What do most teens think about?
At South Valley Bank & Trust, we asked teens and found out that driving and owning a car was near the top of the list! Does the thought of having your own vehicle sound exciting? Then, read on…
Saving for Your First Vehicle
Saving the cash for a down payment or the purchase of your first vehicle is something you should think about before you pass your driver’s test and expect to buy a car.
Saving for this very special purchase can begin at any age with South Valley Bank & Trust’s Savings Account or the Kid’s Club Money Market Account which will likely pay a better rate of interest. Call your branch today to set up your account and start saving for your own set of wheels!
Of course, it will take some self control to make regular deposits to your designated savings account and discipline to not use the money for other reasons.
Purchasing a Used Vehicle Kelley Blue Book’s website recommends the following steps when purchasing a used vehicle:
Decide on the right vehicle for you. Be sure to determine the fuel efficiency of the vehicle; will you be able to afford the gas? Also, look at certain features that you will need in the vehicle such as four wheel drive or anti-lock brakes.
Consider buying a certified pre-owned vehicle.
Determine the value of the vehicle.
Contact the seller.
Obtain both a history and safety rating on the vehicle.
Take a trusted adult with you to conduct a thorough walk around inspection of the vehicle.
Test drive the vehicle.
Take the vehicle to a mechanic for a thorough evaluation.
Negotiate with the seller for the best price. Always do your research before negotiating; know what the vehicle is worth before trying to negotiate!
The following are additional websites with more information on buying a used vehicle:
By using VIN (vehicle identification number) reports, you can get a history and accident record on any vehicle. It is important to learn about the history of the vehicle you're interested in buying and these reports can give you information about where it has been owned, how many owners it has had, and any damage done to it.
Financing Your Vehicle
So you saved up your money and have chosen a vehicle. You now realize that you will also need to borrow additional money for the remainder of the purchase price. The following steps are recommended to help ease the car buying experience:
Vehicle Insurance
When purchasing a vehicle, it is critical to factor in the cost of auto insurance. Since insurance is required and lack of insurance can cost you large fines and a one year jail sentence, finding and maintaining insurance should be a priority.
Each state has its own set of insurance laws. For Oregon insurance requirements, visit the Oregon Department of Motor Vehicles (DMV) website http://www.Oregon.gov. Insurance.com recommends the following eight items to think about when searching for auto insurance:
Determine appropriate coverage
Shop around
Look for insurance discounts
Consider taking a higher deductible
Look into stacking coverage if you file a claim
Check with your insurance company before you buy a vehicle
If you have a loan on your vehicle, be sure to notify the lender immediately if you change insurance companies
Pick the insurance payment option that best fits your budget
The following are websites with insurance information as well as a few auto insurance companies:
Saving at the Gas Pump
It is always important to increase the fuel efficiency of your vehicle. The following tips may help increase your gas mileage:
Avoid speeding, rapid acceleration and rapid braking
Remove excess weight from vehicle
Avoid excess idling
Use cruise control when possible
Keep engine tuned
Check and replace air filters regularly
Keep tires inflated to recommended weight
Use recommended grade of motor oil and have regular oil changes
Be aware of competing gas prices in town and use the stations with the lowest per gallon price whenever possible. The following are websites that may help you find the cheapest gas in your area as well as additional tips on improving gas mileage:
Vehicle Maintenance
A vehicle is a considerable commitment. It requires scheduled maintenance to keep your vehicle running safely and efficiently. The following are a few maintenance requirements:
Check tire pressure and keep tires properly inflated
Change motor oil every 3000 miles
Monitor brake fluid
Monitor transmission fluid
Check and replace air filters
Replace windshield wipers
For an extensive list of required vehicle maintenance and complete how-to guides, please visit the following website:
It goes without saying... be safe; don’t drink and drive!
Teens - Career
Career Choices
Kids are often asked, “What do you want to be when you grow up?” Often, teens are asked the same question in a different way, “What occupation do you intend to pursue?” For some, it comes easy but for many, it’s hard to know what you want to do with your future!
We suggest you take advantage of any career planning classes in school. Also, sign up for any internship opportunities. It will expose you to the real world of work while giving you some experience you can put on your résumé. It may mean the difference in what you get as your first job and how much you are paid!
Take the time to explore many jobs. Ask others what special skills they see in you and see how that might apply to a job. Also, it's very important to figure out what you like to do. Work on computers? Write? Do physical work?
They say do what you like to do, and you will most likely be successful doing it! Summer Jobs
During the school-free months of summer you could spend part of your time earning extra money. Some businesses hire extra help during the summer months; the following is a list of establishments that typically hire summer help:
Golf courses
Grocery stores
Medical offices (filing, pulling charts, etc.)
Mills
Restaurants
Retail stores (including clothing, books, etc.)
When summer ends, these businesses may be flexible and work with your school schedule to keep you working during the school year if they like your job performance.
Consider the following when searching for your perfect summer job:
Think about the type of job you want, i.e. an office setting or using your physical strength.
Think about your skills and what you have to offer an employer.
Applying for a Job
When applying for a job, it’s important to make a good first impression. The following are some tips that may help you do just that:
Dress professionally - even if you are just asking for an application
Be polite to the receptionist
Use proper grammar; no slang
Neatly fill out the application completely and honestly
Be sure to list volunteer work and jobs such as babysitting
Return the application promptly (remember to dress up!)
Check on the status of your application every few days
Preparing for the Interview
Before your interview, think about your ability to do the job and the special skills you have to offer the employer. Be prepared to answer some of these questions:
Why do you want this job?
What are your job related skills?
What experience do you have? (Don’t be afraid to talk about jobs like babysitting, dog sitting, or volunteer work.)
Why did you leave each job?
What are your strong points - and what are your weaknesses?
What are your salary expectations?
There will undoubtedly be many more questions. There are any number of books available that cover all the types of questions an employer may ask. Take the time to be prepared! Role-play with a friend or parent to build your confidence!
Once the interview begins, try to relax by taking a deep breath. If they don’t ask, be sure to tell them what you want them to know - that you are reliable, that you do good work and that you get along with others. If you get a chance, ask questions that show you are truly interested in their job!
Dream Jobs
If you don’t find your dream job, don’t despair! You must be flexible at this point in life and work towards your desired job. What’s important is establishing job history and a great job performance record. Also, be realistic about pay!
Making a Good Impression
After you have found a job, do your best to impress your employer. Here are few ways to WOW your new boss:
Be on time! And don’t miss work!
Always do your job to the best of your ability. Accuracy is important.
Do MORE than you are asked to do.
Volunteer when you have extra time.
Make yourself available to cover extra shifts.
Get along with your co-workers, helping them when you can.
Ask your employer how you can improve after a few weeks; then follow through!
If you’re a good employee, your employer will be a valuable reference in the future.
Other Jobs
If you are not able to find a job with an employer, consider these jobs:
Babysitting young children who are out of school for the summer and their parents work
Mowing neighbors’ yards and general flowerbed maintenance
House sitting while friends or neighbors are on vacation, which could include:
Watering
Picking up the mail/paper
Feeding/caring for pets
Teens - College
Perhaps you are at the beginning of your high school “career” or near the end. Either way, you have most likely thought about going to college at some point. With the thousands of choices available, deciding where to go can leave you feeling a little overwhelmed.
That’s why we put together some resources to help you select the college that best suits your needs. To get the ball rolling, About.com recommends the following questions to help choose the right college:
Why do you want to go to college?
Do you want to go to school for two years or four years?
What do you want to be? What job do you want to have?
What majors are you considering? How will this major get you to what you want to be?
Are there other careers you have considered?
What high school grades will you need to get into college? Do you have a plan on how to obtain those grades?
What high school classes will you need to complete to go to college? Does your high school have those?
Have you considered the cost of college? Have you considered how you are going to pay for it?
Do you want to live at school or do you want to live at home?
What do you want the school to offer besides your major? What extracurricular activities are you interested in?
Planning to Go to College
Want even more information on how to begin planning for college? The CollegeBoard.com website breaks down the process by each grade in high school.
It may help to break down your college search by topic. The following topics are ways to get you thinking about colleges and help you find the right school for your interests:
Reserve Officer Training Corps (ROTC)
Interested in serving your country and getting your college education paid for? Consider the ROTC programs below:
Getting In
So you have picked your “dream” schools and can picture yourself attending any one of them for the next four years. After reading through the brochures, visiting the campuses, discussing your options with your family and deciding on the right fit for you, you are probably exhausted. Sorry, but there is more. In fact, that was just the beginning! There are a few items below to add to your checklist before applying to the various schools.
Tests
Many colleges require the SAT® or ACT® test score in order to be considered for admission. Other schools do not require either test to be considered. For more information, visit http://www.FairTest.org.
When it comes to the exams…College Board Tests include the SAT Reasoning Test™, SAT Subject Tests™, PSAT/NMSQT®, the Advanced Placement Program® (AP®), and CLEP®. Another test that colleges may require is the ACT® test. These exams can have a very significant effect on your future. Take them seriously and prepare for them properly.
There are plenty of resources to help you prepare for these tests; everything from online courses to local learning centers to good old-fashioned books. Some high schools and local colleges offer prep classes. You may also consider getting a private tutor or ordering a DVD prep course. Review your options and choose the method that will be most effective with your learning skills.
For more information on the College Board tests that include the SAT Reasoning Test™, SAT Subject Tests™, PSAT/NMSQT®, AP®, CLEP®: http://www.CollegeBoard.com
Should You Take AP® Courses?
AP® courses can be taken at your high-school and could potentially give you credit or advanced standing at a number of universities across the country.
The way these courses work is that the student receives credit for the class on the high school transcript. To actually receive college credit during high school, a tuition payment must be made to the college overseeing the class. It is then up to the college you enroll in to accept the college credits toward their degree programs.
Courses that are offered at your high-school may vary. For more information on how AP® courses work and to decide if they are the right choice for you, visit the CollegeBoard.com’s site.
Application
Once you have decided on the colleges you wish to apply to, you will need to request application packets from each of them. You can do this quickly online or by contacting the college via email or telephone. When the applications arrive, pay careful attention to their important deadlines. Each school will have its own schedule of deadlines. An easy way to keep track of them is to list all the deadlines in a special college calendar. It will help you keep everything in order and on time.
Each application will include a variety of forms to complete, essays to write and recommendation letters to collect from your favorite teachers. Sealed counselor recommendations may be requested.
The application process can be stressful and may take some time to complete, so it’s smart to begin early. The best advice is to approach it like a project and break it into sections. Have your parents help you organize your application process. Here are a few websites with tips on how to apply and what to expect:
Teen Checking Account/College Checking Account
As a benefit to our BANKING FOR Life clients, we offer high school students their own BANKING FOR Life account - for FREE. There are no requirements for a minimum balance. And we will waive your fee until age 24!
This is a great benefit because you can get your account set up now, but continue with it as you attend college. Even if you move out of the area, you will be able to access over 15,000 ATMs for FREE by using your Debit Card. If you tell us where you are going, we can give you the exact locations of the ATM sites. Your parents or others can still make deposits to your account!
For the Teen Account, if you are under age 18, your parents, grandparents or legal guardians will need to sign the signature card with you, but you will be able to write your own checks or use your own Debit Card. Please ask the Personal Banker at any of our branches for more information or to sign up!
Teens - Estate Planning
Trust Services South Valley Bank & Trust (SVBT), an Oregon banking corporation, is chartered to offer a full array of Trust services including Planning and Consultation, Trust and Estate Administration and IRA Services. By working with you, and if you wish, your advisors, our Trust officers can help develop your estate plan to insure that your wishes are fully addressed and your estate is fully protected.
Some of our clients choose South Valley Bank & Trust's estate planning services because they want to set up a financial plan for their adult children or others. They want a professional with training and experience in investments and estate management to carry out their precise plan. Others simply want Trust services to make it easier for their loved ones, who may not be in the best position for managing an inheritance.
Whatever your reason, you can be assured that our Trust professionals are trained and understand that they are managing your estate. Part of that means they are highly-regulated to carry out your wishes fully and giving you peace of mind.
There is no fee for a consultation and no pressure to sign up for their services.
Trust Options
Estate Planning and Consultation
Personal Representative of an Estate-Executor/Administrator
Conservatorship
Living Trust - Revocable or Irrevocable
Testamentary Trust
Property and Investment Management Agency
Custodial Account
Rollover IRA - Self-Directed and Specialty Assets
Charitable Gift or Portfolio Management
1. Estate Planning and Consultation
Estate Planning is a service where South Valley works with the client and their attorney or other advisors, to analyze the client’s assets and financial interests and arrange a plan for conserving estate assets. This service generally leads to SVBT being named personal representative and/or Trustee under the plan. The purpose of the plan is to minimize estate and other taxes, assure the security of the client’s family, arrange for the continuity of his business, and provide for the disposition of assets according to the client’s wishes.
2. Personal Representative of an Estate - Executor/Administrator
Serving as personal representative or administrator is settling the estate of one who has died either leaving a Will (testate) or without a Will (intestate). South Valley may have been named in the decedent’s Will as the personal representative or executor of the estate. If the decedent names an individual as personal representative, that individual may have SVBT appointed as agent for the personal representative. If the deceased died intestate, the court may appoint SVBT as administrator of the estate. In each of these cases (whether as personal representative, agent for the personal representative, or administrator) South Valley makes an inventory of the assets of the estate, prepares a budget for the settlement of the estate, pays all taxes and claims against the estate, prepares a final accounting for the probate court, and makes the final distribution of the assets to the heir and beneficiaries.
3. Living Trust - Revocable or Irrevocable
A Living Trust is a Trust for which South Valley, as Trustee, usually assumes full management responsibility for the assets placed in Trust. Such a Trust may be revocable or irrevocable, and established for a variety of reasons. The Trustor may need professional or specialized investment management, may not have the skills necessary to manage his wealth, may not have the time to give to managing his investments, or may have other priorities. A Trust established for investment management provides financial protection in the event of incapacity and can be structured to avoid probate and obtain tax savings at the death of the Trustor.
4. Testamentary Trust
A Testamentary Trust is created under a Will. A person writing a Will may leave property directly to the beneficiaries or leave it in a Trust for them, a Testamentary Trust.
Testamentary Trusts are established to protect the family, save on taxes, and manage investments, businesses, and farms. Family protection includes preserving the family home, relieving survivors of the responsibility for managing investments and other property, and supplying income necessary to maintain the family’s standard of living. It also includes providing for the special needs of children and eliminating the need to appoint a custodian for the children. (A guardian of the person of minor children is required and this must be an individual, not South Valley.)
A Testamentary Trust enables a person who has been remarried and has children from a previous marriage to provide for the surviving spouse and ultimately channel assets to his or her own children. It is also a way to provide life-long care for children who are suffering from physical, emotional, or mental disabilities.
5. Conservatorship
A Conservatorship is a court-appointed arrangement for the financial protection of the estate of an incapacitated person. Conservatorships are established for individuals who are considered legally incapacitated and own property not otherwise protected, have business affairs that are jeopardized by their incapacity and need funds for support or education of themselves and or their dependents. Common instances of legal incapacity are minors and adults who are incapacitated by medical causes, effects of aging, mental illness, addiction to drugs or alcohol, or confinement. The Conservator’s responsibility is much like the responsibility involved in estate settlement; gathering the assets, filing an inventory with the court, managing the property in the client’s best interest, making a periodic accounting to the court, and terminating the Conservatorship and distributing property at the appropriate time.
6. Property and Investment Management Agency
An Agency Account is a service where South Valley provides management or advisory service as complete as the client requests. The property managed may be securities, real property (a house, rental buildings or a farm), or other property.
Where securities are managed, SVBT may conduct periodic reviews and analyses of the securities; make recommendations for keeping or selling present securities and purchasing new ones; providing advance notice of maturity of bonds or notes; preparing an annual information statement for income tax purposes and watching for advantageous opportunities related to the securities held. The amount of discretion exercised by SVBT varies with the relationship from full discretion (South Valley is free to buy, sell and exchange securities within the principal’s portfolio without the client’s consent) to simply making recommendations to the client about proposed investment changes.
As managing agent for real property, South Valley may obtain tenants, arrange and handle leases, collect rents, advise the client of needed repairs and take care of those repairs, and pay insurance premiums, taxes, interest on the mortgage, or other assessments. As with the managing agency for securities, the management agency for real property will have varying degrees of discretion assigned to South Valley.
7. Custodial Account
A Custodial Account is a service where SVBT, as custodian for the principal, not only oversees the property but also takes care of the routine administrative tasks associated with it. This includes receiving dividends and interest and disbursing or reinvesting them as the client instructs; collecting the principal on matured or called bonds, notifying the client of corporate actions affecting the property (bond calls, defaults, tender offers, class action suits); buying, selling, receiving or delivering securities at the client’s direction and providing a periodic statement of account activity (receipts and disbursements).
8. Rollover IRA - Self-Directed and Specialty Assets
Rollover IRA services are provided in a variety of circumstances, including for individuals receiving a large distribution (over $250,000) from their employer’s retirement plan. A direct rollover from the employer’s plan can prevent current taxability. Direct transfers from other IRAs may also be made. Rollover IRA service includes allowing self-direction of investments or full management. By maintaining an IRA, taxes on investment earnings as well as the capital rolled over are deferred until withdrawn. A wide range of investment opportunities such as stocks, bonds and mutual funds is available with this service. Additionally, South Valley is able to accept specialty assets into Rollover IRAs such as closely held stock, real property and notes secured by Deeds of Trust.
9. Charitable Gift or Portfolio Management
Charitable gifts may be made outright to the charity, as a part of a Will or estate plan, and through a variety of different charitable Trusts. South Valley Bank & Trust serves as Trustee for these gifts, managing, administering and disbursing them to assure that the charitable intent established by the donor under the pertinent gift agreement is adhered to in perpetuity. South Valley also serves as an investment agent for the charity itself to professionally manage and account for gift funds in its portfolio.
Trust Services Locations:
Klamath Falls Trust Services
PO BOX 5210
801 Main Street
Klamath Falls, OR 97601 Phone: 877.487.8788 (toll-free) Fax: 541.880.5252
Medford Trust Services
PO BOX 1784
860 O'Hare Parkway, Suite 100
Medford, OR 97504 Phone: 800.695.0330 (toll-free) Fax: 541.779.1916
Please note: A Trust officer is available to clients in all areas, including Crook County, Deschutes County, Jackson County, Jefferson County, Klamath County and Lake County.
For Adults in Relation to Teens: Guardianships and Conservatorships
While individuals in this age-group are not of age to act in the capacity of a guardian or Conservator, minors certainly may find themselves subject to such a proceeding.
In Oregon, guardians are appointed by the courts or by being named in a legal document. A guardian has custody of the protected person and may establish that person’s residence. Each state’s laws are different in regards to Guardianships & Conservatorships. Some states grant the authority over both the physical and financial well being of the protected person. Other states, like Oregon, separate the two obligations. For example, South Valley’s Trust department will only act as Conservator and not guardian. SVBT will also not act as a health care representative under an advance directive. The guardian has a duty to provide care, comfort, maintenance, training, and/or education for the protected person.
Conservators are appointed by the court when a person becomes incapable of handling personal or business financial affairs and/or managing their property. When a Conservator is appointed they have a fiduciary duty to follow strict reporting and administrative guidelines.
Trust and Estate Planning
Trusts can be established for minors by loved ones for support, education, or possibly from an insurance settlement. A Trust may be created for the purposes previously described, or may result from a loved one’s estate plan, i.e. from a Will, Living Trust, or Irrevocable Trust. Their typical benefit will be the careful investment and protection of the Trust by the Trustee.
South Valley Bank & Trust offers a wide variety of Trust and Estate services to assist you in ensuring your financial security.
By working with you, and if you wish, your advisors, our Trust officers can help develop your estate plan to insure that your wishes are fully addressed and your estate is fully protected.
You can be assured that our Trust professionals are trained and understand that they are managing your estate. They are heavily regulated to carry out your wishes fully, giving you peace of mind.
The following services are offered through the South Valley Trust department. A full description of these services can be found at the top of the page:
Estate Planning and Consultation
Personal Representative of an Estate – Executor/Administrator
Living Trust – Revocable or Irrevocable
Testamentary Trust
Conservatorship
Property and Investment Management Agency
Custodial Account
Rollover IRA – Self-Directed and Specialty Assets
Charitable Gift or Portfolio Management
Free Trust and Estate Consultation
For a free consultation on Trust and Estate services, please contact the SVBT Trust Department.
Some investment products are offered through Trust Services:
Investment products offered by SVBT Trust Services are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Teens - Health and Wellness
Healthy Habits
Starting healthy habits early will benefit you for the rest of your life. Exercise, a healthy diet and getting the right amount of sleep are all important. Exercise doesn’t have to be work; you can have fun and be healthy.
With all the technology that is available today such as cell phones, computers, etc., the simplest steps of racing to answer the phone or walking to the drop box to mail a letter have been eliminated! Therefore, it’s very easy to become inactive. Here are a few ideas to help you start a healthy lifestyle.
Fun Activities to Stay Fit
Exercise does not have to be boring. Many activities will keep you in shape and are fun at the same time. Next time you’re looking for some fun, you may want to consider one of the following activities:
School sports (soccer, volleyball, football, track)
Community sports (city leagues)
Swimming
Rock climbing
Hiking
Healthy Snacks
Snacking comes as natural as breathing during your teen years, but choosing the right snack is important. You will feel fantastic and perform better in school and activities if you choose healthy snacks. Really! Here are a few healthy snacks you might consider the next time you’re looking for something to munch on:
Fruits (fresh or dried)
Vegetables (such as carrots or celery)
Rice or whole grain crackers
Dry cereal (low sugar content!)
Seeds and nuts (especially raw!)
Light popcorn
Vitamins and Minerals
Vitamins and minerals are essential to good health and are needed for normal growth. While most vitamins and minerals are absorbed through a healthy diet, you may need to take a daily vitamin to make sure you’re getting everything you need. Since different levels of vitamins and minerals vary by age and gender, it is important to choose the multi-vitamin that best suits your age. Consult your doctor before you begin taking any vitamin or mineral supplement. For more information on vitamins and minerals, visit the following website:
Managing Stress for Teens
Life during high school can be stressful. Not only is there pressure to do well in school, but there is also an abundance of social pressure. It can be overwhelming. There are ways to manage the stress that accompanies these pressures. Visit the American Academy of Pediatrics website to create a four-step stress relief plan. The following are the four steps the plan addresses:
Tackling the problem
Taking care of my body
Managing my emotions
Making the world better
Medical Websites
The following websites are additional resources for medical-related issues:
Referral Links
Please call the numbers listed below or visit the following links for questions or concerns involving mental health issues and counseling, alcohol and drug abuse, gambling addiction, tobacco addiction and other health and mental health concerns.
When South Valley Bank & Trust interviewed high school students, we found out they think quite a bit about college, cars, music and moving out on their own! Although you aren’t there yet, here are some things you will need to think about.
First Apartment
Leaving the nest is an exciting time; it means life on your own and establishing your independence. However, it’s a lot of responsibility and can be costly!
If you are going to college, you may consider living in dorms your first year. Actually, some colleges require that you live on campus your first year. It allows you to meet other people, and gives you a sense of community as you begin life on your own.
If you are going to college locally, many students choose to live at home. Talk to your parents about this possibility and how it can best work for the both of you. Keep in mind that it can save you a lot of money and keep you focused on your college education by not worrying about rent, roommates, and other distractions. You’ll have plenty of years to be on your own!
If your heart is set on getting an apartment, you’ll need to think about:
How much you can afford
First and often last month's rent, plus deposits
Rent, utilities and other living costs
Roommates
What do you want to rent? (apartment, house, etc.)
Where do you want to live?
Identity Theft Protection
The Federal Trade Commission (FTC) estimates that as many as ten million Americans have their identity stolen each year…
As your bank, we want to help protect you against such fraud. With a few precautions, you can save yourself countless hours of trying to restore your identity, avoid financial loss, preserve your credit rating and most of all, save yourself from the stress it creates.
What is identity theft? According to the FTC, identity theft occurs when someone uses your personally identifying information, such as your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. Identity theft is a serious crime that is on the rise in the United States. Oregon is no exception.
Consumers can spend thousands of dollars and countless hours restoring their identity. Therefore, it is important to take the necessary steps to protect your identity. The FTC recommends the “3-D’s” of identity theft protection: Deter, Detect, and Defend.
Deter:
Shred financial documents and paperwork with personal information
Protect your Social Security number
Don’t give out personal information over the phone, through the mail, or over the Internet, unless you know who you are dealing with
Never click on links in unsolicited emails (use firewalls, anti-spyware, and anti-virus software)
Don’t use an obvious password
Keep your personal information in a secure place at home
Detect:
Be alert to signs that require immediate attention
Inspect your:
Credit report
Financial statements
Defend:
Place a fraud alert on your credit report and review the reports carefully
Close accounts
File a police report
Report your complaint to the Federal Trade Commission
For more information on identity theft and the FTC’s 3-D’s of identity theft protection, visit the following links:
At South Valley Bank & Trust, we go to great lengths to protect your identity and your accounts. Here are a few things we do:
First, we handle our client information very carefully and confidentially.
Secondly, we make sure who we’re dealing with! Although we try to know all of our clients by sight, we may need to occasionally ask a few questions or ask for identification to verify that you are the account owner. It’s better to be safe than sorry!
Finally, we make sure our system is safe and that no one can get to your account by hacking their way through using technology.
If you have any concerns whatsoever regarding your South Valley Bank & Trust accounts, please don’t hesitate to ask. Please let us help you with answers to your questions and any solutions you may need for safeguarding your hard earned assets - one of those being your identity! We mean it when we say its, “Your Business First.” We are here for you!
Teens - Insurance
Auto Insurance
Chances are that you’ll be on your parent’s auto insurance when the time comes! While you can’t control what insurance company your parents may use, you can possibly save money on your monthly insurance premium by maintaining good grades. Some insurers have been known to offer discounts to good students based on accident rates.
If you are already driving, be safe! One accident on your record can make your insurance premiums unaffordable. Automobile insurance is required by law and a lack of insurance is punishable by enormous fines and possibly a one year jail sentence.
Health Insurance
While you’re not yet in a position to be responsible for your own health insurance, it’s probably a good idea to ask your parents if you have coverage. You never know when you’ll have to visit the doctor or go to the hospital in an emergency.
It’s important to carry your insurance information with you. Typically, there is an insurance card that you can keep in your wallet although your parents will likely need to sign for your treatment and healthcare.
Teens - Managing Your Money
Teens, if you can learn to manage your money at a young age, it will make the rest of your life easier! It’s important to learn to budget and manage your money. Part of the way you manage your money is through a savings and checking account.
What is a check?
Checks are a safe and convenient way of making payments and are accepted universally. A check is a negotiable paper draft signed by the owner of the checking account for a specific amount of money and is made payable to another person or bearer. This represents an unconditional promise to pay a fixed amount of money on demand or at a definite time upon presentation to the bank on which it is drawn. Typically, the person receiving the check either cashes it at a teller window or has it deposited and credited to their own bank account.
Free Teen Checking Account
If your parents, grandparents or legal guardian have a BANKING FOR Life account, they can set up a teen checking account with you so that you can learn how to manage an account before you are on your own. You get your own BANKING FOR Life account with all the same great benefits! South Valley Bank & Trustwill completely waive the normal fee. It’s a great benefit for you and for your parents! Just ask your branch’s Personal Banker how to set up the account.
If you set up an account, consider asking for the brass magazine instead of free checks. The brass magazine has “direct, intelligent, and entertaining content written by and for young people.” It’s great reading while teaching you what you need to know about managing money and more!
Responsible Checking Account Usage
Checking accounts are a serious responsibility; therefore, it’s important to learn to use them wisely. A set of common laws adopted by all states govern commercial and financial transactions between parties. Therefore, it’s very important to keep a sufficient balance in your account to cover all the checks you write as well as all of your Debit Card transactions.
Here are a few tips to help a checking account stay in good standing:
Keep track of your checks and Debit Card purchases by writing them in your check register and subtracting them from the last balance.
Subtract any fees and add in any interest earned on your account. By doing this, you will always know how much you have in available funds.
Many people like to check their balance online. While checking your account balance online is easy and helpful, remember that not all the checks you have written or Debit Card purchases may be deducted from your balance at the time you check it. Clients who rely solely on checking their balance online to determine available funds may find themselves overdrawing their account. This can have negative consequences including having to pay overdraft fees!
Staying Balanced
Balance your checkbook every month to your statement or on-line account information. This means checking to see if checks or debits have cleared your account and that they have posted in the correct amount. You should also check all deposits and any other items. Here are some other tips:
Keep all Debit Card receipts and compare them to your statement or online account information.
Establish a budget to help you use your available funds wisely.
It’s always wise to keep a money cushion in the account. For example, if your budget indicates that you need $1000 available each month to pay your bills, consider having a cushion of $500 for emergencies or a possible mistake in writing down what you have spent.
Debit Cards
Although a Debit Card may look like a credit card, there are significant differences. The most important difference to remember is that your card is linked directly to your checking account and should be treated just like a check.
It’s important to learn how these cards work and how to use them responsibly. Here is a link to get you started:
Overdrawing Your Account
If you write too many checks or use your Debit Card when there is not enough money in the account to cover the amount, you will “overdraw” your account. Each time you use your Debit Card or write a check that cannot be covered, the bank must charge an insufficient funds fee to offset costs related to your overdraft. These can add up quickly! In addition, South Valley may decide to return your check to the person or bearer as “insufficient funds.” As you can imagine, this will not make the person or bearer very happy! In addition, your credit history can be negatively affected by overdrawing your account, which can cause you unnecessary challenges, such as being declined for credit or being charged higher interest rates, in the future! Finally, the bank may actually close your account if you are continually overdrawn, which could prevent you from getting another checking account, even at another bank.
South Valley Bank & Trust offers Overdraft Protection in the form of a line of credit or linking a savings or other designated account to your checking account. These options provide for coverage should you make a mistake about how much money is actually available. You will also avoid insufficient fund fees and the embarrassment of a returned check. For more information as well as fees associated with these protection options, call your Personal Banker or visit any South Valley Bank & Trust branch.
Saving
It is important to establish good savings habits early and continue them for life. We can’t emphasize the importance of this enough! Tips for saving:
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Another good idea is to make a list of all the things you want to save for, such as:
Christmas and other gifts
Future college tuition
Purchasing your first car
This will help you in budgeting and determine what type of savings account you want to open. Make sure you check out the Personal Finance calculators section.
There are several options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts
Certificates of Deposit (CD’s)
These three savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. The following websites have more information about saving money:
Road Trip Savings (click on the image for a fun game that wil teach you how to save)
Meet the challenges of four weeks on the road as you steer your way to financial stability. This game requires players to make decisions about income, expenses and savings.
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer.
We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Want to learn financial concepts by playing football? That’s right! Visa has teamed up with the National Football League and created a game that will teach you about the world of finance and let you play rough without getting any grass stains on your school clothes: http://www.PracticalMoneySkills.com
Understanding Family Finances
As you get older, it is important to understand the value of money and how the family finances work. Talk to your parents about the family budget. Learn how bills are handled and what credit is. To begin preparing for your financial future and to learn more about money management, visit the following websites:
Learning to Budget
Creating your first budget can seem a little overwhelming. Learning how to follow a budget can also be a challenge. Learning how to create and stick to a realistic budget are keys to a healthy financial picture for the rest of your life. It’s important to begin now. The following websites will help you create a budget that works for you:
Guide to Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Investing
The first step to investing is to set aside enough money to invest. Most teens start by following a budget and putting money aside in a savings account to create a fund that has future investment potential.
As your savings account grows with interest, consider a bank Money Market account, which generally pays a higher interest rate. Or, a bank Certificate of Deposit.
Interested in learning a little more about investing? There are many ways to invest; here are a few fun sites that will give you an introduction to the Stock Market and how it works:
South Valley Bank & Trust is affiliated with South Valley Wealth Management. They offer a full array of investment options and their experts are available for a free consultation.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Social Security for Teens Do you think that Social Security has something to do with hanging out? Think again! The Social Security Administration has put together a website that uses fables to illustrate the concepts behind Social Security to younger children and teens. It also provides plenty of teaching tools for parents and teachers. http://www.SSA.gov/kids
American Bankers Association
For a newsletter designed by the American Bankers Association and geared toward youth and financial education, click here:
Also, be sure and check out their educational banking glossary by clicking here.
Teens - Social
For Teens:
Social Networking Online, social networking websites are the latest rage. It seems as though everyone is meeting new friends online or tracking down existing ones.
Your privacy to the outside world is extremely important and the more your parents know, the more they can help to protect your privacy online. If you are under 18, it is important to let your parents know when and where you’re creating an online account.
You can have a lot of fun on these sites. However, there are big risks in revealing personal information online.Don’t do it!
Unfortunately, there are stalkers out there preying on teens, both girls and boys. The stalker may create a false image in order to get your guard down including a fake photo or information about themselves. In truth, they could be much older and have bad intentions. Therefore, we recommend restricting your site and contacts to people you already know. However, if you DO visit with a stranger, never give out information that could lead them to you. Unfortunately, too many teens have let their guard down as they have enjoyed the “relationship” and conversation only to be hurt. One site that has short movie clips and real life stories about teens is http://www.NetSmartz.org. Just click on the teen tab and learn for yourself.
If you choose to use a site, be sure to use access and use the security settings!
Photos Online
Be careful about the photos and information you put online about yourself and others. Even when deleted, these photos and information remain on the Internet forever. As you grow up and become part of the workforce, the last thing you want for yourself or others are pictures or information that doesn’t speak highly of you.
To see information about safeguarding yourself, your family and your computer, check out these sites:
Social Activities
When making plans with friends or sharing your latest interests, the Internet is a great resource for everything from movie times, to the latest music, to local events for memorable time with friends. The following sections contain websites that may help in planning a get together:
Movies
Are you interested in finding out what is playing in your area? Here are some sites to help you check out the latest movies and even get your seats before you arrive:
Interested in movie trivia? Wishing you could remember what movies your favorite star has been in? Check out the Internet Movie Database or IMDB. It’s the Hollywood insider way to check the résumé of directors and stars:
Music
Do you love music? Are you interested in figuring out what’s hot and what’s not? Here are a few sites to keep you up to speed on the latest music talent:
Are you ready to get into the downloading craze? Do you want to be able to get the latest songs and create your own playlists? How about being able to download your favorite podcasts and listen to them at your leisure? Apple created iTunes for this purpose. For more information and to be able to download the application, visit their website. Be warned, you might just find yourself buying an ultra cool iPod and becoming a download junkie!:
Music-Live Shows
Do you prefer seeing your bands live? Do you want access to those front row tickets? Here are a few sites to purchase tickets to all of your favorite concerts:
Have you dreamed of being a soccer manager? Why not try starting a team in a lower division and slowly bring them up the ranks. Even if it’s a virtual reality, it’s still pretty cool. http://www.HatTrick.org
This site allows you to see the score for any major soccer game anywhere in the world! http://www.LiveScore.com
Basketball
Is basketball your sport of choice?
The following website offers video clips, news and stats: http://www.NBA.com
Football
Do you and the pig skin have a special relationship on most Sunday afternoons and Monday nights?
ESPN
Are you an all around sports lover? Check out ESPN’s site, which happens to be one of the biggest sports websites in the world and covers all major sports:
Live Games
The Internet is a fantastic resource for keeping up with your favorite teams and high-definition televisions make you feel like you’re at the game, but nothing compares to seeing a live game. StubHub.com offers tickets to nearly every sporting event in the U.S.!
For Parents:
Social Networking Safety
Social networking sites have become a mainstream medium for teens and adults. Although some of these sites are monitored, there is no way to completely prevent your child from the possibility of being exposed to inappropriate content. These sites encourage the exchange of personal information and, if a child is not cautious, can be a perfect venue for a predator to take advantage of the child. Parents can teach their children to socialize safely online.
The Federal Trade Commission has created a parent’s guide to social networking sites: http://www.FTC.gov
Here are some quick tips from the FTC on teaching your kids to socialize safely online:
Help your kids understand what information should be private.
Use privacy settings to restrict who can access and post on your child’s website.
Explain that kids should post only information that you- and they- are comfortable with others seeing.
Remind your kids that once they post information online, they can’t take it back.
Know how your kids are getting online.
Talk to your kids about bullying.
Talk to your kids about avoiding sex talk online.
Tell your kids to trust their gut if they have suspicions.
Read sites’ privacy policies.
Take extra steps to protect younger kids.
Go where your kids go online.
Review your child’s “friends” list.
For More Information To learn more about staying safe online, visit the websites of the following organizations:
Federal Trade Commission: The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit FTC.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC manages OnGuardOnline.gov, which provides practical tips from the federal government and the technology industry to help you be on guard against Internet fraud, secure your computer, and protect your personal information.
Family Vacation
Going on vacation? Vacation time with family can be an amazing experience. Sure, you’ll miss your friends, computer and cell phone, but think about the amazing adventures you will have to talk about when you get home!
If your family is small, you can ask your parents if they would consider letting a friend come along. The answer may take into consideration where you are going, how much it will cost, and the other family’s approval. Regardless of the answer, remember that most teens meet other teens along the way.
Packing
Here are a few things to remember when packing:
If you are traveling by airplane, be sure to check the individual airline’s luggage limits or other packing requirements.
Airlines are very particular about carry-on items so check ahead.
Pack everything you need, and leave those things that you can live without at home.
If you are traveling by car, don’t forget to pack a few magazines or headphones to keep you busy!
At a minimum, don’t forget:
Your camera
Your iPod or other device
A good book, magazine or portable game
Friend or family members' addresses for postcards
Spending money (Traveler Checks recommended!)
Other Ideas
Consider researching your travel destination for your family. After all, you are probably one of the family’s computer experts! Look for directional maps, find interesting points of interest, and check the weather ahead of time for packing purposes!
Document your trip with a journal and photos. If you are creative, you will have the material to make a scrapbook later!
USA Today published an article on traveling with your teen containing plenty of information for a fun vacation.
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