with your bank when an employee leaves your company.

View Resource Steps to take with your bank when an employee leaves your company.
From time to time, most people need some assistance with their finances. That need for aid might come as a result of a job loss, excessive medical bills or some form of household emergency. During those trying times, loans are often sought to help bridge the financial divide. The problem though, is that loan approvals are often more difficult to come by for some people than others. As a result, it is easy for people in a financial bind to fall prey to predatory lenders and their less than ethical practices. Learning to protect yourself from these types of lenders and their practices can help you keep your financial future on track. What is Predatory Lending? Predatory lending occurs when a lender places unfair and even abusive terms on a borrower. While there is no exact definition for the name, these are often loans designed to force borrowers to default or go deeper in debt as they try to extricate themselves from the predatory loan terms. Predatory loans allow the lender to make as much money up front as possible with little regard for the borrower’s ability to repay the debt or recover from the financial mess it creates. Predatory Lending Practices Many lending practices identify a lender as a potentially predatory lender. If your lender employs any of these tactics, you might want to consider seeking assistance elsewhere. Protecting Yourself Protecting yourself from predatory lending practices is easy once you are on the lookout for their tell-tale signs. There are a few things you can do that will help you see them coming so you can completely steer clear of them. Protecting your financial interests by avoiding predatory lenders and loans can yield a reward in the long term even if means you do not get the loan you are seeking today to provide immediate relief.

Protect Yourself from Predatory Lenders

View Resource Protect Yourself from Predatory Lenders
Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. First Federal Lakewood recommends following these tips to keep your information, and your money, safe. 1. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. 2. Log out completely when you finish a mobile banking session. 3. Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software. 4. Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.” 5. Download the updates for your phone and mobile apps. 6. Avoid storing sensitive information like passwords or a Social Security number on your mobile device. 7. Tell your financial institution immediately if you change your phone number or lose your mobile device. 8. Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information. 9. Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. 10. Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected. 11. Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. 12. Report any suspected fraud to your bank immediately.

12 Ways to Protect Your Mobile Device

View Resource 12 Ways to Protect Your Mobile Device
Identity theft continues to be one of the fastest growing crimes in the United States. In 2017, there were 16.7 million victims of identity fraud in the U.S., according to Javelin Strategy and Research. We recommend following these tips to keep your information – and your money – safe. 1. Don’t share your secrets. Don’t provide your Social Security number or account information to anyone who contacts you online or over the phone. Protect your PINs and passwords and do not share them with anyone. Use a combination of letters and numbers for your passwords and change them periodically. Do not reveal sensitive or personal information on social networking sites. 2. Shred sensitive papers. Shred receipts, banks statements and unused credit card offers before throwing them away. 3. Keep an eye out for missing mail. Fraudsters look for monthly bank or credit card statements or other mail containing your financial information. Consider enrolling in online banking to reduce the likelihood of paper statements being stolen. Also, don’t mail bills from your own mailbox with the flag up. 4. Use online banking to protect yourself. Monitor your financial accounts regularly for fraudulent transactions. Sign up for text or email alerts from your bank for certain types of transactions, such as online purchases or transactions of more than $500. 5. Monitor your credit report. Order a free copy of your credit report every four months from one of the three credit reporting agencies at annualcreditreport.com. 6. Protect your computer. Make sure the virus protection software on your computer is active and up to date. When conducting business online, make sure your browser’s padlock or key icon is active. Also look for an “s” after the “http” to be sure the website is secure. 7. Protect your mobile device. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially for senders you don’t know. 8. Report any suspected fraud to your bank immediately.

8 Tips to Protect Your Identity

View Resource 8 Tips to Protect Your Identity
The number of companies offering their employees a Health Savings Account (HSA) continues to grow. With plenty of advantages for both employers and employees, implementing an HSA – if your company doesn’t already have one – can be a great idea. An HSA is a personal health care account that works with a qualified health plan. There are tax advantages for both the company and its employees, and typically both will save money on monthly health insurance costs as well. One area where your company can save is federal income tax. You can take a federal deduction for any contributions you make to your employees’ HSAs. This is a win-win for both employer and employee, since the contributions you make on their behalf help make an HSA an attractive benefit in the eyes of your employees. In fact, offering an HSA as part of your benefits package can help your company attract desirable new talent and keep the valued employees you already have. Why do employees like HSAs? Let’s start with the tax savings. There are actually three areas where an HSA offers tax benefits for employees. First, employee contributions are typically exempt from federal and state taxes in most states. Second, the earnings in an HSA – including interest, dividends and capital growth – will grow tax-free. Third, any withdrawals an employee makes from an HSA to pay for qualified medical expenses are also tax-free. HSAs can also be rolled over from one year to the next, and the nest egg of money that grows in the account can be used for retirement. That’s why it can be a good idea for employees to max out their HSA contributions if at all possible. With the future of Social Security uncertain, and the market conditions that affect 401(k) plans equally unpredictable, the funds in an HSA can be a great supplement to a retirement plan. Talk to your tax advisor to see if this works with your retirement goals. Additionally, withdrawals made for qualified medical expenses after retirement remain tax-free, and may be used to pay for a few things many employees aren’t aware of, including premiums for Medicare parts A, B and D, long-term care, dental care and a number of other healthcare expenses. If you have questions or would like more information about including a Health Savings Account benefit for your employees, please don’t hesitate to contact a member of our Business Banking team today.

Reasons to choose a health savings account for your employees.

View Resource Reasons to choose a health savings account for your employees.
A great apartment is hard to find. Unfortunately, your efforts might be made more difficult by the proliferation of housing scams that fill up the Internet and compete for coverage with the many legitimate apartments that are available in the communities you seek. The tips here will help you recognize and avoid housing scams and also help you understand what to do if you have fallen victim to one of the many apartments and housing scams out there today. Apartment Hunting Challenges Most people face significant challenges when apartment hunting in unfamiliar territory. That is quite common for students making the transition to work after college as well as those transferring to new jobs in new towns. Because you are not familiar with the area, you may not understand what a good deal for an apartment is and what is too good to be true. That does not mean you cannot find great deals looking online; you need to learn a few tactics to help you recognize and avoid scams. Recognizing a Scam Some common scams involve sub-leasing, so it is best to deal only with the property owner or a verified leasing agent. Make sure the owner of the property is identified in the lease you sign and make sure you get a copy of the document. Also, make sure you see the property and take a walkthrough of it before you sign any lease. Make sure the address on the contract matches the property you toured. Read the lease well. Some property agents list properties at terrific rates, but when you read the fine print, it might turn out to be a ‘per room’ rate. Without knowing it, you might sign a lease for a four-bedroom property and find yourself living with three strangers. Never send money, especially cash. There are two reasons for this. First, there is no evidence in cash transactions that you paid the rent. Second, there is no recourse with cash if it was a scam. Many credit cards and bank accounts offer some degree of fraud protection or the ability to stop payment on checks. Once you give someone cash, it is gone for good. Other signs of a potential scammer include the following: As you can see, there can be plenty of warning signs to watch out for – once you understand what they are. If You Are a Housing Scam Victim No one relishes the idea of being scammed when you are in the process of trying to find a new apartment. The problem is that many of these scams go unreported, leaving no indication wrongdoing has been committed and creating a situation where even more people fall victim to these tactics. These are some of the things you can do: You may or may not be able to get your money back this way, but you can take comfort in knowing that you are preventing others from falling victim to these scammers in the future by shining light on what the are doing. There are plenty of great deals available in communities of all shapes and sizes if you know what to look for — And what to avoid. Avoid these online housing scams to find an apartment that will meet your needs for this next adventure in life.

Housing Scams to Avoid

View Resource Housing Scams to Avoid
As people weigh future lifestyle options, one choice frequently being evaluated by individuals facing retirement, empty nesters, and professionals on the move is whether it is more advantageous to be a homeowner or a renter. There are some distinct advantages and disadvantages to both. This article explores a few of the more common pros and cons and offers insights and advice for making the transition easier. Advantages of Renting The benefits of renting vs. buying are more meaningful than you might imagine. One of the most significant advantages is the fact that you do not have to make a long-term commitment when renting. Home mortgages are financial commitments that you can only get out of by paying back the loan. In most cases, that means finding a buyer and using the sale proceeds to retire the mortgage. With a lease agreement, you are likely never required to commit to more than one year at a time, and some offer shorter term leases than that. Other pros to renting include the following: These are great pros to keep in mind. However, renting is not all roses and sunshine. There are some considerations to explore before you dive in and make a move. Cons The decision to rent usually means that you are no longer the King or Queen of your castle. You may face some unpleasant realities as you adjust to life as the renter of a property and not the owner. Some consideration to renting to keep in mind include the following: While many of these considerations will not affect your daily life as a renter, they are worth keeping in mind and can help you make decisions about which rental spaces are the best match for your needs. Making the Transition One of the most important things to do when making the transition from a homeowner to the role of a renter is to hang up your home repair toolbelt. It is someone else’s problem now! Beyond that, you will want to take care that you can fit comfortably within the rented space. That might mean parting ways with a few precious (and more than a few not-so-precious) possessions. Look at this as an opportunity to clear out the clutter in your life and share memories with friends and family. The most important thing you can do to make the transition easier is something mental. Understand that the space you live in does not define who you are. The apartment or rental home itself is not a reflection of you. However, the way you decorate your new home can reflect who you are to those who visit. While there are some cons to renting, going from being the homeowner to being the tenant is a great way to reduce your workload, free up valuable time and money for other pursuits, and to get more out of life.

Going from Homeowner to Renter

View Resource Going from Homeowner to Renter