When You Are Ready

• 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

Covering Expenses

Caring for Emotional Needs

What To Do When a Family Member Passes

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 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.

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.

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.

• 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.

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.

• 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.

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/