New Tripoli Bank is pleased to announce the promotion of Jenna Smith to Assistant Vice President.

Jenna has been with New Tripoli Bank for 16 years, starting as a teller and then progressing through the branch network, moving up to Customer Service Representative, IRA Specialist, and Assistant Branch Manager. She was selected to fill the Branch Manager position for the bank’s Claussville office in 2019. Jenna is a certified IRA Services Professional and has completed the PA Bankers School of Banking. She is currently in her second year at the PA Bankers Advanced School of Banking.

New Tripoli Bank thanks Jenna for her dedication to the bank and wishes her continued success in her new position.

The jugger's dodge minivan pulling onto the street.

On November 18th around 11 AM, a bank jugging occurred at the ShopRite on Freemansburg Avenue in Bethlehem. The female victim, who had just left the Bank of America on Butztown Road and headed to the ShopRite, was followed by the depicted Dodge minivan, which had been parked next to the victim's vehicle at the bank, watching as the victim withdrew a sum of cash and put the envelope in her vehicle's glove box. Once at ShopRite, the person in the Dodge minivan waited for the victim to enter the store before exiting their minivan, smashing the victim's front passenger side window, and stole the envelope.

If anyone has any information relative to this incident, please contact Inv. Fox at (610)-419-9646 or email at efox@bethlehemtwp.com

This criminal act is referred to as "bank jugging." A criminal actor watches for people entering and leaving banks until they notice someone who they suspect has left the bank with cash on them. The actor then follows that person to their next location, before proceeding to take the money by force or breaking into the individual's car or home to steal the unattended cash.

The FBI offers several tips to avoid becoming a victim of bank jugging:

• Be on the lookout for individuals backed into parking spaces who do not exit their vehicle to conduct business.
• Be vigilant when using ATMs, as juggers typically target individuals using ATMs. However, individuals leaving the branch should exercise caution as they could also be targeted.
• Be vigilant when arriving and departing. Be aware of your surroundings and don’t leave your car or the building if you notice suspicious vehicles parked in or around the parking lot.
• Conceal your money before you leave the bank/credit union.
• Don't openly carry bank bags, envelopes or coin boxes.
• Watch for people following you.
• If you suspect you are being targeted/followed, call 911 and keep the dispatcher on the line to describe your location, where you are headed, etc. and keep driving until a marked police car finds you.
• Never leave a bank bag (hidden or not) in your car unattended.

As we head into November, the weather starts to get colder, the sun starts to get lower, and the holiday shopping season officially begins! With all the hustle and bustle of Black Friday deals and Cyber Monday discounts, trying to find the perfect gift, this time of year can be perilous for the unwary shopper. Every year around this time, incidents of fraud rise as criminals use the increased shopping activity to scam victims out of money, personal information, or even their purchases themselves.

Before you begin holiday shopping this year, take some time to familiarize yourself with the best practices for shopping safely. "Know Before You Shop" is critical to you having a happy holiday season!

Shop with reputable retailers

It’s best to shop directly with online retailers you know and trust. Bookmark your favorite shopping sites to get there quickly and safely. Avoid typing the name of the retailer into your browser bar.

A tiny typo could land you on a fake site that looks just like the real one. Many scammers create lookalike websites and buy URLs that are similar to legitimate retailers, in order to catch consumers who enter addresses containing typos. You might make a “purchase” on one of these illegitimate sites and unwittingly hand the scammers your credit card number and other personal info.

Vet new-to-you businesses

Did you spot an amazing product from a new seller? Make sure you do your homework and research any business you’ve never purchased from in the past. Look for online reviews and search the Better Business Bureau website for complaints. Check the “contact us” page on the website for a U.S. address and phone number. Then take it a step further: call the business to verify.

Why? The FBI reported that some scammers hijack the contact info of real U.S. businesses to make their shady site look legitimate.

Beware amazing deals

Did you spot an ad on Facebook or Instagram offering rock-bottom prices or an eye-popping offer of free stuff? Reports of lost money from social media scams have more than tripled in the past year, according to the U.S. Federal Trade Commission (FTC).

Remember, if an offer looks too good to be true, it probably is! The FBI found that many sites at the center of its recent spate of complaints were advertised on social media platforms.

Always compare prices before you buy. Abnormally low prices could be a red flag that you’ve landed on a fake site that’s been set up to snag your personal information or steal your money.

Don't browse on public Wi-Fi

Avoid shopping from public Wi-Fi next time you’re sipping a latte at your favorite coffee shop. The guy staring at his phone at the next table could be a hacker spying on your online activity.

Shopping online often requires giving out information that an ID thief would love to grab, including your name, address and credit card number. You should be mindful of your surroundings whenever you're entering personal information; you never know if someone is watching over your shoulder.

Check site security before you buy

Look for a lock icon in the browser bar of a site to verify that they use SSL (secure sockets layer) encryption. The URL should also start with “https” rather than just “http.”

Secure websites are configured to mask the data you share, such as passwords or financial info. Shopping exclusively on secure sites reduces the risk that your private information will be compromised while you shop.

Don’t fall for email scams

You might get emails or texts offering amazing bargains or claiming there’s been a problem with a package delivery. Delete suspicious messages from unfamiliar senders. Don’t open attachments or click links in unsolicited or unexpected messages, because they could infect your computer or phone with viruses and other malware that can steal your personal information or require costly removal.

Guard your personal information

Here’s a general rule: No shopping website should ever ask for your Social Security number. If a site does request this type of very personal information, run in the other direction!

Get in the habit of providing the minimum personal information necessary in order to complete your purchase.

Keep an eye out for fraud

Double-check your bank and credit card statements for fraudulent charges at least once a week. Alternatively, set up account alerts to notify you of any new activity on your card. When you receive a text or email notification, you can check your account to make sure you recognize the charge.

Mind the details

After you make the purchase, keep the details in a safe place. Hang onto the receipt, your order confirmation number and the tracking number the seller provides. If you have a problem with the order, this information will help you quickly resolve the issue.

Track your stuff

After you make an online purchase, keep tabs on it to make sure it’s headed your way. If the merchant refuses to provide shipping information or respond to your requests for the status of your order, contact your credit card issuer for help. They may remove the charge from your bill and look into the matter.

Report scammers

Did you get scammed? If so, file a complaint with the U.S. Federal Trade Commission and the FBI’s Internet Crime Complaint Center. Tip: If you suspect you may be a victim of ID theft, the FTC offers an identity theft recovery plan.

But following these online shopping safety tips may help you foil scammers and avoid becoming a target in the first place.

No one likes thinking about death, but it's something we all must face sooner or later. If you are dealing with a recent passing in your family or have a family member with a terminal illness, it's important to prepare yourself both financially and emotionally before making big decisions.

Take your time. Allow yourself to process your grief. Don't rush any decisions. At time of death, you can focus on dealing with doctors, funeral homes, and immediate family members. This will keep your thoughts organized and give you time to process your emotions before needing to worry about the decedent's finances.

When You Are Ready

Taking charge of financial affairs can help the healing process. It gives you something to focus on and allows you to feel in control. Since each estate is unique, it's important you consult with your own legal and accounting professionals to help guide you through the process.

• If you are a Trustee, the estate planning documents will provide you with access to funds for funeral and other death-related expenses.
• If you are a named executor, you will have to wait for court-appointed access to funds, but you should be able to retrieve the decedent's will from the safe deposit box.

Handling Retirement Benefits

If applicable, you should contact an HR representative of the decedent's employer for help with retirement plans. A surviving spouse can roll over money from their deceased spouse's retirement plan into their own IRA.

However, if you are considerably younger than your spouse, you may want to keep those assets in your spouse's retirement plan. This may allow you to access those assets sooner without penalty.

Covering Expenses

One of your biggest concerns following a death in the family will be ensuring the survivors can meet their financial obligations, while also handling legal and funeral costs. Make sure you have sufficient cash on hand to cover these costs. This may require you to take a part of your life insurance proceeds or other death benefits to increase your cash reserves. As a rule, try to keep at least 6 months' worth of living expenses in an easily accessible account, such as a checking or savings account. This will free your attention for other financial decisions.

If you were not the chief financial decision maker in your household, it may help to seek the advice of a fiduciary financial advisor. It's important that you contact a fiduciary specifically, as financial advisors fall into two categories: nonfiduciaries and fiduciaries. A fiduciary financial advisor is required, by law, to act in the best interest of their client, whereas nonfiduciary financial advisors can make decisions that put their own best interest before yours. You can find resources for getting in touch with vetted financial advisors at the websites for the Board Standards for Certified Financial Planners (www.cfp.net) or the Financial Planning Association (www.onefpa.org). Should you seek outside financial advice, make sure to wait until you are emotionally ready to handle this important decision. Be sure to carefully screen any financial advisors before you agree to work with anyone. 

Caring for Emotional Needs

If you're wondering whether you or someone close to the deceased could benefit from bereavement counseling or other support—the answer is most likely yes. You should never be afraid to ask for help if you're having trouble processing your grief. Your community may have mental health services, not to mention the supportive role offered by your local church, mosque, or synagogue.

You should consider creating a lasting memorial to the deceased. Finding a way to honor and remember the people you have lost can be an excellent source of healing for survivors. This could be something as simple as a brick paver in a memorial walkway to create a tangible remembrance that pays tribute to the life of your loved one. If your loved one favored an important cause, charity, or was very involved with their alma mater, consider setting up a scholarship or donation in their name.

What To Do When a Family Member Passes

There are a number of things you and your family will be required to do when one of your loved ones passes away. From a legal standpoint, there is nothing you need to do immediately after a family member's passing. Give yourself time to grieve over and process the loss. However, once you are ready, you will want to handle these things in the first few days:

1. Locate any health care powers of attorney, advance health care directives, funeral and burial instructions, etc. and review them for possible instructions about disposal of the body and funeral arrangements.
2. Locate any papers relating to prearranged funeral services or pre-purchased burial plots.
3. If your loved one has served in the U.S. Military, check the website www.USMilitary.about.com and search for information on Military Honors available at burial such as US Flag and Military Representative.
4. Contact the decedent's banks to see if they have any safe deposit boxes.
5. Locate the original copy of the will or trust, if there is one.
6. Locate all the legal and financial documents that pertain to the deceased person's assets such as deeds, vehicle titles, stocks, bonds and insurance policies.
7. Locate and secure important personal documents such as driver's license, social security card, passport, birth certificate, divorce decree, legal separation agreement, marriage license, military separation papers, citizenship and retirement documents.
8. Maintain a detailed list of all expenses relating to the final care and/or death of the decedent. You will probably be able to obtain reimbursement for these expenses from the decedent's estate or trust, and some of these expenses will be deductible for estate tax or income tax purposes.
9. Contact the deceased person's financial planner, CPA and estate planning attorney. They each need to know and will each have a role in helping you. The attorney will prepare any documents necessary to confirm the authority of the successor trustee of the trust. This will give the trustee access to assets within the trust to cover costs of the funeral and/or other related expenses.
10. Request a minimum of five death certificates from the funeral home. Most life insurance policies and related assets require an original certificate with the claim form.

Once you have made arrangements to meet with a fiduciary financial advisor, you can start working on the more complex financial issues that will arise with the passing of a loved one. Within the following week, you should:

1. Contact the insurance agent or agency handling each life insurance policy and request death benefit claim forms. If the deceased had a financial planner, they will often do this for you. Note that most insurers will usually cut a check relatively quickly following the death of a loved one. Do not feel compelled to invest this money immediately. Most insurance companies will let you keep the proceeds from a life insurance policy in an interest bearing cash account until you have a plan for investing it. If you know your loved one had a life insurance policy but you cannot find it, contact the American Council of Life Insurers (www.acli.com), which offers guidance in tracing missing policies.
2. Notify all other insurance carriers (i.e., health, long term care, umbrella, disability, accidental death, travel, vehicle, homeowners or renter's insurance).
3. Get a list of all the beneficiaries of the insurance policies with their age, relationship to deceased and their current address and phone number.
4. Contact the deceased's current and past employer(s) to see if any retirement plans or life insurance policies are in place and request the necessary claim forms. Many companies make every attempt to help the families of their employees after a death. They may immediately cut you a check for wages owed, vacation pay, sick pay, and life insurance benefits. If the death was the result of an accident on company time, there may also be accidental death and dismemberment benefits and you will also need to notify Worker's Comp in that instance.
5. Gather all of the decedent's bills and expenses that are coming due, bank and brokerage statements, and last year's tax return.
6. Locate and organize notes regarding assets and liabilities, such as promissory notes, loans, business interests, patents, and royalties.
7. Check with banks and credit card companies to see if there was additional life insurance connected with the decedent's accounts.
8. Contact all of the financial institutions that hold any assets of the deceased. Tell them you need the date of death values on each asset in each account. Ask them to send you a copy of this information. Note the name of the individual assisting you.
9. Locate and secure any items mentioned in a governing document, will or trust or documents of title.

Once you have the death certificate, there are several more steps you will need to take. You will have to:

1. Process life insurance claims.
2. Apply for Social Security benefits at 1 (800) 772-1213 (and/or the Veteran's Office at (916) 731-7300 if applicable) and inform them of the death of the individual. Otherwise, you'll be required to pay back any monies overpaid to the decedent. Many times the funeral home will have notified Social Security; confirm this with them.
3. Close credit card accounts and destroy credit cards.
4. Notify banks and brokerage firms and remove the deceased's name from any joint accounts.
5. Meet with the deceased's or your financial advisor, as appropriate, to develop a long-term investment plan for the estate assets, including any life insurance benefits to be received.

Within the following weeks, you will also need to:

• Gather the legal documents (deeds, promissory notes, deeds of trust, loan or real estate documents), estate planning documents (such as wills and trusts), all current and/or past due bills, statements, claims forms, etc., and set up an initial meeting with the fiduciary, CPA and the estate planning attorney to identify what needs to be done and coordinate who will do it.
• Lodge the original will with the court in the county of his/her legal residence.
• Meet with an attorney to determine whether a petition for probate of the will must be filed.
• Begin preparing for filing the estate tax return (Form 706). Some of the forms and documents you have been collecting will be needed by your CPA or attorney to document date of death calculations for that return.
• Your attorney or CPA can assist you with finalizing and understanding any legal documents and/or forms that you have received.
• The fiduciary financial advisor and estate attorney can also assist you with funding the trusts (if applicable) and with making distributions to any beneficiaries.
• The fiduciary financial advisor and CPA can help you make IRA and pension plan election decisions.

This information is provided as a guide for general information purposes only. New Tripoli Bank does not warrant the accuracy and completeness of this material. This information is not considered a recommendation to buy or sell any investment or insurance. We strongly recommend you consult an attorney or tax and estate planning expert for specific guidance.

Each year older adults lose billions of dollars to financial exploitation. Defined as the illegal or improper use of an older person’s funds, property or assets, elder financial exploitation (EFE) is a devastating crime. It not only impacts an elder’s financial situation, but often takes an emotional toll as well. Victims of such abuse frequently experience intense feelings of fear, depression, anger, and humiliation. In turn, abused elders may be at risk of poorer health outcomes and increased mortality relative to their counterparts.

Fraudsters prey on elders because as a whole, older adults possess more financial assets than other demographics. Seniors tend to own their own homes, have accrued savings over their lifetimes, generally have better credit and tend to be more trusting of others relative to younger populations. Consequently, criminals have engineered specific scams, such as the grandparent scam and other impostor scams, to target America’s elderly.

We have a larger resource page devoted to Elder Financial Exploitation that you can read to help you recognize the warning signs of abuse and provides resources you can use to protect those you feel may be victims of abuse. This article is simply meant to be a resource of the most commonly reported types of elder abuse scams.

Medicare / Health Insurance Scam

Every U.S. citizen over the age of 65 automatically qualifies for Medicare, so scammers do not have to research which health insurance provider they are using. The scam artists pose as Medicare representatives and try to get seniors’ personal information. They may offer services that the senior doesn’t need via the telephone or a “mobile unit” then try to bill Medicare for these fake or unnecessary tests/medications/etc. Seniors may get in trouble with Medicare or even be out money for “co-pays.”

Counterfeit Prescription Drugs

Mostly online scams, the FDA investigates upwards of 20 counterfeit prescription drug scams per year, up from five annually in the 1990s. Not only are seniors losing money on fraudulent prescriptions, but they may also harm themselves by taking unsafe substances rather than their real medication. Cheaper is not always better.

Funeral and Cemetery Scams

Scammers scour the obituaries or funeral home websites and reach out to survivors right before, during or right after the funeral to inform the bereaved family that the deceased owes a debt that was overdue at his/her death and needs to be repaid post haste to prevent besmirching the deceased’s reputation. The scammer plays on the grief of the bereaved family while seemingly being sympathetic. Another situation that can happen is that disreputable funeral homes will take advantage of grieving families who are unfamiliar with the details around funeral costs, adding on unnecessary or fraudulent extras to the bill. They play on the grief of the bereaved family by reassuring them that they want the absolute best for their loved one, including a very expensive casket for a cremation when only a cardboard box is required.

Fraudulent Anti-aging Products

In a society that stigmatizes aging, it is easy to understand why people may fall for scams that offer them the fountain of youth. Many older Americans seek out new treatments and medications to maintain a youthful appearance, putting them on scammers’ radars. Whether it’s the ever-popular fake Botox or fraudulent “homeopathic” remedies that do absolutely nothing, there is big money in the anti-aging business. Botox scams are particularly unsettling, because renegade labs creating versions of the real thing may still be working with the root ingredient, botulism neurotoxin, which is one of the most toxic substances known to science. A bad batch can have serious health consequences. As a result, the consumer may also have to incur unexpected medical expenses to address any adverse effects in addition to paying for the fake Botox.

Telemarketing / Phone Scams

Since many seniors are happy to talk to anyone willing to talk to them, phone scams are highly prevalent. Seniors also are more likely to purchase items over the telephone versus the internet, as a result, there is no paper trail, making these transactions almost impossible to trace. Also, once a scammer is successful with a telemarketing scam, s/he may “share the wealth” by spreading the susceptible senior’s information. There are several types of telemarketing scams including:

• The pigeon drop – scammer tells the senior they found a large sum of money that they are willing to split if the senior will provide a “good faith” payment by withdrawing money from their bank account. Often, there is a second con artist involved who portrays a “trustworthy” participant, such as a lawyer or officer.
• Fake accident – the scammer convinces the senior that a relative or close friend has been in an accident and needs the money for treatment.
• Fake charities – scammers will call seniors soliciting donations for fake charities. Names will be similar to well-known charities to create the belief that they are legitimate. These scams are particularly popular after natural disasters.

Internet Scams

Seniors fall victim to clicking on pop-up windows offering updated virus protection that look legitimate. They are scams that will either require a large sum to “purchase” or that upload an actual virus to the computer that grants the scammer access to personal information. The scammer may even install ransomware and demand a payment to let the senior regain control of their information. Email phishing scams are also popular. Someone pretends to be from their bank, the IRS or some other official entity that needs to verify the personal information of the senior. Seniors may also fall victim to a “Work From Home” money claim from an Internet ad or email. The offer may involve the senior needing to pay for “training” or special “equipment” to begin making the money.

Investment Schemes

When they retire, seniors are often looking for ways to maximize their savings while minimizing risks. Pyramid schemes, such as investment opportunities offered by a fabled Nigerian prince, are simply too good to be true. They are designed to take advantage of people and steal their financial resources. No legitimate investment will require up front money to reap astronomical returns within unrealistic timeframes.

Homeowners / Reverse Mortgage Scams

This encompasses two distinct scams. The first involves a con artist who poses as a tax official offering to reassess the senior’s property for tax purposes. The scam is predicated on the notion that the senior’s tax debt could be lowered. The con artist charges a fee for this “reassessment,” which is fraudulent. The second revolves around pressuring seniors to obtain a reverse mortgage to access the equity in their home. Typically, scammers are lurking to perform “necessary home repairs” to take advantage of the windfall of cash the senior receives from the reverse mortgage. Since real estate generally encompasses a large portion of a senior’s wealth, obtaining a reverse mortgage may effectively become the tool to deplete their largest asset.

Sweepstakes and Lottery Scams

While not limited to seniors, these scams use the lure of free money to convince consumers to divulge sensitive information or send funds to a con artist. Seniors receive a communication via email, mail, phone call or sometimes even in person. They have won a prize from some contest they don’t even remember entering. Before they can get the entire amount, they must deposit a partial amount to “verify” their bank account information. They are then asked to repay that amount to the scammer before the fraudulent check has been returned. By the time the check is returned as a fraud, the scammer is long gone with money they got from the senior.

Impostor Scams

This one seems particularly egregious because it can pull on the heartstrings of the senior involved depending on the persona adopted by the scammer. The scammer may call and pretend to be an IRS agent or from another official entity, such as the local utility company or even their bank. The scammer will then claim that the senior owes money that must be repaid immediately, or charges will be filed. Alternatively, the scammer may try a more personal approach by self-identifying as the senior’s favorite grandchild/niece/nephew/etc., in need of money. It may just be a “loan,” to address an urgent situation like a car repair, late rent, school tuition, or something along those lines. The scammer implores the senior not to tell mom or dad and states that s/he will pay the senior back. The scammer will then provide a Western Union or MoneyGram location to pick up the money.

Check Fraud

There are several variations of check fraud. The senior may write a check to someone, and that person alters the amount or orders checks with a new address to write fraudulent checks. Blank checks could be stolen and forged for any amount, or scammers could ask the senior for help “clearing” a check because s/he does not have a local bank account but needs the money quickly. The senior deposits the fraudulent check and writes one to the scammer. By the time the check is returned, the scammer and the money are long gone. The scammer may also write checks of larger and larger amounts with the senior until they get the amount they want, and then disappear.

Managing money as an adult can be stressful. Between checking accounts, savings accounts, IRAs, 401(k)s, bills, mortgages, loans, and more, handling personal finances can be a lot to think about. If the prospect of looking at your budget stresses you out and causes you to put off important financial decisions, it might be time to simplify! With some effort and commitment, you can streamline your personal finances and save yourself time, effort, and money in the future.

Here are some steps you can take to ease your financial stress.

Automate Your Bills

The best way to lighten the load of financial decisions you make each month is to let your financial institution do it for you! Putting all your recurring bills on autopilot can save you significant time and hassle each month. This includes things like credit cards, utilities, insurance, loans, mortgage, and rent. Additionally, automation means you will never have to worry about being late on your payments!

New Tripoli Bank’s online and mobile banking tools both have a Pay My Bills service where you can set up automatic bill payments.

Go Paperless

Nobody likes paperwork—it creates a huge mess and often you forget about or misplace important documents. There’s nothing worse than finding an overdue bill in what you thought was a pile of junk mail!

Many services allow customers to opt-in to paperless statements. They will keep important documents in your online account, where you can access them at any time. Not only do you remove the stress of losing your bills, you’re also reducing the clutter in your home!

New Tripoli Bank offers our customers paperless eStatements that are emailed at the end of each month and accessible via our online and mobile banking platforms.

Consolidate Accounts

It can be easy to accumulate multiple checking, savings, CDs, loan, and retirement accounts over the years without realizing it. As you hop between financial institutions or start retirement accounts upon being hired at a new job, you leave many accounts floating around that you may forget about. These accounts could cost you money, as is the case for some 401(k)s, where the service fees were previously handled by an employer you no longer work for.

Take some time to identify these accounts and consider consolidating them into your more active accounts. You should close checking and savings accounts with your previous banks and transfer the funds into your current bank. Consider rolling your 401(k)s from former employers into the retirement account connected to your current job. You’ll benefit from having all your funds in one spot for easy access while also minimizing maintenance fees.

You may also want to look at bundling your insurance policies, as many companies offer significant discounts to consumers who take out multiple policies from the same insurer.

Use One Credit Card

Credit card bills are the primary source of stress for modern consumers. If you’re someone who looks for the best deals and rewards with each credit card, it can be easy to find yourself with multiple credit accounts.

You should consider reducing your credit card usage down to a single card. Pick the credit card company that offers you the most in return—cash back, travel rewards, or other perks—and commit to using only that credit card. This will leave you with one bill to pay each month, with the added benefit that your single statement is much easier to monitor for errors or fraud.

Remember that cancelling your credit cards can negatively impact your credit score—we’re simply you to commit to using one. Consider storing the unused cards in a safe place.

Pay Down Debt

This step is obvious but it’s worth bringing up. We’ve put out a few articles on how to effectively pay down debt, but the short explanation is you should prioritize your debt based on interest rate.

List your debts from highest to lowest interest rate, then focus on putting the extra money from your monthly budget into paying down the balance on the highest interest rate. When that debt is paid off, move down the list, paying down the debt with the next-highest interest rate and so on. While this is a slow process, you’ll end up paying less money in the long term on compounded interest.

Set Savings to Automatic

If you have the capability to save money each month after paying for bills and necessities, you should consider setting up an automatic transfer of money from your main account into a savings account. This takes the responsibility of saving your money out of your hands, with the added benefit of making sure that money is tucked away before you have a chance to spend it.

New Tripoli Bank customers can set up automated, recurring transfers between their accounts utilizing our online and mobile banking tools.

Focus on Important Goals

It is a great thing to have financial goals. Whether you’re planning to buy a car, a home, or simply looking to retire with a sizeable nest egg, these goals help focus your budget and save effectively. Just make sure you’re not biting off more than you can chew!

Try to limit yourself to one or two big savings goals at a time. Ideally one of them should be saving for retirement, since you want to get a jump start to take advantage of compounding interest. But you should set another savings goal, then focus on completing that goal before moving onto another. You’ll find that limiting yourself helps you reach each goal faster.

Conclusion

The one thing to remember when you set out to simplify your financial life is this: you’re committing to a lot of legwork upfront to ease your stress in the long run. Take some time to plan out what you want to accomplish and set some realistic targets that you can hit.

If you need help simplifying your financial life, New Tripoli Bank has the tools you need to take some of the financial burden off your shoulders. Consider signing up for one of our free checking accounts, which gives you access to online banking tools like automated bill payments, money management tools, and paperless eStatements. We also have knowledgeable friendly staff who are always ready to help our customers simplify their financial life.

The paperwork has been signed, your new living room is full of several cardboard boxes labeled “clothes” and “silverware” and such, and the keys to your new home are resting safely in the palm of your hand. A wave of relief washes over you as you realize the last year of house hunting, mortgage shopping, and seemingly endless stacks of paperwork is finally over and you’re ready to settle into your new residence.

Now the real work begins!

While you’re officially a home owner, this doesn’t give you permission to treat your finances more leisurely. In fact, all that advice you followed and those good financial habits you developed leading up to this point will help you as you focus on keeping your finances healthy now that you’re a home owner. At this stage, you’ve probably already calculated how much home you could afford, saved funds for your down payment, and experienced the loan application process. Now it’s time to apply that knowledge to budget as a home owner and keep that momentum going, building a solid foundation for your future.

Build a Foundation for Your Budget

By the time you purchase a house, you should have plenty of practice budgeting. It can be tempting, after finally achieving the goal of home ownership, to take a break from worrying about your finances, but this is precisely the time when it’s more important than ever that you establish a homeowner-oriented financial plan.

Your budget should take into account all the costs that come with owning a home. This includes mortgage payments, increased expenses associated with higher utility costs, homeowner’s association or condo fees, and saving for maintenance or repairs. Those last two can be a bit of a surprise for home owners transitioning from renting to owning, where the landlord foots the bill for maintenance and repairs.

The average homeowner spends $2,000 per year for things like landscaping, housekeeping and repairs. This amount trends higher when you include larger expenses like replacing an HVAC system or repairing a roof, both of which can easily top $5,000.

You should speak with your community bank about setting up a home savings fund where you can save up for more expensive projects. Extensive repairs or renovations to your home can cost upwards of $15,000 depending on the size of the project, which leads many people to take out home equity loans to pay for home repair. However, by putting money away in a savings account, you will be able to pay cash for these services instead and avoid high interest rates and finance charges.

It can also be helpful, budget-permitting, to prioritize paying off existing debt like car loans, student loan payments, or credit card debt to free up additional funds that you can funnel into your home savings fund. Of course, you should take into account how much of your income you can devote to debt, mortgage, and saving while still leaving enough spending for food, utilities, and other necessities.

Reassess Your Long-Term Savings Goals

It can be easy to lose sight of other long-term financial goals while balancing your budget around home ownership. Mortgage payments, home repair funds, and daily living expenses are immediate and necessary, but it’s just as important to make sure your budget includes saving for retirement. No one wants to hit retirement age unable to retire due to lack of foresight!

If your employer offers a 401(k) or similar retirement account, check your monthly contribution rate to make sure it fits within your budget. Once you’re comfortable with your balance between mortgage payments, monthly bills, and other expenditures, you should consider increasing your retirement contributions to more quickly fund your nest egg.

Depending on the situation, you could have many different savings goals in mind when you sit down to plan out your budget. Things like an emergency fund for non-housing related expenses or college savings accounts for your children may also be on your list of goals. For an emergency fund, it is advisable to save at least three to six months’ worth of regular expenses in a savings account that you can quickly withdraw in the case of an emergency.

Should you find yourself struggling to set money aside for non-discretionary spending on top of your financial responsibilities as a new home owner, it can help to categorize your monthly expenses into “wants” and “needs” so you can identify spots in your budget where you might be able to tighten your belt to meet your savings goals. New Tripoli Bank’s online banking tool features a Manage My Money option that can help you organize your spending and better visualize how much you spend on certain things.

Conclusion

After the stressful experience of purchasing a home, it is as important as ever to focus on your finances and make sure you can live comfortably, with your financial future secure.

Spend some time going over your budget and make sure you include things like mortgage payments, a home savings fund, retirement savings, and an emergency fund in addition to your monthly living expenses. This provides a holistic view of your financial situation and lets you identify where you can increase your spending or where you need to decrease spending. Make sure you work out a budget that covers all your ongoing home costs as well as setting money aside for repairs and improvements. However, don’t neglect your long-term savings goals like retirement.

Buying a home can take the weight of certain financial obligations off your shoulders, but in their place can add new challenges. If you’re looking for help getting your budget in order, consider opening a savings account with New Tripoli Bank; we’re more than happy to help you reach your financial goals! With proper planning, you can prevent yourself from becoming overwhelmed or in debt. Ideally, preparing yourself financially begins before you purchase a home, but it’s never too late to start making planning a priority.

In recognition of World Password Day, New Tripoli Bank would like to remind our customers and members of our community that they should be taking steps to safeguard their personal account information, including their password, and to make sure they know what to do if they suspect they have been affected by a reported breach.

With more consumers doing their shopping and financial transactions online, it is more important than ever to prevent cybercriminal activity, the bulk of which originates as phishing attacks and costs and estimated $17,700 every minute, according to a press release from the Independent Community Bankers of America. However, by staying alert and practicing proper cybersecurity, all of us can make a difference and ensure a safer and more resilient internet for everyone.

Reducing Your Risk

While there is no foolproof way to avoid online identity theft, you can minimize your risk by:

• Limiting what information you disclose—Never respond to texts, emails, or phone calls requesting sensitive personal information or financial information such as your banking ID, account numbers, username, or passwords, even if the messages appear to originate from your financial institution, government agencies, or officials from companies with whom you have a relationship. This is the most common form of phishing.
• Taking advantage of security features—Regularly update your computer security software and apply software updates to your computer system, mobile devices, web browsers and operating system when prompted. This will keep you up to date and improve your defenses against viruses, malware, and other online threats.
• Monitoring account activity—Carefully review your bank statements and regularly check your credit report for unusual or unexplained transactions, unknown accounts in your name, or unexpected denials on your card. Report any suspicious activity to your financial institution immediately.

Respond to a Data Breach

Unfortunately, data breaches do happen, which is why it's important to know the steps you can take to minimize your risk in the event of a breach.

• Consider a security freeze on your credit report to restrict access to your credit file. You can visit the credit reporting agencies websites or call them to put the freeze on your report:
  • Equifax: Equifax.com | Phone: (888) 766-0008
  • Experian: Experian.com | Phone: (888) 397-3742
  • Trans Union: TransUnion.com | (800) 680-7289
• Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
• Shred documents with personal or sensitive information before disposing of them.
• Change your passwords frequently and make sure to use strong passwords. A strong password is one that is at least 8 characters long and includes both capital and lowercase letters as well as numbers and symbols. You can watch our 2019 security seminar for more tips on cybersecurity.
• Report stolen financial information, accounts, or identities and other cybercrime to your financial institution, the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

You can learn more about how to protect yourself online at the Stay Safe Online website.

At New Tripoli Bank, we try to live up to our motto "People are More Valuable Than Money" by donating money to local organizations that make our community stronger.

2020 was a difficult year for a lot of people which is why it was more important than ever that New Tripoli Bank made sure local organizations had the resources they needed. This included donations to educational foundations, EMS companies, food pantries, fire companies, and historical societies, as well as sponsoring the many local events these organizations hold throughout the year. We hope you are proud of us and we thank all of our customers for their loyalty and confidence in us.

Here's a look back on a remarkable year of giving from New Tripoli Bank.