Former Federal Reserve Chairman Alan Greenspan once stated, "Financial education is a process that should begin at an early age and continue throughout life. This cumulative process builds the skills necessary for making critical financial decisions."

At New Tripoli Bank, we understand the importance of helping our community's youth establish a strong financial foundation where they can understand basic concepts like budgeting, simple interest, and establishing and maintaining good credit and synthesize those concepts into good financial choices.

According to the Council for Economic Education's 2020 Survey of the States, only 21 states in the U.S. require high school students to take a course in personal finance in order to graduate. While this is an improvement since the CEE's first survey in 1998, there remains a sizeable financial education knowledge gap.

New Tripoli Bank believes that financial capability education improves the financial health outlook for our youth and prepares them for unexpected financial situations. It is important that young adults know what to expect from significant life milestones like paying for college, purchasing a home, opening a business, or building a nest egg. To that end, New Tripoli Bank works in association with Cemark to provide financial literacy resources to local schools around the Lehigh Valley.

For Financial Literacy Month, New Tripoli Bank wants to offer the following tips to students and their parents on how to shore up money management skills and prepare for the post-graduate workforce:

• Set Specific Measurable Attainable Realistic Trackable goals. Prioritize achievable savings goals—whether it's saving for a computer or building an emergency fund—and make sure saving for that goal fits within your means. Create a plan of action and follow up by measuring your progress over time.
• Start a savings account (if you don't have one already). New Tripoli Bank offers automatic transfer services to move a set amount from your checking account to savings so you can save monthly without having to remember yourself.
• For working-age students, consider part-time or seasonal employment. You will learn more about personal responsibility and have an opportunity to practice managing expenses.
• Track your spending and avoid making impulse purchases. Create a budget and review it periodically to make necessary adjustments.
• Gain perspective about risk and reward. Knowing how stocks, bonds and mutual funds can affect an investment portfolio shows you how financial decisions can grow—or shrink—your savings. Some high school classes and financial literacy-based websites, provide simulations of how these investments work in the real world.
• Learn about credit scores—a representation of your financial past, present, and future. New Tripoli Bank can offer tips to help you establish and maintain good credit.

Having the knowledge about how to best manage your money is just the start. When young adults practice proper money management techniques early, they're more inclined to make effective financial decisions throughout life. The sooner your children start to grasp these concepts, the more apt they'll be for a better financial future.

New Tripoli Bank is pleased to announce the promotion of Sundra Sherwin to Vice President of Branch Administration as well as the promotion of Mike Koch to Branch Manager for the Buckeye Office.

Sundra has over 20 years of banking experience and has been with New Tripoli Bank for 14 years, serving in various positions within the branch network, most recently as Senior Branch Manager of the Buckeye Office. She is a graduate of the PA Banker’s School of Banking. Her new position will have her focusing on staff training, business development, bank policies and programs.

Mike has been with the bank for 16 years and has worked in every position in the bank branches, beginning as a Teller in 2005 and most recently holding the title of Assistant Branch Manager for the Buckeye Office.

New Tripoli Bank wants to thank both Sundra and Mike for their dedication to the bank and wish them both success in their new positions.

Thanks to the American Rescue Plan Act of 2021 signed into law by President Biden on March 11, 2021, millions of Americans will be receiving another check from the federal government to help with economic difficulties caused by the pandemic.

As always when it comes to these big pieces of legislation, there are sure to be plenty of questions. How much will you get? When will the payment arrive? How do you get the money into your account? Please take the time to read through this FAQ so you know what to expect.

Am I eligible to receive an Economic Impact Payment? How much will I get?

Individuals earning $75,000 or less will receive a new payment of $1,400, as will heads of households earning up to $112,500. Couples earning $150,000 or less will get $2,800. Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $160,000, and single parents making more than $120,000. Qualifying parents of children will receive an extra $1,400 per child. That means a married couple with two dependent children may receive $5,600. Also, for this round, dependents now include 17-year-olds, as well as college students, older adults and children of all ages with certain disabilities who are claimed on tax returns.

The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.

Will my financial institution know when I am scheduled to receive my Economic Impact Payment?

No, those payments are issued by the IRS, not your financial institution. You can visit the https://www.irs.gov/coronavirus/get-my-payment for more details, including the status of the payment and a link to many frequently asked questions.

How will I receive my payment?

The IRS will automatically issue your payment via direct deposit to the bank account it has on file based on the information you provided on your tax return. Electronically generated direct deposits are typically the first to go out.

If the IRS does not have direct deposit information, you will be mailed either a paper check or a debit card to your address on file with the IRS. You won’t be able to choose between a paper check or debit card. In fact, some people who received a check in an earlier round of payments could receive a debit card this time, and vice versa. The IRS says to carefully check your mail, so you don’t accidentally throw out the check or debit card. Paper checks will arrive in a white envelope with the U.S. Department of the Treasury seal on the upper left side. The debit cards will arrive in a white envelope that prominently displays the U.S. Department of the Treasury seal, and the envelope will also state “Not a bill or an advertisement. Important information about your Economic Impact Payment.”

It will likely be several days to weeks for mailed paper checks or debit cards to arrive.

The IRS will send you a paper notice in the mail within a few weeks after any payment is sent. It will include information about what form the payment was made and where it was sent.

If you received your payment by mail in the first two rounds, it is recommended that you include your direct deposit bank account information on your 2020 tax return if you are expecting a refund. It is also recommended to file your return as quickly as possible. While there is no guarantee, this could lead to you receiving your next economic impact payment electronically.

What if I’m on Social Security and don’t need to file a tax return?

Your payment will be deposited directly to the bank account where you automatically receive your Social Security payment. A check will be mailed to you if you normally receive a paper check for your Social Security payment.

Someone I know already got their payment, why don’t I have mine yet?

Not all payments will go out at once. During the first two rounds, electronic payments were the first to be made, but they were staggered and were not all released at the same time. Checks and debit cards were the next to be sent and they are dependent on regular mail delivery. The whole process is likely to take several weeks.

How will I know when my federally-issued electronic payment arrives?

You can check your bank account at any time of the day or night, using our mobile banking app or online banking. You can also set up an alert via our mobile app or your online banking account that will notify you via text or email as soon as a direct deposit has been made.

How can I deposit my check if I receive it by mail?

The quickest and most convenient option for depositing your check is Mobile Deposit.  Simply use your smartphone or tablet and our mobile banking app to make a deposit any time.

Other deposit options include visiting a branch or using an ATM that accepts deposits.

How does the debit card work?

If you receive the Visa debit card, which is managed by Money Network Financial LLC and has the name MetaBank on the back, you can visit www.EIPcard.com for information about how to activate and use it, or view the debit card FAQ. Before using the card, you will need to activate it, set a PIN, and sign the back. You’ll be able to use the card for in-store, online, and phone payments, and can get cash at an ATM. However, please be aware that there is a charge for using this debit card at a New Tripoli Bank ATM.

What happens if I don’t receive my Economic Impact Payment?                                                                                        

The IRS says “if you filed taxes using an online tax-preparation service or software, it’s possible that your payment will be sent to a temporary bank account that has since been closed. Tax preparers customarily set up such so-called Refund Transfer accounts so they can deduct authorized fees before passing the balance along to the recipient and closing the account.

If your payment is sent to a closed account, the financial institution is required by law to ‘bounce’ the funds back to the IRS. If this happens (or if you receive no payment or the wrong amount for other reasons), your only recourse may be to claim a Recovery Rebate Credit when you file your 2020 taxes.”

My bank account information has changed or was incorrect, what can I do?

According to the IRS, your payment information can’t be changed at this time. It says that “If you don’t get a payment and you’re eligible to receive one, you can claim the Recovery Rebate Credit on your 2020 tax return.”

What happens if the post office was unable to deliver my payment?

If your payment is not deliverable or is returned to the IRS for other reasons, you will need to claim the Recovery Rebate Credit when you file your 2020 tax return. Be sure to include your current address on your return so the IRS can update your information.

What if my address was changed or is wrong?

If your payment can’t be delivered to you for any reason and is returned to the IRS, you’ll need to claim the Recovery Rebate Credit on your 2020 return.

What is the Recovery Rebate Credit?

The credit is the money you receive in Economic Impact Payments. If you do not receive the amount you are entitled to, you can apply to receive those funds when you file your 2020 tax return. You can visit the IRS website for more information about the Recovery Rebate Credit.

Is the money I receive taxable?

No. The IRS says this money is not income, so you won’t owe federal taxes on it; it won’t affect any expected federal income tax refund; and it won’t affect your income when it comes to determining eligibility for federal assistance or benefit programs. Some states may consider this as taxable income; check with your tax preparer or your state tax department for more information.

Should I be worried about Economic Impact Payment scams?

Scams are always a concern when money is involved, so you should be on the lookout. Some possible scams include:

• Emails or texts that try to get you to click on a link that then takes you to a form that asks you for personal information so you can get any payment that you are owed. Do not respond to any email or text asking for personal information.
• Phone calls where someone claims to be from a federal agency such as the IRS or Treasury Department. Never assume an incoming call is from an authorized person especially if they are asking for personal information.
• People who contact you claiming that you can get your payment faster by paying a small fee by using either a gift card or prepaid debit card. Always be cautious when working with any person or business you do not know or cannot verify.
• Someone calls you and demands personal information such as bank account numbers or your Social Security number right away or you’ll lose your benefits. This is almost always a sure sign of a scam.

In general, you should be aware that federal agencies won’t ask you to pay anything up front to get your payment, and they won’t call, email, text, or reach out to you via social media to request your bank account or Social Security number, or to verify personal information.

Phishing scams have taken many forms throughout the years and it can sometimes be difficult to keep up with the new tools that hackers have developed to steal consumers’ personal and financial data. Since the internet boom in the early 2000’s, one of the more common methods has been creating domain names and web pages that are virtually indistinguishable from actual websites, then sending links to these websites to vulnerable users’ emails. 1,500,000 new phishing webpages are created per month, so it’s clear this problem is not slowing down anytime soon.

A recent alert from security specialists has drawn attention to cybercriminals who have developed a way to make these look-alike pages even more convincing. Scammers use a special tool that automatically displays your organization’s name and logo on the phony login page. They can even use this tool to populate your email address in the corresponding login field. This creates a false sense of security because many legitimate websites remember your username if you have logged in previously.

To add another layer of sophistication, savvy hackers will “spear phish” in an attempt to increase an email’s apparent legitimacy. Spear phishing involves researching their target so they can include personal information harvested from public sites like Facebook or Instagram in the email. Including these details is intended to trick consumers into overlooking the other more suspicious parts of the email and get them to click the links, open the attachments, or input their information into login pages.

While phishing is still very common and getting more sophisticated, so do fraud prevention techniques and technologies. There are two steps you can take to maintain your security: anti-phishing training and anti-phishing software. You should rely on either of these independently – but instead use them together to protect yourself.

Here are some anti-phishing habits you should become accustomed to in order to protect yourself:

• Never click a link in an unexpected email. Most important communication is either expected or will use more direct methods of contact.
• Remember that any site, brand, or service can be spoofed. Cybercriminals rely on your trust in a brand in order to get you to let down your guard.
• When you’re asked to log into an account or online service, navigate to the official website and log in. That way, you can ensure you’re logging in to the real site and not a phony look-a-like.
• Make sure you are using a secure internet connection. Before submitting personal information, ensure your connection to the website is secure by checking for “https://” in the address bar in your browser. If the site begins with “http://” the connection is unsecured. There should also be a “lock” icon in your browser’s status bar that verifies a secure connection.
• If your email doesn’t already have built-in fraud protection, you can look into third party security software for added protection. These programs are kept up-to-date so as the cybercriminals methods evolve, your protection will also keep up.
• Install a firewall. Firewalls prevent attacks on your computer from the internet by identifying malicious connections.
• Keep your browser, anti-virus, anti-spyware, and firewall up to date.
• Avoid emailing personal and/or financial information. Email systems are not encrypted by default and therefore your data could be intercepted by hackers.

This article uses information from https://www.revbits.com/blogs/lookalike-login-pages and "Scam of the Week" from https://blog.knowbe4.com/

We understand how difficult this past year has been for our customers and community dealing with the COVID-19 pandemic. New Tripoli Bank is pleased to announce starting Monday, March 8th, 2021, we will be re-opening our lobbies to the general public. We will continue to follow the recommendations from the CDC and health experts to ensure our branch offices are safe for in-person banking while continuing to offer our drive-up, ATM, online, and mobile banking tools for those of you who choose to use contactless methods.

When visiting a New Tripoli Bank branch office, we ask that everyone follow these safety precautions to mitigate the risk to visitors as well as bank employees:

• All visitors and employees must wear masks at all times when in contact with one another.
• Free sanitizing stations will be available at lobby entrances.
• Desks, workstations, and other surfaces will be sanitized.
• Plexiglass shields will be at every desk and teller window for added safety.
• Social distancing guidelines will be enforced with 6-foot markers in place and lobby furniture spread out to maintain distancing.
• You may be asked to temporarily remove your mask for identification purposes.

If you'd rather opt for contactless methods of banking, we have multiple ways for you to access your funds:

• Drive-up banking
• ATM service
• Online banking tools
• Mobile banking app

It is our goal at New Tripoli Bank to let you experience community banking the way it fits best for you. Whether you continue to use our contactless banking services or stop by our branch offices, we thank you for your patience and understanding over the last year as we all work to ensure the health and safety of our community.

We're looking forward to seeing you soon!

The Federal Bureau of Investigation (FBI), Department of Health and Human Services Office of Inspector General (HHS-OIG), and Centers for Medicare & Medicaid Services (CMS) are warning the public about several emerging fraud schemes related to COVID19 vaccines. The FBI, HHS-OIG, and CMS have received complaints of scammers using the public’s interest in COVID-19 vaccines to obtain personally identifiable information (PII) and money through various schemes. We continue to work diligently with law enforcement partners and the private sector to identify cyber threats and fraud in all forms.

The public should be aware of the following potential indicators of fraudulent activity:

• Advertisements or offers for early access to a vaccine upon payment of a deposit or fee
• Requests asking you to pay out of pocket to obtain the vaccine or to put your name on a COVID-19 vaccine waiting list
• Offers to undergo additional medical testing or procedures when obtaining a vaccine
• Marketers offering to sell and/or ship doses of a vaccine, domestically or internationally, in exchange for payment of a deposit or fee
• Unsolicited emails, telephone calls, or personal contact from someone claiming to be from a medical office, insurance company, or COVID-19 vaccine center requesting personal and/or medical information to determine recipients’ eligibility to participate in clinical vaccine trials or obtain the vaccine
• Claims of FDA approval for a vaccine that cannot be verified
• Advertisements for vaccines through social media platforms, email, telephone calls, online, or from unsolicited/unknown sources
• Individuals contacting you in person, by phone, or by email to tell you the government or government officials require you to receive a COVID-19 vaccine

Tips to avoid COVID-19 vaccine-related fraud:

• Consult your state’s health department website for up-to-date information about authorized vaccine distribution channels and only obtaining a vaccine through such channels.
• Check the FDA’s website (fda.gov) for current information about vaccine emergency use authorizations.
• Consult your primary care physician before undergoing any vaccination.
• Don’t share your personal or health information with anyone other than known and trusted medical professionals.
• Check your medical bills and insurance explanation of benefits (EOBs) for any suspicious claims and promptly reporting any errors to your health insurance provider.
• Follow guidance and recommendations from the U.S. Centers for Disease Control and Prevention (CDC) and other trusted medical professionals.

General online/cyber fraud prevention techniques:

• Verify the spelling of web addresses, websites, and email addresses that look trustworthy but may be imitations of legitimate websites.
• Ensure operating systems and applications are updated to the most current versions.
• Update anti-malware and anti-virus software and conduct regular network scans.
• Do not enable macros on documents downloaded from an email unless necessary and after ensuring the file is not malicious.
• Do not communicate with or open emails, attachments, or links from unknown individuals.
• Never provide personal information of any sort via email; be aware that many emails requesting your personal information may appear to be legitimate.
• Use strong two-factor authentication if possible, using biometrics, hardware tokens, or authentication apps.
• Disable or remove unneeded software applications.

If you believe you have been the victim of a COVID-19 fraud, immediately report it to the FBI (ic3.gov, tips.fbi.gov, or 1-800-CALL-FBI) or HHS-OIG (tips.hhs.gov or 1-800-HHSTIPS).

For accurate and up-to-date information about COVID-19, visit:

• coronavirus.gov
• cdc.gov/coronavirus
• usa.gov/coronavirus
• fbi.gov/coronavirus
• justice.gov/coronavirus
• oig.hhs.gov/coronavirus

Between credit cards, student loans, and mortgages, there are a variety of different types of debt out there. Part of tackling your debt obligations is knowing which of your debts to prioritize first. By prioritizing your debt, you can create a step-by-step plan that helps you get rid of the bad and expensive types of debt fast, while at the same time reducing what you owe in interest.

Here are some tips to help take control of your debt:

Start with high-interest credit cards. Minimum payments on most consumer credit cards are typically low, but only paying this amount will make it take longer to pay off the balance and cost you more. You should tackle your credit cards in the order of their interest rate, starting with the highest.

Spend as much as you can comfortably afford each month on paying down the highest interest rate card and stick with the minimum payments on the others. When that card’s balance reaches zero, focus on the next-highest interest rate and so on. While it can be daunting at first, you’ll find it easier to tackle your debt in this order as each card requires less monetary investment.

Pay off your most expensive student loans. Private student loans typically carry higher interest rates than government loans. If your private loan’s interest rate is above 8%, you should pay that down next, especially if you’re not eligible to claim the student loan interest as a tax deduction on your income taxes.

Keep up with your regular payments on lower interest debt. Mortgages, car loans, and government student loans generally have lower interest rates and many offer tax benefits, but don’t forget about them! You can continue to make the minimum monthly payment obligations on these types of loans while you’re focusing on your higher interest debts.

As a guideline, many advisors suggest that your overall debt shouldn’t exceed 36% of your gross income. Managing your finances well helps you free up money from debt payments, enabling you to put away savings for good use. These include an emergency fund, unplanned expenses, and most importantly your retirement.

If you’re looking for help managing your debt, there are plenty of tools available to New Tripoli Bank customers that will help you improve your financial wellness. With a checking or savings account, you are automatically enrolled in online banking where you can set up automatic bill payments to keep all your credit card and loan obligations all in one place. You can name each payment based on the interest rate which will allow you to easily track which ones you should pay down first.

New Tripoli Bank online banking also has the Manage My Money tool to help you track income and spending in one easy place. The tool automatically sorts your transactions into different categories such as gifts, entertainment, or insurance, so you can see how much you have available for debt payments and where you can afford to cut back to help get your finances in order.

New Tripoli Bank is pleased to announce the promotion of John Hemak to Vice President, Commercial Lending for New Tripoli Bank.

John has been employed at New Tripoli Bank for 9 years.  He joined the Bank as a Credit Analyst in early 2011, then began his transition into commercial lending starting in January 2013. In June 2016, he was promoted to Assistant Vice President, Commercial Lending.

John was instrumental in establishing the Lending Department at New Tripoli Bank’s Buckeye Office when it opened in 2019. He also serves as Treasurer on the Board of the East Penn Education Foundation.

Please join us in congratulating John Hemak on his promotion!

For most of us, the holiday season is about friends, family, food—and shopping! Black Friday and Cyber Monday fall just after Thanksgiving in the U.S., but internationally, they are two of the busiest shopping days of the year. Unfortunately, while you’re looking for holiday deals, the bad guys are looking for ways to scam you any way they can.

Follow these tips to stay safe this holiday season:

• Keep your smartphone, computer, and other devices updated. This helps ensure that your device has the latest security patches. 
• Only use trusted Wi-Fi connections and be suspicious of any network that does not require a password to connect.
• Take the time to change any outdated or simple passwords. Use strong, unique passwords on all of your accounts. 
• Be careful not to overshare on social media. Consider anything you post to be public information. 
• Keep an eye on the activity in your banking and credit card accounts. Also, be sure to monitor your credit report on a regular basis.
• Be suspicious of emails you receive about online purchases. Check the status of your order directly on the website that you purchased from.
• If you receive a holiday greeting card in your inbox, verify the sender before clicking the link to view the card.
• If you’re traveling for the holidays, be sure to keep your devices stored safely at all times. 
• Pay close attention to the websites that you order from. Only shop on websites that you know and trust.
• Watch out for giveaways and contests. Remember that if something seems too good to be true, it probably is. 

If you plan to shop from the comfort of your home this year instead of heading out in-person to be the first in line for those door buster deals, make sure your home computer has the latest antivirus software updated. This will help protect you from hackers and identity thieves.

Once you’re ready to shop, make sure you:

• Take time to compare products. To get the best deal, compare products. Do research online, check product comparison sites, and read online reviews.
• Check out the seller. Confirm that the seller is legit. Look for reviews about their reputation and customer service, and be sure you can contact the seller if you have a dispute.
• Look for coupon codes. Search the store’s name with terms like “coupons,” “discounts,” or “free shipping.”
• Pay by credit card. Paying by credit card gives you added protections. Never mail cash or wire money to online sellers. If the seller asks you to pay this way, it could be a scam.
• Use secure checkout. Before you enter your credit card information online, check that the website address starts with “https.” The “s” stands for secure. If you don’t see the “s,” don’t enter your information.
• Keep records of online transactions until you get the goods, confirm you got what you ordered, and that you’re satisfied you won’t have to return the item.
• If you spot a fraud while shopping online this holiday season, report it to the FTC at ftc.gov.

When the holiday season rolls around, it’s normal to want to splurge on gifts for friends and loved ones. The holidays can be an exciting time full of advertisements for the hottest new toy and deals aplenty at all your favorite stores.

However, one of the best gifts you can give yourself when the decorations start going up is the peace of mind that comes with a financial health checkup! It may not be the most exciting present under the tree, but taking the time to ensure your goals, savings, and accounts are all in order will ensure you’ll be financially prepared after the ball drops on New Year’s!

Here’s how you can make sure your finances are in order for the New Year:

Check Your Account Balances

Before you can budget, you have to know how much money you have to work with! Take a moment and look back at your most recent bank statements so you know where you stand and make a point to check your bank statements every month as you enter 2021. Take note of how much money you’re spending versus how much you’re bringing in and make sure you’re actually adding to your savings!

Identify Your Weak Spots

We all have financial weak spots that can be pain points when it comes to saving for the future. As we mentioned in the previous section, take a look at your spending versus your income and separate your expenditures into groups of wants and needs. See if anything in your “wants” pile is something you could cut back on, like dining out or spending money on video games. The best thing you can do for your financial health is to set incremental, achievable goals for yourself. Every journey begins with a first step, after all.

Review Your 2020 Spending

Were you tracking spending in 2020? If so, good for you! Whether or not you’ve been paying attention to your spending throughout the year, the end of the year is a great time to look back and analyze how you did. Take some time to add up your purchases in different categories, whether it’s entertainment, groceries, or bills. You may discover some areas where you spent way more than you thought! Don’t beat yourself up over spending too much on yourself; just use it as a learning experience to set realistic goals for yourself in 2021. (And if you weren’t tracking your spending this last year, get started now!)

Set Some Goals For The Future

Is there a big purchase you’ve been meaning to save for but you keep getting distracted? Maybe you’re looking to save for college, a car, or even your first house? Or maybe you’re simply looking to cut back on spending and maybe add to your financial literacy. Grab a pen and paper and write down your top three financial aspirations, then make a plan for achieving them.

 If you need help, don’t hesitate to reach out to the friendly representatives at New Tripoli Bank. Our universal tellers and loan officers are here to help you reach your future financial goals and bring with them years of experience helping people with their money.

New Tripoli Bank’s Manage My Money tool can help you track your income and spending in one easy place. If you have a checking or savings account with New Tripoli Bank, all you need to do to start is sign up for online banking and log in to set up your Manage My Money tool. You will see your transactions automatically classified into different categories such as gifts, entertainment, or insurance, allowing you to easily organize your budget into wants and needs. It also displays your total spending and income and automatically calculates the difference, so you can easily identify your financial weak spots and track your 2021 progress at a glance. You can set spending limits in each category as well as setting savings goals that our online banking platform will track for you.

If you put these steps into practice in the coming year, you’re sure to find the gift of better financial health waiting for you next holiday season! Happy holidays!