As the holiday season approaches, millions of people will be traveling. If you are among the many, here are some tips to help keep you cyber savvy and safe.
Bring as few devices as you can. The fewer devices you bring while traveling, the fewer devices that can be lost or stolen. In fact, did you know that you are far more likely to lose a mobile device than have it stolen? Whenever leaving a hotel room, restaurant, taxi cab, train or airplane, do a quick device check and make sure you have all of your devices. Don’t forget to have friends or family traveling with you to double check for their devices too, like children who may leave a device behind on a seat or in a restaurant. As for the devices you choose to bring, make sure you update them so they are running the latest operating system and apps. Keep the screen lock enabled. If possible, ensure you have some way to remotely track your devices if they are lost. In addition, you may want the option to remotely wipe the device. That way if a device is lost or stolen, you can remotely track and/or wipe all your sensitive data and accounts from the device. Finally, do a backup of any devices you take with you, so if one is lost or stolen, you can easily recover your data.
When traveling, you may need to connect to a public Wi-Fi network. Keep in mind you often have no idea who configured that Wi-Fi network, who is monitoring it or how, and who else is connected to it. Instead of connecting to a public Wi-Fi network, whenever possible connect to and use the personal hotspot feature of your smartphone. This way you know you have a trusted Wi-Fi connection. If that is not possible and you need to connect to a public Wi-Fi network (such as at an airport, hotel, or cafe), use a Virtual Private Network, often called a VPN. This is software you install on your laptop or mobile devices to help protect and anonymize your Wi-Fi connection. Some VPN solutions include settings to automatically enable the VPN when connecting to non-trusted Wi-Fi networks.
Avoid using public computers, such as those in hotel lobbies or at coffee shops, to log into any accounts or access sensitive information. You don’t know who used that computer before you, and they may have infected it accidentally or deliberately with malware, such as a keystroke logger. Stick to devices you control and trust.
We love to update others about our travels and adventures through social media, but we don’t always know who every friend or viewer is online. Avoid oversharing while on vacation as much as possible and consider waiting to share your trip until you’re home. Additionally, don’t post pictures of boarding passes, driver’s licenses, or passports as this can lead to identity theft.
Just a reminder:
The Treasury Department and IRS will be announcing the automatic distribution of the upcoming economic impact payments will begin soon. These payments will be distributed automatically, with no action required for most people.
The IRS also urged taxpayers to be on the lookout for scams relating to economic impact payments. Criminals could exploit these confusing and stressful times to take advantage of taxpayers by committing fraud and identity theft.
Ways to spot a potential scam:
o The IRS will not call you asking you to verify financial information to expedite payment.
What Should I Do?
Here are some proactive measures you can take to help avoid becoming a victim of scams related to your potential economic impact payment.
• Be wary of any email, text, phone call, or social media request for money or other personal identifiable information in exchange for receiving your payment more quickly.
• Never send money to someone else in the hope of receiving additional money. The scam artist may call this a deposit, an advance, or a processing fee. This is always the sign of a scam.
• Never give your personal orfinancial information over the phone.
Be wary of a new scam going around using money transfer services like Venmo. In the scam money mysteriously appears in your Venmo account, sent by a scammer using a stolen credit card. They then send a message saying it was sent by mistake and asks for it to be refunded. Don't do it! If you refund the money before Venmo reverses the transaction you're responsible for the funds.
To protect yourself from these types of scams while using a digital wallet or money transfer app follow these Better Business Bureau tips:
THINK BEFORE YOU CLICK!
In late January our Telephone Banking system will be upgraded with new enhanced features. Please listen carefully when you call as the menu options will have changed.
Click here to see the Telephone Banking Quick Reference Guide for more information.
Cybercriminals sent out tens of thousands of phishing emails mainly to users in the USA. The subject of the email suggests that Amazon has sent a gift card. Once the email is opened, users are tricked into believing that one of the biggest companies in the world has sent them a free gift of $100.
The whole message reads:
We are delighted to enclose a $100 Amazon gift card as our way of saying Thank You
Amazon gift cards looking exactly like the ones you receive from Amazon that deliver a banking malware for the gullible people. They have the correct Amazon logos, order numbers, and so on.
Once an unaware user clicks on the fake gift card, one of the following three banking trojans is installed:
A Word file is downloaded that urges the soon to be victims to enable macros. Once the “Enable Content” button is pressed, payload files of the malware are downloaded onto the device.
Screensaver files containing malicious scripts that are able to evade email security are downloaded.
A file that is embedded in the body of the email is executed as soon as the link is pressed.
This malware targets computers with Windows Operating System, and the main goal of it is to steal banking credentials.
Think Before You Click!
The Internal Revenue Service and the Treasury Department has announced they will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
Direct deposit payments will begin arriving with a payable date of January 4, 2021. The IRS emphasis that there is no action required by eligible individuals to receive the second payment.
Starting Wednesday, December 30, paper checks will begin to be mailed. The checks will be dated January 6, but the Treasury has confirmed that it will not return any checks deposited or cashed before that day. Checks are being processed at a rate of approximately 5-7 million per week. Due to the large amount being printed, it may take 4-5 weeks for all checks to be printed and mailed. Prepaid cards totaling about 3 million per week will start to be mailed on January 4.
To check the status of your economic impact payment please visit the IRS's Get My Payment online portal, which is expected to be updated this weekend.
The holiday season is just around the corner, and a lot of people are looking forward to it for many reasons: lots of food, beautiful decorations, spending time with family, and most of all, receiving gifts. But, this also entails giving gifts, which can take a toll on one’s bank account.
Your savings don’t have to suffer this season. There are a couple of things you can do to give some great holiday gifts to your loved ones without breaking the bank. Here are three of them:
Get a Separate Account for the Holidays
If you’re serious about avoiding overspending during the holidays, consider setting up a new account early in the year that’s solely for holiday shopping. You can deposit your budget in a savings account or a CD from a trusted and reputable bank. That way, you can gradually build your Christmas funds over the months.
Any funds left in your account is money back in your pocket. You can also use it as a starting point for building your budget for the next holiday season.
Stick to a Budget
It’s easy to get carried away when gift shopping for friends and family, especially when you find something you know they’ll love. But, you can easily end up spending more money than you can afford. That’s why it’s important to develop a strict budget and stick to it.
Once you’ve settled on a holiday budget, make a list of people you want to give gifts to and determine how much you want to spend on each of them. If there are more people you want to give gifts to, you can opt for a homemade and creative present.
Cash Over Card
Online shopping may be the most convenient way of buying gifts nowadays. But it’s also pretty difficult to keep track of how much you’ve already spent and have left on your budget. So, if you plan to go out to buy presents, it’s best to spend cash instead of using your card.
Often known as the envelope budget, the trick is to only withdraw your holiday budget and use that to pay for your gifts. Once you’ve spent all of the cash, resist withdrawing more money and using cash that isn’t part of your holiday funds.
Trust Table Rock Community Bank as Your Holiday Partner
Remember that holiday gifts don’t have to be flashy and expensive to be meaningful. Table Rock Community Bank can help you manage your budget so you can get everyone a lovely gift for the holidays.
Go ahead and open an investment, youth, or regular savings account with us to help you save for the holidays. Get in touch with Table Rock Community Bank at 417-739-9300 to learn more.
EQUAL HOUSING LENDER. MEMBER FDIC.
It's Holiday Season for the bad guys too! But not the way you might think. They go into scam-overdrive mode.
So, here are this year's Top 10 Holiday Cyber Security Alert Tips:
1) Keep all devices up to date with basic security measures to lessen your chance of becoming the victim.
2) Only connect to known Wi-Fi networks; beware of network names that have typos or extra characters.
3) Use strong, unique passwords on all accounts. This is a good time to update passwords!
4) Be safe on all social media; don't overshare and take the time to review your privacy settings on the platforms you use.
5) Keep an eye on your bank accounts and monitor your credit report regularly.
6) Be careful with messages regarding shipping changes. Always use official channels to stay updated.
7) Watch out for holiday greeting cards that may not be the sender you think! Don't open these unless you're certain you can trust who they came from.
8) Keep devices in view (or know where they are) throughout the course of all holiday travel.
9) Pay close attention to the websites you visit and shop on. It's safest to only use those you trust.
10) Be wary of ads, giveaways, and contests that seem too good to be true. These run rampant during the holiday season!
Depositing checks can be tedious and time-consuming especially if you're a business owner who has to do it often. Thankfully, remote banking has made this task much easier. With just a couple of photos, you can make a check deposit without going through multiple processes.
Remote deposit anywhere (RDA) is an advancement in online banking that allows businesses to digitally deposit checks. RDA works by scanning the front and back of the check with a mobile device. The check's digital copy is then submitted to the bank where it's immediately processed. Here are the 3 key benefits of RDA:
Convenient and Fast Transaction
Smartphones can do so many things nowadays and one of them is depositing checks. Just download an online banking app like the TRCBank On the Go and you can easily deposit your check by simply snapping a photo.
Once you have the check scanned, the bank will be able to see all the necessary information and process it as soon as possible. Through RDA, your check should be cleared within two to three working days.Safe and Secured Method
Some people might be hesitant to remotely deposit their checks due to security. But banks that offer RDA have various safety measures like encryption and passwords to ensure that your finances are always protected. RDA provides increased protection against common threats like duplicate checks and fraud. Considering the risks of physically transporting or mailing your checks, this is the safer method of depositing a check.
Although the security of mobile deposits is guaranteed by the bank, it still requires responsibility and due diligence from users. Always make sure to keep your deposited checks somewhere safe and never leave it lying around for anyone to see.Save Time and Money
The number one benefit of RDA is the amount of time and money you'll be able to save. By remotely depositing your checks, you eliminate the need to make multiple trips to the bank, pay mailing or courier fees, and fall in line for hours. If you're an entrepreneur, this means that you'll have more time to focus on your business operations.Deposit Anywhere With Table Rock Community Bank
Depositing checks through remote banking will make your financial transactions so much easier. So, download the TRCBank On the Go app now for a convenient and hassle-free check deposit. To learn more about Table Rock Community Bank's Remote Anywhere Deposit service, call us at 417-739-9300.EQUAL HOUSING LENDER. MEMBER FDIC.
Being hit with a sudden crisis, whether its job loss, an illness, an accident, or even a global pandemic, can take a toll on anyone. In times like these, an individual's financial savings suffer the most.
But, there are a few things you can do to be prepared and protect your savings. Here are four of them:
Analyze and Set Your Budget
This is the most crucial step when it comes to your finances. Take the time to closely reassess how much you spend and earn in a month. This is especially important if a part of your salary has to go to an additional expense such as medicine, treatment, or repairs. You'll have to carefully redistribute your budget so you'll have enough for other necessities.
Find Ways to Earn Extra Cash
Find a way to earn some extra cash, whether it's by selling some of your old belongings, freelancing, starting a small business, or even getting a second job. The money you get may be smaller than your primary salary, but they can still be extremely useful for your daily or weekly budget.
Minimize and Closely Manage Your Monthly Bills
Reassess how you use utilities in your home. You might be leaving the lights on in rooms that you aren't using or keeping the AC running while you're not home. A simple change in your habits can significantly cut down your monthly bills.
While you're assessing your budget, look into your other non-utility expenses as well. Be ready to reduce the use or even completely cut out anything that isn't a necessity. For example, do you have a monthly or yearly subscription that you barely use? Canceling it can save you a lot of money.
Open an Account with Table Rock Community Bank
The bank you choose also plays a big part in protecting your savings during a crisis. Thankfully, Table Rock Community Bank aims to help clients build a healthy financial life. We'll make it's easy for you to maintain and grow your personal savings account. We offer regular, community investment, and community youth savings. Our employees are also more than willing to help you set up your savings and ensure that they are well protected. Call us now at 417-739-9300 to learn more.
With some discipline, smart budgeting, and a strict spending habit, you won't have to frequently dip into your savings. Or at the very least, you won't need to take out an excessively large amount.
EQUAL HOUSING LENDER. MEMBER FDIC.
Can You Spot a Phishing Scam?
Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And in this time of expanded use of online banking, the problem is only growing worse. In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $1.9 billion to these phishing schemes and other fraud in 2019 — and the on going pandemic has only increased the threat. Imagine where we are in 2020.
It’s time to put scammers in their place.
Online scams aren’t so scary when you know what to look for. And at Table Rock Community Bank we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.
We want every bank customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That. Because when you know what sounds suspicious, you’ll be less likely to be fooled
These top 3 phishing scams are full of red flags:
Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks never ask that.
What’s Your Scam Score? Take five minutes to become a scamspotter pro by taking the #BanksNeverAskThat quiz at BanksNeverAskThat.com. Share your score on Twitter to encourage your friends and family to test their scam savviness, too. The more scamspotters out there,the harder it is for phishing criminals to catch their next victim!
With the COVID-19 pandemic changing how millions of American consumers shop, and online sales skyrocketing thanks to concerns about the health risks of shopping in brick and mortar stores. The delivery vans are buzzing around neighborhoods as never before, scammers are looking to capitalize on this trend.
Scammers are increasing their use of the fake package deliveries. In a typical scam of this type, consumers receive a text message, email,or phone call informing them that they have a package waiting for them or that the delivery service (e.g., FedEx, UPS,or USPS) was unable to deliver a package.
To get the package delivered, the consumer is asked to click on a link and “verify” personal information or supply payment information (like a credit card or bankrouting number) to reschedule the delivery. In other cases, the scammers’ messages may direct recipients to an authentic-looking website. Consumers who fall for this scam can end up inadvertently signing up for difficult-to-cancel subscription services.
These delivery messages can be pretty convincing — but they are fake and generated by scammers trying to extract valuable information from consumers. As consumers come to rely more on e-commerce for day-to-day needs, they may be more likely to assume these messages are legitimate.
Here are the steps you can take to reduce your risk:
The evolution of technology has made life easier for everyone. Everything, from information to services, is just one click away. But, probably one of the biggest and most convenient technological advancements is online banking in Branson West and Kimberling City, MO. This development has reduced the need to stand in lines, go to the post office, or schedule a meeting just to check your balance.
Here are three great benefits of online banking:
24/7 Service and Account Access
Online bank services are available 24/7 through your computer or smartphone. This means that you won't have to interrupt your schedule to drop by at the bank during their business hours. And, if your work requires you to travel a lot, you can easily monitor your account or do banking transactions on the go. Just make sure that you're connected to a secure server to keep your account and personal information protected.
Some banks even have downloadable apps, making it much easier to access your account and account history anytime, anywhere. That way, you can quickly check if a certain transaction that you made has already been cleared.
Monitor Your Account for Suspicious Activities
Some people are hesitant about online banking since they think that it's less secure. But, 24/7 access will actually allow you to catch and dispute any unauthorized transactions immediately. Your bank can even send you a notification through email or the mobile app in case it detects any unusual activities in your account.
Online Bill Payment
Paying bills can be a tedious task, especially if you have a busy schedule. Thankfully, most utility companies have adapted to online banking. Rather than writing checks and filling out forms, you can use online banking to make a payment.
Some banks will even let you set up a recurring automatic payment of the same amount. This would help settle monthly expenses like loans or insurance policies. That way, you won't have to worry about missing your payment deadlines.
Banking Made Easier
These are just some of the many advantages of online banking in Branson West and Kimberling City, MO. If you're ready to experience seamless and hassle-free transactions and account monitoring, visit Table Rock Community Bank and open an account.
EQUAL HOUSING LENDER. MEMBER FDIC.
A mortgage loan is one of the best options when planning to buy a house or moving to a new one. But, the process of applying for it can be difficult and intimidating, especially for those who are new to it.
To make the process much easier, here are some mortgage application tips you can follow:
Get a Credit report
Your credit score is the first thing that lenders look at when you apply for home loans. So, make sure to get accurate credit reports from each of the three major credit bureaus and assess them thoroughly. Incorrect information or any errors can lead to higher rates or even hinder you entirely from applying for a loan.
Once you get your reports, examine them, and see if you qualify for a loan. Most lenders require a credit score of at least 680 (620 for Federal Housing Administration or FHA loans) for someone to qualify. If it falls below that, lenders can deny the application. So, it's important to ensure you have a high credit score before getting a loan. Missed payments, frequent lateness, and other negative credit information will also reflect on your credit report and prevent your application from getting approved.
Prepare All the Paperwork
Applying for a mortgage loan has many requirements when it comes to paperwork. You'll need a full picture of your financial standing, so gather copies of your income, assets, pay stubs, tax returns, bank statements, and so on. You'll also have to prove your identity, so make sure that you have an updated and government-approved ID, like a passport or a driver's license.
If you're self-employed, you'll also need to provide documentation that includes two years' worth of tax returns. The most recent statement of your profit and loss that shows the revenues, expenses, and costs during the fiscal year may also be required by the lender.
A Bank That Offers a Seamless Application Process
A mortgage application is a long process that takes a lot of work. But, by following these tips and opting for a trusted and quality bank, you'll have your mortgage loan application easily approved. To learn more about our offers, get in touch with Table Rock Community Bank, Member FDIC. Equal Housing Lender. We have conventional, Veterans Affairs, FHA, and United States Department of Agriculture loans for you to choose from.
Buying a house, whether it's for the first or nth time, can be very exciting. But, sorting out the financial part of it can be confusing. A house is definitely one of the biggest purchases you'll ever make, so figuring out where to get all the money you'll need isn't really the easiest thing.
Thankfully, there are different kinds of home mortgage loans that'll help you get your dream home. Here are three types of loans offered by banks that are equal housing lenders and member of FDIC:
Conventional Mortgage Loan
This is a type that's not insured or guaranteed by the federal government. It's backed by a private lender, and the insurance is paid by the person who's borrowing the money. Conventional mortgages can be divided into two types: conforming and non-conforming.
The former means that the amount of the credit is within the maximum limits set by government agencies that back most US mortgages. Meanwhile, those that don’t meet those guidelines, like the jumbo loan, are considered non-conforming.
A VA home mortgage loan is available through a program established by the United States Department of Veterans Affairs (VA). It provides a flexible and low-interest mortgage for the members of the US military, whether they're on active duty or a veteran, and their families. While the VA sets the qualifying standards and terms and conditions, they don’t provide the financing. Instead, it comes from private lenders, like mortgage companies and banks.
This is backed by the Federal Housing Administration (FHA) and is ideal for first-time homebuyers with a low credit score. With this, you'll only need 3.5% down financing if you qualify. An FHA loan can be used for cooperative housing projects, condominiums, and single-family homes. Apart from that, 203(k) Improvement Loan, a type of FHA loan, can be utilized to fund most necessary repairs your current home needs.
Look No Further Than Our Community Bank
These home mortgage loans have helped so many people settle into their dream homes. If you're looking to get a conventional, VA, or FHA funding, get in touch with an equal housing lender and member of FDIC like Table Rock Community Bank. We'll be happy to discuss your mortgage options and find the ideal one for you.
EQUAL HOUSING LENDER. MEMBER FDIC.
Whether you’re a renter or a homeowner, chances are you care about protecting the environment – and saving money. Here are some tips from Table Rock Community Bank to help you do both.
Light up the house, not the electric bill. Replacing incandescent light bulbs with more energy efficient compact florescent light (CFL) bulbs will save you about $6 a year in electricity costs per bulb and more than $40 over its lifetime. According to ENERGY STAR, if every American home replaced just one light bulb,we would save enough energy to prevent 9 billion pounds of greenhouse gas emissions per year. Remember to recycle used CFL bulbs. Go to www.epa.gov/bulbrecycling for recycling locations.
Some like it hot,hot, hot…or cold, cold, cold. Closely monitor your thermostat. Adjusting it just a few degrees while you’re out can save energy and money. You can make it easier by installing a programmable thermostat. Use fans and close the blinds during the warm months and let the sun in for natural warmth in the winter. Also, change your filter every three months.
How low can you go? One way to save water is by using low-flow toilets. The most cost-effective way to do this is to simply take a 1 liter plastic bottle, fill it with water and place it inside the tank. This will reduce your water use per flush. Another way to save water is placing an aerator on all of your faucets.
Make it mean-green-clean. Cleaning supplies can be expensive and are made with toxic chemicals. You can save money and the environment by making your own cleaning supplies. All you need are some basic household ingredients like vinegar, lemon juice, baking soda and borax to clean everything from windows to tile. Look online for recipes and suggestions.
Reduce, Reuse,Recycle! Sticking to this mantra can help you save money around the house. Use a rag instead of paper towels. Buy products in bulk, concentrate or refillable containers to reduce packaging waste. Look for products made from recycled content. And don’t forget to recycle!
Win-dos for your windows.There are a number of ways you can make your windows more energy efficient without replacing them. For better insulation from the weather you can caulk exterior joints, put shrink wrap on them or hang blackout curtains.
Fan the green flames. To keep your refrigerator running efficiently, keep the fan clean. The motor won’t have to work as hard if the fan is clear of debris.
Decorate green. Houseplants are like living air-filters. English Ivy, rubber trees, peacelilies and red-edged dracaena can help clean the air and look pretty too.
Vampire energy is sucking you dry. On or off, anything plugged into the wall sucks energy. Vampire powercosts U.S. consumers more than $3 billion a year, according to the U.S. Energy Information Administration. Unplug your electronics and appliances when they’re not in use.
For more green homesolutions, visit: epa.gov/greenhomes
We are pleased to announce that Larry Schmitt has joined Table Rock Community Bank’s Board of Directors. Larry brings a wealth of experience and expertise that will help guide the future of Table Rock Community Bank.
About Larry Schmitt
Larry Schmitt is a Springfield native that has lived in theTri-Lakes region since 1979. Larry graduated from College of the Ozarks in 1984 with a Bachelor of Science Degree in Business Administration and was inducted into the College of the Ozarks Sports Hall of Fame in 2002 for his baseball and basketball accomplishments.
From 1981 to 2000, Larry was employed by Silver Dollar City Incorporated. Starting his career at White Water and serving in many positions at Silver Dollar City, White Water in Branson and in Texas, and The Showboat Branson Belle.
From 2000 to 2016 Larry served as Principle Owner and President/CEO of Recreational Management Inc. dba/The Tracks in Branson. In 2005 The Tracks won the Small Business of the Year Award for Branson and “The Fast Track Award” presented by The Missouri Chamber of Commerce for one of the fastest growing companies in the state.
Over the last 20 years Larry has served on numerous Board of Directors: The Rock Chamber of Commerce for 8 years, Branson CVB and Chamber of Commerce for 6 years, Tourism Community Enhancement District for 6 years, Skaggs Foundation for 3 years, Skaggs and Cox Branson Hospital for 6 years, Cox Health Insurance Plans for 3 years, Project Branson for 3 years,Tourism Community Improvement District for 2 years and Central Bank for 14 years.
6 Items for Your New Home’s To-Do List
Now that you’re settling in to your new home, there are some important things you need to consider. Table Rock Community Bank recommends the following tips.
1. Create a budget.
The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It's important to keep accurate records of your spending so you can spot places to save money and know how much you can reasonably spend.
2. Protect your property.
Whether you’re a homeowner or a renter, you need insurance to protect your belongings. Check with your local insurance agent, you might be able to get a discount if you have things like dead bolt locks, an alarm system, or smoke detectors, or if you already have a policy with that company, like car insurance. Also, find out if you’re in a flood zone. If you’re concerned about flooding, you will need to purchase a separate flood insurance policy. Learn more at floodsmart.gov
3. Protect your safety.
Make sure all of the locks on your doors and windows work properly. If it makes you more comfortable, look into having an alarm system installed. Also, check your fire and carbon monoxide alarms once a month to be sure they’re working. If you have a dryer, clean the lint from the entire system, from the dryer to the exterior vent cap. Lint is extremely flammable and poses a fire risk.
4. Take your tax deductions.
Be sure you know all the tax deductions associated with your move and new home. If you use a portion of your home for business purposes or moved for a new job, you may be able to take deductions. Home owners can deduct mortgage interest, property taxes and loans for home improvements.
5. Make your house – or apartment – your home.
Decorating your space will make it more comfortable and personal. If you’re a tenant,check with your landlord before making major changes like painting the walls or changing the appliances. Renters should take photos of the rental space before moving in to document the existing condition and insist on a final walk-through with the landlord. If you own your home, be smart about where you invest your money on improvements to ensure you’re building equity in your home. For example, updates in the kitchen and bathroom usually provide the best return on investment.
6. Save up for a rainy day.
Although life may be sunny now, it’s a good idea to create a rainy day fund. The fund should have at least three to six months of living expenses in case you or someone in your household loses a job or becomes ill and unable to work.
MEMBER FDIC. EQUAL HOUSING LENDER
MEMBER FDIC. EQUAL HOUSING LENDER
For more information, visit aba.com/consumers
To Buy or Not to Buy: 5 Questions to Consider Before
Purchasing Your First Home
In recognition of American Housing Month, Table Rock Community Bank is highlighting five questions first-time buyers should consider before purchasing a home.
1. How much money do you have saved up?
Start with an evaluation of your financial health. Figure out how much money you have for a down payment or deposit on a rental. Down payments are typically 5 to 20 percent of the price of the home. Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sure to keep enough in savings for an emergency fund. It’s a good idea to have three to six months of living expenses to cover unexpected costs.
2. How much debt do you have?
Consider all of your current and expected financial obligations like your car payment and insurance, credit card debt and student loans. Make sure you will be able to make all the payments in addition to the cost of your new home. Aim to keep total rent or mortgage payments plus utilities to less than 25 to 30 percent of your gross monthly income. Recent regulatory changes limit debt to income (DTI) ratio on most loans to 43 percent.
3.What is your credit score?
A high credit score indicates strong credit worthiness. Both renters and homebuyers can expect to have their credit history examined. A low credit score can keep you from qualifying for the rental you want or a low interest rate on your mortgage loan. If your credit score is low, you may want to delay moving into a new home and take steps to raise your score. For tips on improving your credit score, visit aba.com/consumers.
4.Have you factored in all the costs?
Create a hypothetical budget for your new home. Find the average cost of utilities in your area, factor in gas, electricity, water and cable. Find out if you will have to pay for parking or trash pickup. Consider the cost of yard maintenance and other basic maintenance costs like replacing the air filter every three months. If you are planning to buy a home, factor in real estate taxes, mortgage insurance and possibly a home owner association fee. Renters should consider the cost of rental insurance.
5. How long will you stay?
Generally, the longer you plan to live some place, the more it makes sense to buy. Over time, you can build equity in your home. On the other hand,renters have greater flexibility to move and fewer maintenance costs. Carefully consider your current life and work situation and think about how long you want to stay in your new home.
MEMBER FDIC. EQUAL HOUSING LENDER
Tips for Family and Friends:
What are the warning signs of financial abuse?
The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:
Information is provided by American Bankers Association. For more information please visit:
For many Americans, taking out a mortgage is still the easiest and most practical path to homeownership. However, the process of securing this type of loan can be confusing, especially for first-time homebuyers.
Nevertheless, getting a mortgage is very achievable when you have a firm understanding of the basic concepts. To help you with this process, listed below are answers to some frequently asked questions about taking out a mortgage loan.
Some people think that an average credit score will not be good enough to be granted a mortgage. This, however, isn’t necessarily true. You can get a mortgage with a FICO score as low as 620.
It’s important to remember, however, that a great credit score isn’t required, but it will certainly help. The higher your credit score, the lower your interest rates will be.
A home appraisal is conducted to determine the actual value of a property that you’re eyeing. The valuation from the appraisal could be different from the asking price of the property’s seller.
A professionally-conducted appraisal is needed to let lenders know that the property you’re buying is worth what you’re asking to borrow. This process is important to banks as the property will become a collateral for your loan.
The answer to this depends on your financial capability and preference. If you’d rather play it safe, a fixed-rate term is right for you. But if you are willing to take a gamble that your payment could decrease over a period of time, you should opt for an adjustable-term mortgage loan.
Much like a down payment, discount points are money that you can pay up front in order to secure lower interest rates on your mortgage. Discount points are tax-deductible, meaning a property buyer can save in the long term by obtaining them.
Are you planning to take out a mortgage to buy a property in Missouri? Look no further than Table Rock Community Bank. With our help, we can help you secure a mortgage or a business loan. Visit our branches in Branson West and Kimberling City.
Having a home that you can call your own is the dream for many Americans. Achieving that goal, however, isn’t very simple as a house is a significant investment that some can’t pay for using just their savings.
Fortunately, aspiring homeowners can turn to huge and local community banks alike to make their dream into reality. With the help of a mortgage loan, property ownership is attainable. For your reference, listed below are the advantages of taking out a mortgage to obtain real estate.
Obtaining a mortgage to purchase a home can significantly improve your credit rating as long as payments are made on time. A higher credit score translates to lower interest rates for borrowers. Meaning, the next loan you’ll take out will have terms that are more favorable to you.
Home equity is the difference between the market price of your property and how much you still owe on your loan. And because homes typically increase in value over time, your equity goes up as you pay down your mortgage. You’ll gain more than what you paid if you decide to sell the house.
Homeowners are entitled to deductions on their annual income tax returns for the expenses of owning real estate. This includes mortgage interest and property tax on your primary residence or even a second home.
A mortgage loan is paid little by little every month. Depending on the interest rate, this type of loan could be cheaper than the cost you would pay for rent. Considering that you’re paying for a property that you’ll eventually fully own, taking out a mortgage is remarkably advantageous as opposed to renting.
Don’t hesitate to turn to Table Rock Community Bank if you’re looking for an organization you can trust in Stone County, MO. We provide mortgage loans, business loans, and consumer loans to help our clients achieve their goals. Give us a call today!
The Coronavirus Aid, Relief, and Economic Security (CARES) Actallocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP),the initiative provides 100% federally guaranteed loans to small businesses that may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
You are eligible if you are:
• A small business with fewer than 500 employees
• A small business that otherwise meets the SBA’s size standard
• A 501(c)(3) with fewer than 500 employees
• An individual who operatesas a sole proprietor
• An individual who operatesas an independent contractor
• An individual who is self-employed who regularly carries on any trade or business
• A Tribal business concern that meets the SBA size standard
• A 501(c)(19) Veterans Organization that meets the SBA size standard
In addition, some special rules may make you eligible:
• If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
• If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply
REMEMBER: The 500-employee thresholdincludes all employees: full-time, part-time, and any other status.
Loans can be up to 2.5 x the borrower’s averagemonthly payroll costs, not to exceed $10 million.
Moreinformation can be found: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
We know that the spread of COVID-19 is impacting many of our small business customers and small businesses are vital to our community. If you are experiencing financial hardship as a result of COVID-19, we're here to help. Please give us a call at 417-739-9300.
SBA.gov has officially recognized Missouri's disaster declaration and SBA loans will now be available to qualifying businesses in need of support. Please visit https://www.sba.gov/funding-programs/disaster-assistance for more information.
The health and safety of ourcustomers, employees and community is highly important to us. Therefore, we will be closing our lobbies effective Saturday, March 21, 2020 to help in the continued efforts to reduce the spread of COVID-19.
Rest assured, we are taking every precautionary step to protect our employees and customers during this time. We have implemented our contingency plans for operating in an organized team structure with our employees to adhere to CDC guidelines and mitigate operational risks should anyone be exposed.
We are committed to serving you during this time and want to remind everyone of the convenient ways of accessing and managing your finances through the following options:
24 Hour Account Access Line: 866-448-0784
The drive-up window will continue to be open during normal business hours. Customers that need access to their safe deposit box may contact us to schedule an appointment.
Please call us at the Kimberling City location at 417-739-9300 or Branson West location at 417-272-9300 if you have any questions.
For Customers who use Safari to access Table Rock Community Bank's Internet Banking
Subscribers who have updated to the latest release of Safari are experiencing an inability to use the bill pay product. The last Safari release defaulted browser settings to NOT allow third-party cookies or cross-site tracking. In addition, after changing browser settings to allow cookies and cross-site tracking, Safari is NOT saving the updated browser settings causing frustration for subscibers when logging in to their next bill pay session.
Until all patches have been released there are two temporary solutions:
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