The IRS, state tax agencies, and the tax industry yesterday warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. "Criminals are relentlessly using COVID-19 and Economic Impact Payments as cover to try to trick taxpayers out of their money or identities," said IRS Commissioner Chuck Rettig. "This scam is a new twist on those we've been seeing much of this year. We urge people to remain alert to these types of scams."

The scam text message states: "You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept this payment ..." The text includes a link to a fake phishing web address. People who receive this text scam should take a screen shot of the text message that they received and then include the screenshot in an email to phishing@irs.gov with the following information:

• Date/Time/Timezone that they received the text message
• The number that appeared on their Caller ID
• The number that received the text message

People who believe they are eligible for the Economic Impact ("Stimulus") Payment should go directly to IRS.gov. People who do not have a filing requirement but who are eligible for EIP can use a non-filers tool on IRS.gov until November 21 to claim their payment.

New Tripoli Bank has donated $100,000 to the Northwestern Lehigh Education Foundation as part of an ongoing effort to support public education in our community. This is the bank's 8th annual contribution to the Foundation and with it the bank will have donated over $1 million to the Foundation over that time.

This year has been difficult for all of us, especially for our schools needing to adapt to hybrid learning. This donation will go to upgrading the Smart Boards in Northwestern Lehigh schools to new boards that allow for simultaneous in-classroom and remote learning.

New Tripoli Bank continues to be a proud supporter of education in our community. This donation ensures Northwestern Lehigh School District can provide their students with educational technology adapted for 2020’s unusual circumstances so they may continue with their learning and prepare them for success in the future.

Pictured from left to right: John Hayes, New Tripoli Bank Executive Vice President and Chief Lending Officer; D.J. Walbert, Northwestern Lehigh Education Foundation President; Amy Kinnan, Northwestern Lehigh Education Foundation Development Director; David Hunsicker, New Tripoli Bank President, Chairman, and CEO.

We have received a few calls recently from our customers reporting encounters with individuals impersonating IRS officials over the telephone. This is a very common tactic for scammers to try and steal your personal information and we want to take this opportunity to advise our customers how they can avoid getting scammed the next time they pick up the phone.

Threatening IRS Impersonator Phone Calls

IRS impersonation scams come in many forms. A common one remains bogus threatening phone calls from a criminal claiming to be with the IRS. The scammer attempts to instill fear and urgency in the potential victim. In reality, the IRS would never threaten a taxpayer or surprise them with a demand for immediate payment.

Phone scams or "vishing" (voice phishing) pose a major threat. Scam phone calls, including those threatening arrest, deportation or license revocation if the victim doesn't pay a bogus tax bill, are reported year-round. These calls often take the form of a "robocall" (a text-to-speech recorded message with instructions for returning the call).

The IRS will never demand immediate payment, threaten, ask for financial information over the phone, or call about an unexpected refund or Economic Impact Payment. Taxpayers should contact the real IRS if they worry about having a tax problem.

IRS Phone Scams

The IRS does not leave pre-recorded, urgent or threatening messages. In many variations of the phone scam, victims are told if they do not call back, a warrant will be issued for their arrest. Other verbal threats include law-enforcement agency intervention, deportation or revocation of licenses.

Criminals can fake or “spoof” caller ID numbers to appear to be anywhere in the country, including from an IRS office. This prevents taxpayers from being able to verify the true call number. Fraudsters also have spoofed local sheriff’s offices, state departments of motor vehicles, federal agencies and others to convince taxpayers the call is legitimate.

When in doubt, remember that the IRS does not:

• Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
• Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. You should also be advised of your rights as a taxpayer.
• Threaten to bring in local police, immigration officers or other law-enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.

How You Can Help

If you believe you have been contacted by a scammer pretending to be from the IRS, you should contact the Treasury Inspector General for Tax Administration to report a phone scam. You can call the Inspector General at 800-366-4484 or visit their "IRS Impersonation Scam Reporting" web page. You should also report phone scams to the Federal Trade Commission using the "FTC Complaint Assistant" on FTC.gov. If you contact the FTC, make sure to add "IRS Telephone Scam" in the notes so they are aware of the type of scam you are reporting.

If you want to learn more about general IRS scams, you can visit the IRS page for Tax Scam information.

Creating and sticking to a budget can be stressful even in the best of circumstances and right now most of us aren’t living in the best circumstances. The effect of COVID-19 on the economy has forced many Americans to take a close look at their budget in order to reassess their spending and make some tough decisions about their monthly spending.

If you have previous experience creating a household budget, this is nothing new to you. But for those of us who are new homeowners, renters, or college students creating their budget for the first time, the added uncertainty of 2020 can seem like a monumental hurdle toward financial security.

The Zero-Based Budget

There are many effective strategies for planning a budget, each of which has its own strength and weakness. However, in times like these, when money can be tight, one of the best methods to ensure that every dollar and cent is accounted for is something called zero-based budgeting.

The goal of a zero-based budget is to make it so the difference between your monthly income and your expenditures each month equals zero. Once you’ve accounted for every dollar, you can choose to maintain the same levels of expense in each category of your budget or change it up from month-to-month as your needs change. Because you have every dollar accounted for, you will know how much you are able to spend each month and won’t overspend a dime.

It’s one thing to explain a zero-based budget, but let’s take a look at an example budget for someone making $3,000 a month.

Starting Your Own Zero-Based Budget

Before you implement a zero-based budgeting plan, you should prepare a few things to ensure you stay realistic with your expectations.

• Know your monthly income. This includes your paycheck, any government benefits you may be receiving, and any other regular sources of income that remain the same from month to month.
• Track and categorize your expenses. Look at your spending from the previous month and come up with a list of categories for each. If you have savings goals, these should be categorized separately.
• Calculate your average expenses. Go back through two or three months of expenses and figure out what your average spending is in each category. Take note if there are any areas where you can cut back on spending.

There are plenty of budgeting apps that can help you categorize and track your monthly spending, including New Tripoli Bank’s mobile app which has a money management tool that automatically categorizes spending from your ATM/debit card into categories and allows you to set monthly targets.

Once you have all of this information prepared, you may be wondering how much to allocate to each category in order to create a “balanced” budget. While every person’s budget is going to be different, a very common rule of thumb to effective budgeting is the 50/30/20 rule.

With this approach, you should take the categories you have previously established and group them into “needs,” “wants,” and “debt/saving.” For example, we all need food to live and we need to pay our rent, so groceries and clothing would go into “needs,” but we also want to keep ourselves entertained and we want to eat out some time, so entertainment and eating out would go into “wants.”

You won’t always be able to follow the 50/30/20 rule, but if you’re unsure where to start with your budget, it’s a good baseline and you can adjust each category up or down depending on your personal needs.

Why Zero-Based Budgeting?

At the top of this article we mentioned the impact of COVID-19 causing many of us to have to re-examine how we spend our money each month. One of the benefits of zero-based budgeting is knowing exactly how much money is flowing in and out of your account each month, which can prevent you from spending money you don’t have.

If sudden unemployment or a reduction in work hours has you feeling like you’ve lost control of your finances, sitting down and organizing a zero-based budget spreadsheet can go a long way toward helping you regain that feeling of control by knowing where your money is going and where you can afford to cut costs.

The downside of zero-based budgeting is the amount of time it can take to maintain. Effective budgeting in this way requires you to hold yourself accountable and consistently monitor your spending so you know when you’re approaching your monthly limits.

Zero-based budgeting can also be hard for those of us with irregular income or variable expenses. If your job requires you to travel during certain times of the year more than others, then certain categories in your budget are going to vary wildly from month to month. If you’re a freelancer or contractor with a fluctuating schedule, you won’t always know how much money you have coming in from month to month which can make it harder to plan in this way.

However, if you have a steady income and can plan a few months in advance for big expenses such as holidays or weddings, then zero-based budgeting is a very useful budgeting tool whether you’re new to managing your money or looking for a strategy to regain control of your finances.

Throughout the COVID-19 pandemic, New Tripoli Bank has taken steps to ensure the health and safety of our customers by providing community banking. We are VERY excited that starting this Friday, June 26th, New Tripoli Bank is fully re-opening our branch lobbies to the general public. We have been working over the past several weeks to make sure that CDC procedures are in place to ensure your good health when you do visit our branch offices.

You'll notice a few changes in our lobbies upon reopening:

• Protective plexiglass shields have been installed at teller stations. Employees will be wearing facemasks and we require all customers to wear them as well. For security, if you are wearing a mask, you may be asked to temporarily remove it if we cannot immediately identify you.
• Please use the touchless hand sanitizing station when you enter our lobby.
• All work areas, door handles, desks, teller stations, drive-up canisters are cleaned at regular intervals during the day.
• Please continue the 6-foot social distancing rule. There are decal stickers on the floor to assist you. If lobbies become crowded and social distancing cannot be met, a staff member may ask you to wait outside until others complete their transactions.
• Please, for the safety of our employees and customer, do not visit the bank if you do not feel well.

We encourage customers to continue to use online, mobile, telephone, ATM and drive-up banking options whenever possible while we continue to all do our part to reduce the spread of the virus.

We are looking forward to seeing familiar faces again and we are grateful to be able to resume our normal schedule to serve you. We missed you and look forward to your return. Stay safe and welcome back!

On April 23rd, 2020, the Federal Reserve announced an INTERIM final rule that banks do not have to monitor the number of transfers and withdrawals that can be made from savings deposits. Therefore, New Tripoli Bank has decided that we will no longer monitor transfers from our customers' statement savings or money market accounts (both for business and personal customers) involving preauthorized withdrawals, online banking or telephone banking transfers.

Should the Federal Reserve change this rulemaking and go back to the six transaction per month limitation, we will notify our customers immediately.

While following quarantine and social-distancing recommendations or requirements can help stop the spread of COVID-19, if you don't take proper precautions, your mental well-being could also suffer. Use the following tips to help maintain good mental health while you discover living with a new normal.

Keep a Routine

One of the best things that you can do to preserve your mental well-being is to stick to a routine. For example, if you're used to going to the gym before work, try to wake up early and get an at-home workout in before you go to work or start working at home.

Maintaining as much normalcy as possible with your daily routine can help keep your mood as lifted as possible and prevent boredom and distress from taking over.

If you have children who will be at home now, then creating a routine for them is also important. Implement a structured schedule for them, whether they are practicing virtual learning with their schools or if they are just at home, so they know what your expectations are. Try to limit screen time as much as possible and incorporate learning activities throughout the day.

Get a Good Night's Sleep

This goes hand-in-hand with sticking to a routine. While you're at home, it can be easy to go to bed or sleep in later than you typically would. Breaking your normal sleep pattern can have negative effects on your overall mental well-being, so try to stick to your usual sleep schedule.

Spend Time Outside

Unless health officials give explicit instructions to stay home no matter what, try to get outside periodically throughout the day. This could involve going out in your backyard or taking a walk around the block, but it shouldn't include going to a busy park or other areas where groups of people may be.

Being outside also helps to promote higher levels of vitamin D, which the body makes when skin is directly exposed to the sun. Many people are deficient in vitamin D, so exercising outside can be a great way to correct that.

Leverage the Power of Technology

When in quarantine or self-isolation, feeling lonely is common. Fortunately, advancements in technology have made it easy to connect with others without having to be in physical contact with or in close proximity to them. The Substance Abuse and Mental Health Services Administration (SAMHSA) recommends using technology to reach out to loved ones to reduce feelings of loneliness and anxiety, and to supplement your social life while you're quarantining or social distancing. If you're feeling down, use video-calling technology or social media to get in touch with friends and family.

Don't Obsess over the News

It can be easy to become overwhelmed by watching the news and reviewing the updates of the COVID‑19 situation. While it's important to be informed, you should not obsess over the news. For example, instead of monitoring the news all day from home, consider checking for updates once in the morning and once at night.

Practice Positivity and Gratitude

Taking five minutes a day to write down the things you're grateful for has been proven to lower stress levels and can help you change your mindset from negative to positive. While you're quarantining or social distancing, it's important to build time into your routine to practice positivity or express gratitude, to improve your mindset and boost your mood.

Conclusion

Your mental well-being plays a huge role in your physical health and well-being, and it should be prioritized.

These six suggestions can help you maintain your mental well-being during a quarantine, but shouldn't be considered medical advice.

If you have concerns about your mental well-being while you're in quarantine, please contact your mental health professional or use the Substance Abuse and Mental Health Services Administration's national helpline by calling (800) 662-HELP (800-622-4357)

On March 27, 2020, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This $2 trillion aid package will provide financial aid to families and businesses impacted by the coronavirus, or COVID-19, pandemic.

The CARES Act provides direct government payments to eligible Americans to offset the economic impact of the virus. The Treasury Department and the IRS have announced that distribution of these Economic Impact Payments (EIRs) will begin in April 2020. For most people, no action will be required. Official IRS information about the coronavirus pandemic and EIPs can be found on the IRS Coronavirus Tax Relief page.

When will I receive my payment?

If you are eligible (more on that below), you may expect to receive your payment as soon as the middle of April, according to the Treasury Department.

How will I know if I am eligible? How large a payment will I receive?

The IRS is responsible for determining eligibility for Economic Impact Payments.

U.S. residents will receive Economic Impact Payments of up to $1,200 for individual or head of household tax filers, and up to $2,400 for married couples filing jointly. Parents also receive $500 for each qualifying child. Filers with adjusted gross income below the thresholds specified below will receive a full payment.

• $75,000 for individuals
• $112,500 for head of household filers
• $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their adjusted gross income is between:

• $75,000 and $99,000 if their filing status is single or married filing separately
• $112,500 and $136,500 for heads of household
• $150,000 and $198,000 if their filing status is married filing jointly

Taxpayers above the maximum thresholds indicated above will receive no payment.

Payment calculations will be based on taxpayers' 2019 returns or on their 2018 returns if they have not yet filed for 2019. (The 2019 filing and payment deadline has been delayed from April 15 until July 15.)

To qualify for a payment, an individual must have a work-eligible Social Security number and must not be claimed as a dependent by another taxpayer in the current tax year. Lower-income individuals who are not subject to income tax will also receive payments.

For complete eligibility information, please visit the IRS website.

Will college students be eligible to receive a payment?

A college student who is claimed as a dependent on the tax return of a parent is not be eligible for a payment, though a financially independent student would be. For complete eligibility information, please visit the IRS website.

How will I receive my payment? Will it be sent as a paper check or electronically?

Most individuals will receive their payment electronically. This is faster and safer than mass distribution of paper checks.

If you filed taxes in 2018 or 2019 and provided on your tax return your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically, with no action required on your part.

If you are a Social Security recipient, the IRS will use the direct deposit information held by the Social Security Administration. If the direct deposit information you have provided in the past is for a bank-issued, prepaid debit card, you will receive your funds on that card account.

If the IRS does not have your information on file and you are not a Social Security recipient, a check will be mailed to you. Check payments will be distributed weeks or possibly months after the direct deposits are sent. For additional information, please visit the IRS website.

To receive payment more quickly, we strongly recommend you file a 2019 tax return and provide direct deposit information.

If you do not typically file a tax return because you are not required to do so (for example, you may have low income or receive veterans disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs), the IRS has created an online portal, called “Non-Filers: Enter Payment Info,” for the provision of direct deposit information. Visit this link to do so.

I file a tax return every year, but the IRS does not have my current information on file. Can I receive my payment electronically?

Yes. The IRS is planning to create a new, online portal called “Get My Payment” where people can obtain details about their payment and provide direct deposit information if the IRS does not already have it. At this time, the IRS online portal is under development. For updated information, please visit the IRS website.

The IRS has extended the tax-filing deadline this year from April 15 to July 15. If you file your 2019 taxes as soon as possible with your bank routing and account number on the form, the IRS may be able to use that information to send you an electronic payment.

What if I am typically not required to file a tax return?

Social Security recipients who have not been required to file tax returns will not be required to do so to receive their payments. People who typically do not file a tax return and are not Social Security beneficiaries will need to provide their information to the IRS at the website referenced in Question 4 above, “Non-Filers: Enter Payment Info.”

What is a bank routing and account number?

Bank routing and account numbers are used to direct payments to the right bank account at the right financial institution. If you have a checking account at a financial institution, the information is on the paper check. The bank routing number is on the lower left-hand side of the check and tells Treasury the correct bank to send the payment. Your individual account number is to the right of the routing number. That tells the bank to credit your specific account. Bank-issued reloadable prepaid debit card accounts have the same numbers, but the way they are provided to you will vary.

How do I find my bank routing and account number if I don't have checks?

Log in to your bank account online or through your bank's mobile app. Bank routing and account numbers may be located in different places, depending on your bank. If you can't find it easily, search “bank routing” within the app or website. If you still can't find the information or can't log on, call your bank for more information. Please remember banks will not provide your account number over the phone in order to safeguard your account from fraudsters.

New Tripoli Bank's routing number is 031312796. If you are having trouble finding your account number, you can contact the bank toll-free at (888) 298-8821.

If I have a reloadable prepaid card with a bank, can I direct the payment to that account?

Yes, follow the same instructions to gather the routing and bank account numbers to provide via the IRS online portal.

If I have a bank account, can I still receive a paper check?

Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent. Many customers will prefer depositing the check through remote deposit capture. If your bank offers this service, you can take a picture of your check through your bank's smartphone app to make the deposit from the comfort and safety of your home the same day the check arrives in the mail. Alternatively, you can make the deposit at your bank's ATM. If you want to deposit the check in person, you may be required to visit a bank drive-through location because many bank branches are temporarily closed or offering restricted hours due to the pandemic. Check your bank's website for hours of operation.

New Tripoli Bank's hours of operation can be found here.

I don't have a bank account, but I want to receive my money faster. What can I do?

Some banks will open accounts for customers online without requiring an in-person visit to a bank branch. Search online for banks that offer digital account opening. Please check with the bank to understand all of the terms and conditions of opening an account online. Another option is a bank-issued reloadable prepaid card, which may be used to accept a direct deposit. These cards are available at retailers that partner with a bank. Please make sure that the card is “reloadable” in order to receive a direct deposit payment. After opening the account, you will be provided with a bank routing and account number to provide to the IRS.

What should I do to prevent fraudsters from accessing my funds?

A large amount of funds will be disbursed in the coming weeks to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against fraudulent activities. Click here to read the notice from the IRS.

It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be “registering you for your relief payment.” This is a red flag.

For security reasons, the IRS plans to mail letters about Economic Impact Payments to taxpayers' last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If you are unsure you are receiving a legitimate letter, the IRS urges you to visit IRS.gov to protect yourself against fraudsters.

What should I do if I receive an unsolicited email or text appearing to be from the IRS?

Those who receive unsolicited emails, text messages or social media contacts attempting to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward them to phishing@irs.gov. Taxpayers are encouraged not to engage potential fraudsters online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on IRS.gov.

The Internal Revenue Service is urging taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus or COVID-19. These contacts can lead to tax-related fraud and identity theft.

Remember: the IRS will not call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster. This also applies to surprise emails that appear to be coming from the IRS. Don't open any links or attachments in emails that say they are from the IRS. Instead, you should go to IRS.gov for the most up-to-date information.

Be cautious not only of emails but also text messages, websites and social media messages requesting money or personal information. Criminals take every opportunity to perpetrate a fraud on unsuspecting victims, especially when a group of people is in a state of need or especially vulnerable. The IRS Criminal Investigation Division is working hard to find these scammers and shut them down, but in the meantime it’s important to remain vigilant."

Don't Fall Prey to Coronavirus Scams

The IRS and its Criminal Investigation Division have seen a wave of new and evolving phishing schemes against taxpayers. In a majority of cases, the IRS will deposit economic impact payments into the direct deposit account taxpayers previously provided on tax returns. If you have previously filed but not provided direct deposit information to the IRS, you will soon be able to provide your banking information online to a newly-designed secure portal on IRS.gov in mid-April 2020. If the IRS does not have your direct deposit information, a check will be mailed to the address on file.

The IRS will not be reaching out to you via email, text, or other means of messaging to get this information – if you receive any communications asking you for personal or financial information, do not respond! In addition, you should not trust someone else with your direct deposit or other banking information, so that they may input it into the secure portal on your behalf.

Retirees Among Potential Targets

We want to remind retirees who don't normally have to file tax returns: for retirees, no action is required to receive their $1,200 economic impact payment. Seniors should be especially careful during this period. The IRS reminds retirees – including recipients of Forms SSA-1099 and RRB-1099 − that no one from the agency will be reaching out to you by phone, email, mail or in person asking for any kind of information to complete their economic impact payment. The IRS is sending these $1,200 payments automatically to retirees – no additional action or information is needed on their part to receive this.

It is also important to remember that these payments are called economic impact payments – fraudsters will sometimes refer to them as rebates or stimulus payments and this is a big red flag that the contact is a scam.

The IRS reminds taxpayers that scammers may:

• Ask the taxpayer to sign over their economic impact payment check to them.
• Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment.
• Suggest that they can get a tax refund or economic impact payment faster by working on the taxpayer's behalf. This scam could be conducted by social media or even in person.
• Mail the taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.
• Emphasize the words "Stimulus Check" or "Stimulus Payment." The official term is “economic impact payment.”

Reporting Coronavirus-related or other phishing attempts

Those who receive unsolicited emails, text messages or social media attempts to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward it to phishing@irs.gov.

Taxpayers are encouraged not to engage potential scammers online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on IRS.gov.

Official IRS information about the COVID-19 pandemic and economic impact payments can be found on the Coronavirus Tax Relief page on IRS.gov. The page is updated quickly when new information is available.