The U.S. Treasury explains the basics of U.S. currency and anti-counterfeiting measures to kids. It also provides links to interesting sites like The Bureau of Engraving and Printing and the United States Mint H.I.P. Pocket Change Kids' website. http://www.newmoney.gov/education
The U.S. Mint's website teaches kids about the history of coins and the Mint through cool, interactive games and cartoons. http://www.USMint.gov
Fun Money Education Websites: Just click on one of the images below and it will take you to a fun and interactive game.
Ed’s Bank (created for children in grades 3 to 6)
Help Ed collect enough money to shop for his favorite things. Then watch his quirky reactions as he interacts with his purchases. This entertaining game provides a lighthearted way of teaching younger audiences about saving and differing money values.
Cash Puzzler (created for children in preschool and early elementary school)
Youngsters will learn to recognize dollar bills with this simple puzzle game you can play online. Complete each puzzle to learn quick facts about the people featured on each bill.
Road Trip Savings (created for adolescents)
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.
Federal Deposit Insurance Corporation (FDIC) for Youth:
Need help understanding (or teaching) what the FDIC does?
Visit the Federal Deposit Insurance Corporation's Learning Bank with your tour guide, Carmen Cents. She will take you and your child or student through the basics of the agency and provide access to other FDIC websites. http://www.FDIC.gov
U.S. Department of Treasury for Youth: The U.S. Department of Treasury put together an easy-to-read website using graphics and games to explain different parts of United States money making. It includes links to the White House, the U.S. Mint, as well as a site about U.S. Savings Bonds. http://www.USTreas.gov/kids
Social Security for Youth: Do you think that Social Security has something to do with hanging out? Think again! The Social Security Administration 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:
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:
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:
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 key 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:
Smart Money Quiz Show
Want to learn about money and how to make choices that will keep you out of debt? Play along with the Smart Money Quiz Show:
Smart Money Quiz Show
Test your money smarts with the Get-Out-of-Debt Quiz Show. Tackle topics as diverse as Internet banking and consumer scams to work your way out of $10,000 in debt.
Investing
The first step to investing is to set aside enough money to invest. Some young adults may have a substantial amount of money to invest from an inheritance or through some other avenue. However, most 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, you may consider a bank Money Market account, which generally pays a higher interest rate. Or, a bank Certificate of Deposit. Your Personal Banker can explain how each one works and guide you to the right choice.
Although there are many ways to invest, here are some sites that you might find interesting:
This website, sponsored by the Foundation for Investor Education, an affiliate of the Securities Industry Association, features objective investor education, resources, and expert insights for investors of all experience levels. http://www.PathToInvesting.com
The fun and interactive Stock Market Game program lets students invest $100,000 in a real portfolio, tracks the results and teaches important life and investment lessons.
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.
Marriage and Money
Getting married can be one of the most exciting times in a person’s life. While it’s exciting to start a new life with your loved one, it’s important to discuss money with your significant other. After all, money is the leading cause of marital strain. Kiplinger.com suggests these ten questions to ask before saying “I Do.”
Where would you like to be in five or ten years?
What are our assets and liabilities?
Should we keep our finances separate or combine them?
What about our investments?
How will we handle daily spending decisions?
Who will be responsible for paying the bills and preparing the taxes?
What is your tolerance for financial risk?
What are our insurance options?
How does your credit report look?
How will we tackle existing debt?
Don’t worry – if you have already tied the knot, there is advice for you too. For more information on the questions above and more resources on marriage and money visit the links below:
Credit Cards
You are finally 18 and suddenly your mailbox is filled with credit card applications. Don’t get too excited just yet. Credit cards can be a useful tool if used responsibly, but they can also get a person into debt.
It’s important to understand how credit cards work and to use them responsibly. These sites will help to explain what they are, how to use them and how to pay them back:
The Federal Reserve created an excellent website dedicated to educating consumers on credit card offers, terms and fees. http://www.federalreserve.gov/creditcard
The FTC (Federal Trade Commission) site has information for you, whether you’re shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information: http://www.FTC.gov
The Credit Education Bureau’s mission is to aggressively reach out to the community of consumers with important credit information, and good money management training which will result in a whole new market segment of "smarter" consumers. http://CreditEducationBureau.com
FTC’s “Getting Credit: What You Need to Know About Your Credit” provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. In addition, it explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft. It's a source of information for people learning about credit: http://www.FTC.gov
The Federal Reserve Bank of San Francisco’s “How to Establish, Use, and Protect Your Credit” publication explains how credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay: http://www.FRBSF.org
Credit Rights As a consumer you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The laws that regulate credit are outlined in this brochure: http://www.FRBSF.org/publications
South Valley Bank & Trust extends loans upon approved credit. South Valley is an equal opportunity lender and adheres to all the state and federal regulations. Besides a number of internal checks and balances, the bank is audited on a regular basis. If you ever have any questions regarding your loan or loan application, please ask us.
Credit Score
There is a lot to be said about the importance of a good credit score. It will help you in obtaining credit, may affect the amount you qualify for and may even help you in getting a more favorable interest rate!
But what exactly is a credit score? A credit score is a number that reflects the likeliness you will pay back the money you borrow. The higher the number, the more likely it is that you will pay the money back.
What is a good credit score & who determines it?
A credit score is a three digit number based on the borrower’s bill-paying history and overall debt profile. The most widely accepted score is the FICO, Fair Isaac Corporation, score. The three major credit reporting agencies, Equifax, TransUnion and Experian use their own models to calculate scores as well. Different creditors use different methods to create their scores and those formulas are proprietary to the companies using them, so defining a good score and bad score can be a gray area.
The following are approximate ranges of credit scores:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
While we don’t know the exact formulas used to calculate credit scores, FICO has disclosed an approximate breakdown of what makes up a credit score:
Timeliness of payments (payment behavior) = 35%
The amount of revolving debt in relation to the amount of your total revolving credit (how much you owe) = 30%
Length of credit history = 15%
Type of credit used (installment, revolving, consumer finance) = 10%
Amount of credit recently obtained and recent searches for credit = 10%
What impacts your score? Late payments are often a cause of lower scores. Paying late one or two times may not affect your score, but a consistently late payment history will lower your overall score. Other issues that can lower your score are bankruptcies, foreclosures, judgments, collections and having too much revolving credit (i.e., store credit cards).
How do you find out what your credit score is?
You may have received a free credit report and noticed it does not include a credit score. Often, the credit score is not included and must be purchased separately. If you are applying for a home loan, the lender is required to give you your credit score.
If your lender will not give you your score, you can contact the following three major consumer credit reporting agencies:
Building Credit
It’s important to establish credit and build up a good credit score. Even though you may decide you don’t actually need credit at this point in your life, it’s important to think ahead to the future. You can begin with something as simple as paying your bills on time and beginning with a credit card that you pay off monthly.
MSN.com provides nine ways to build your credit score from scratch:
Repairing Credit
If your score is not where you want it to be, do not despair. With time and a sincere effort to improve your score, you can be on the road to repairing your credit score. Here are some steps that may help you to improve your score:
Pay your bills on time.
Pay down your balances. Don’t keep your cards maxed out. It will lower your score.
Pay off your debt instead of balance transferring. Moving debt around and opening new cards can lower your score. Your best bet is to pay the debt you have down, not just spread it out.
Don’t open multiple accounts you don’t need. Too many open accounts can lower your score.
Don’t close all your accounts. Yes, you want to pay off your debt but closing all your accounts can lower your score. Having installment loans with on-time payments will raise your score. Use your cards…just do so responsibly.
Review your credit report for any discrepancies and repair them if necessary.
Create a budget and stick to it. Don’t live on credit. Living beyond your means and spending money you don’t have will never allow you to live debt free. Learn to examine each purchase from the perspective of “need” vs. “want.”
If you are in over your head, contact a legitimate credit counselor.
Read MSN Money’s article with 7 fast fixes for your credit score:
The Federal Trade Commission has information available on how to build a better credit report. The site has information on how to legally improve your credit report, dealing with debt and more. http://www.FTC.gov/bcp
Monitoring Your Credit
The 2004 FACT Act (Fair and Accurate Credit Transactions Act) entitles all U.S. residents to receive a free credit report every 12 months from each of the three credit bureaus. Checking your credit report once a year is a good way to correct any errors and make sure you have not been a victim of identity theft.
To request your free reports through a centralized source:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Phone: (877) 322-8228 www.AnnualCreditReport.com
To request your free reports individually:
Equifax
800-685-1111 http://www.Equifax.com
P.O. Box 740241
Atlanta, Ga. 30374-0241
You will want to review all three. Why? The reports can have different information in each of them since the report system is voluntary. The creditors subscribe to whichever agency they want, if they subscribe at all. Some creditors may not even report to any of the agencies and will not show up on your credit report.
What to look for:
Review your personal information- name, social security number, date of birth, addresses and employers for accuracy.
Check that all closed accounts are indicated as closed.
Check that all open accounts are accounts you opened.
Check that nothing is on the report longer than what is allowed by law; bankruptcies must be removed after 10 years. Suits, judgments, tax liens, arrest records, and most other unfavorable information must be dropped after 7 years.
Check over any information on late payments and make sure there are no mistakes.
Consumer Protection publications available from the Federal Reserve:
Budgeting
Living by a budget should be part of a financial plan no matter what age you are or your income. Having the discipline to stick with a budget is very important if you are to meet your financial goals. The following sites may help you to understand how to create a budget that works for you:
Marriage and Money
Getting married can be one of the most exciting times in a person’s life. Before you start your new life with your loved one, it is important to be able to discuss the topic of money. After all, money is the leading cause of marital strain. Kiplinger.com suggests these ten questions to ask before saying “I Do”:
Where would you like to be in five or ten years?
What are our assets and liabilities?
Should we keep our finances separate or combine them?
What about our investments?
How will we handle daily spending decisions?
Who will be responsible for paying the bills and preparing the taxes?
What is your tolerance for financial risk?
What are our insurance options?
How does your credit report look?
How will we tackle existing debt?
Don’t worry – if you have already tied the knot there is advice for you too. For more information on the questions above and more resources on marriage and money visit the links below:
Kids and Money
It is never too early to begin teaching your children about money. The Managing your Money section of our Resource Library has good information on kids and money.
South Valley kids enjoy learning about money through Dollar the Dragon’s interactive website. They love saving money with their Dollar the Dragon savings bank and working their way through the treasure map leading to a prize from the treasure chest!
Kiplinger.com recommends using the following steps to show your children the value of money:
Teach kids the value of money
Determine an allowance - when and how much
Decide whether to use money as a reward/punishment
Decide the best ways to give money to children
There are quite a few websites available to help educate children on the importance of money. The Oregon Bankers Association’s website has games for young children and interactive sites for teenagers.
For more information on teaching children about money visit the following websites:
Divorce and Money
Divorce is never a situation anyone plans for and is certainly painful to go through. When it happens, though, it is important to take care of the financial issues related to divorce immediately. Consider the following steps to a “money-smart divorce” as recommended by MSN Money:
Pull your credit report
Open individual bank, credit, and brokerage accounts
Close all joint accounts
Keep separate property separate
Consider selling the house
Change beneficiaries
Reclaim your name
Check your retirement
Guard your health coverage
For more information on these steps and for other advice on handling the financial issues surrounding a divorce, visit the following websites:
The FTC (Federal Trade Commission) site has information for you, whether you’re shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information: http://www.FTC.gov
The Credit Education Bureau’s mission is to aggressively reach out to the community of consumers with important credit information, and good money management training which will result in a whole new market segment of "smarter" consumers. http://CreditEducationBureau.com
FTC’s “Getting Credit: What You Need to Know About Your Credit” provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. In addition, it explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft. If you want to learn about credit, it might be a good site to check out: http://www.FTC.gov
The Federal Reserve Bank of San Francisco’s “How to Establish, Use, and Protect Your Credit” publication explains how credit is an important financial tool, but can also be dangerous, leading people into debt far beyond their ability to repay: http://www.FRBSF.org
The Federal Reserve created an excellent website dedicated to educating consumers on credit card offers, terms and fees. http://www.federalreserve.gov/creditcard
Credit Rights
As a consumer you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The laws that regulate credit are outlined in this brochure: http://www.FRBSF.org/publications
South Valley Bank & Trust extends loans upon approved credit. South Valley is an equal opportunity lender and adheres to all the state and federal regulations. Besides a number of internal checks and balances, the bank is audited on a regular basis. If you ever have any questions regarding your loan or loan application, please ask us.
Credit Score
There is a lot to be said about the importance of a good credit score. It will help you in obtaining credit, may affect the amount you qualify for and may even help you in getting a more favorable interest rate!
But what exactly is a credit score? A credit score is a number that reflects the likeliness you will pay back the money you borrow. The higher the number, the more likely it is that you will pay the money back.
What's a good credit score and who determines it?
A credit score is a three digit number based on the borrower’s bill-paying history and overall debt profile. The most widely accepted score is the FICO, Fair Isaac Corporation, score. The three major credit reporting agencies, Equifax, TransUnion and Experian use their own models to calculate scores as well. Different creditors use different methods to create their scores and those formulas are proprietary to the companies using them, so defining a good score and bad score can be a gray area.
The following are approximate ranges of credit scores:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
While we don’t know the exact formulas used to calculate credit scores, FICO has disclosed an approximate breakdown of what makes up a credit score:
Timeliness of payments (payment behavior) = 35%
The amount of revolving debt in relation to the amount of your total revolving credit (how much you owe) = 30%
Length of credit history = 15%
Type of credit used (installment, revolving, consumer finance) = 10%
Amount of credit recently obtained and recent searches for credit = 10%
What impacts your score? Certain things can greatly impact your score. Late payments are often a cause of lower scores. One or two may not be terrible, but a consistently late payment history will lower your overall score. Other things that can lower your score are bankruptcies, foreclosures, judgments, collections and having too much revolving credit (i.e., store credit cards).
How do you find out what your credit score is?
You may have received a free credit report and noticed it does not include a credit score. Often, the credit score is not included and must be purchased separately. If you are applying for a home loan, the lender is required to give you your credit score.
If your lender will not give you your score, you can contact the following three major consumer credit reporting agencies:
Building Credit
It’s important to establish credit and build up a good credit score. Even though you may decide you don’t actually need credit at this point in your life, it’s important to think ahead to the future. You can begin with something as simple as paying your bills on time and beginning with a credit card that you pay off monthly.
MSN.com provides nine ways to build your credit score from scratch:
Repairing Credit
If your score is not where you want it to be, do not despair. With time and a sincere effort to improve your score you can be on the road to repairing your credit score. Here are some steps that may help you to improve your score:
Pay your bills on time.
Pay down your balances. Don’t keep your cards maxed out. It will lower your score.
Pay off your debt instead of balance transferring. Moving debt around and opening new cards can lower your score. Your best bet is to pay the debt you have down, not just spread it out.
Don’t open multiple accounts you don’t need. Too many open accounts can lower your score.
Don’t close all your accounts. Yes, you want to pay off your debt, but closing all your accounts can lower your score. Having installment loans with on-time payments will raise your score. Use your cards…just do so responsibly.
Review your credit report for any discrepancies and repair them if necessary.
Create a budget and stick to it. Don’t live on credit. Living beyond your means and spending money you don’t have will never allow you to live debt free. Learn to examine each purchase from the perspective of “need” vs. “want.”
If you are in over your head, contact a legitimate credit counselor.
Read MSN Money’s article with 7 fast fixes for your credit score:
The Federal Trade Commission has information available on how to build a better credit report. The site has information on how to legally improve your credit report, dealing with debt and more: http://www.FTC.gov/bcp
Monitoring Your Credit
The 2004 FACT Act (Fair and Accurate Credit Transactions Act) entitles all U.S. residents to receive a free credit report every 12 months from each of three credit bureaus. Checking your credit report once a year is a good way to correct any errors and make sure you have not been a victim of identity theft.
To request your free reports through a centralized source:
You will want to review all three. Why? The reports can have different information in each of them since the report system is voluntary. The creditors subscribe to whichever agency they want, if they subscribe at all. Some creditors may not even report to any of the agencies and will not show up on your credit report.
What to look for:
Review your personal information- name, social security number, date of birth, addresses and employers for accuracy.
Check that all closed accounts are indicated as closed.
Check that all open accounts are accounts you opened.
Check that nothing is on the report longer other than what is allowed by law; bankruptcies must be removed after 10 years. Suits, judgments, tax liens, arrest records, and most other unfavorable information must be dropped after 7 years.
Check over any information on late payments and make sure there are no mistakes.
Consumer Protection publications available from the Federal Reserve:
Retirement planning
Is it too early to begin planning for retirement? Not a chance! The sooner you begin setting money aside, the earlier you will be able to relax and enjoy retired life. Here are some helpful sites and tips to help you start understanding how to best prepare yourself for retired life, even if it’s a few years off!
6 easy tips to get yourself on the retirement path:
Start early. The earlier you begin, the more time you have on your side. Time combined with decent interest rates and smart investment choices can mean the difference between a comfortable retirement and never retiring.
Plan for the longest life you can imagine. Many people don’t realize that they can live more than 30 years after they retire!
Create a plan. Meet with a trained financial planner. It’s important to understand your true needs. What is your salary, how much do you spend, how much will you earn over time and how much do you need to be investing to reach your long term goals? A professional can help you create a plan that can help get you there. South Valley Wealth Managementis an affiliate of South Valley Bank & Trust and can provide a free investment consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
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.
Contribute. You have to put money away for it to grow. All the planning in the world won’t equal a nice retirement if you forget to actually put money into it. Set a goal (see above) and contribute monthly, weekly, annually or whatever works best for you - but DO IT! A small contribution is better than no contribution at all.
Get rid of the debt. This time of life can certainly be challenging and money may be tight. However, work towards paying off your debt as soon as you can. Don’t carry credit cards, student loans, car loans and mortgages longer than you must. This does not necessarily mean paying off all your debt before you begin saving for retirement. With credit such as home loans and student loans, this may not be realistic. Just keep in mind that eventually you want to get out of the debt altogether.
Countdown to Retirement game
Even though retirement may be far off in the future, the following exercise may be helpful in showing the importance of planning early. Just click on the image below:
Play out the career and lifestyle of your choice, and see if your decisions allow you to retire in luxury -- or keep you working ’til the day you die. It all depends on the choices you make in life and how well you manage your money.
Career/Family - Personal Finances
(Financial Education)
Understanding Money
If you are looking for a no-nonsense place for personal finance tips and articles, the following sites may be useful:
Budgeting
Budgets are important at any age. Having the discipline to live within your means, while saving for special purchases and events can lead to a much more fulfilling and stress free life.
The following are websites to help you to create a budget:
Be sure to reference the Calculators section in the Resource Center to assist you in your budgeting process.
Marriage and Money
Getting married can be one of the most exciting times in a person’s life. Before you start your new life with your loved one, it is important to be able to discuss the topic of money. After all, money is the leading cause of marital strain. Kiplinger.com suggests these ten questions to ask before saying “I Do”:
Where would you like to be in five or ten years?
What are our assets and liabilities?
Should we keep our finances separate or combine them?
What about our investments?
How will we handle daily spending decisions?
Who will be responsible for paying the bills and preparing the taxes?
What is your tolerance for financial risk?
What are our insurance options?
How does your credit report look?
How will we tackle existing debt?
Don’t worry – if you have already tied the knot there is advice for you too. For more information on the questions above and more resources on marriage and money visit the links below:
Kids and Money
It is never too early to begin teaching your children about money. The Managing your Money section of our Resource Library has good information on kids and money.
South Valley kids enjoy learning about money through Dollar the Dragon’s interactive website. They love saving money with their Dollar the Dragon savings bank and working their way through the treasure map leading to a prize from the treasure chest!
Kiplinger.com recommends using the following steps to show your children the value of money:
Teach kids the value of money
Determine an allowance - when and how much
Decide whether to use money as a reward/punishment
Decide the best ways to give money to children
There are quite a few websites available to help educate children on the importance of money. The Oregon Bankers Association’s website has games for young children and interactive sites for teenagers.
For more information on teaching children about money visit the following websites:
Divorce and Money
Divorce is never a situation anyone plans for and is certainly painful to go through. When it happens, though, it is important to take care of the financial issues related to divorce immediately. Consider the following steps to a money-smart divorce as recommended by MSN Money:
Pull your credit report
Open individual bank, credit, and brokerage accounts
Close all joint accounts
Keep separate property separate
Consider selling the house
Change beneficiaries
Reclaim your name
Check your retirement
Guard your health coverage
For more information on these steps and for other advice on handling the financial issues surrounding a divorce, visit the following websites:
The FTC (Federal Trade Commission) site has information for you, whether you’re shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information: http://www.FTC.gov
The Credit Education Bureau’s mission is to aggressively reach out to the community of consumers with important credit information, and good money management training which will result in a whole new market segment of "smarter" consumers:http://CreditEducationBureau.com
FTC’s “Getting Credit: What You Need to Know About Your Credit” provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. In addition, it explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft. It's a good source of information for people learning about credit: http://www.FTC.gov
The Federal Reserve Bank of San Francisco’s “How to Establish, Use, and Protect Your Credit” publication explains how credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay: http://www.FRBSF.org
The Federal Reserve created an excellent website dedicated to educating consumers on credit card offers, terms and fees. http://www.federalreserve.gov/creditcard
Credit Rights
As a consumer you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The laws that regulate credit are outlined in this brochure: http://www.FRBSF.org/publications
South Valley Bank & Trust extends loans upon approved credit. South Valley is an equal opportunity lender and adheres to all the state and federal regulations. Besides a number of internal checks and balances, the bank is audited on a regular basis. If you ever have any questions regarding your loan or loan application, please ask us.
Credit Score
If you are applying for credit, the amount you qualify for could be based partly on your credit score. But what exactly is a credit score? A credit score is a number that reflects the likeliness you will pay back the money you borrow. The higher the number, the more likely it is that you will pay the money back.
What is a good credit score and who determines it?
A credit score is a three digit number based on the borrower’s bill-paying history and overall debt profile. The most widely accepted score is the FICO, Fair Isaac Corporation, score. The three major credit reporting agencies, Equifax, TransUnion and Experian use their own models to calculate scores as well. Different creditors use different methods to create their scores and those formulas are proprietary to the companies using them, so defining a good score and bad score can be a gray area.
The following are approximate ranges of credit scores:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
While we don’t know the exact formulas used to calculate credit scores, FICO has disclosed an approximate breakdown of what makes up a credit score:
Timeliness of payments (payment behavior) = 35%
The amount of revolving debt in relation to the amount of your total revolving credit (how much you owe) = 30%
Length of credit history = 15%
Type of credit used (installment, revolving, consumer finance) = 10%
Amount of credit recently obtained and recent searches for credit = 10%
How do you find out what your credit score is?
You may have received a free credit report and noticed it does not include a credit score. Often, the credit score is not included and must be purchased separately. If you are applying for a home loan, the lender is required to give you your credit score.
If your lender will not give you your score, you can contact the following three major consumer credit reporting agencies:
Building Credit
What impacts your score? Certain things can greatly impact your score. Late payments are often a cause of lower scores. One or two is not terrible but a consistently late payment history will lower your overall score. Other things that can lower your score are bankruptcies, foreclosures, judgments, and collections. MSN.com provides nine ways to build your credit score from scratch:
Repairing Credit
If your score is not where you want it to be, do not despair. With time and a sincere effort to improve your score you can be on the road to repairing your credit score. Here are some steps that may help you to improve your score:
Pay your bills on time.
Pay down your balances. Don’t keep your cards maxed out. It will lower your score.
Pay off your debt instead of balance transferring. Moving debt around and opening new cards can lower your score. Your best bet is to pay the debt you have down, not just spread it out.
Don’t open multiple accounts you don’t need. Too many open accounts can lower your score.
Don’t close all your accounts. Yes you want to pay off your debt but closing all your accounts can lower your score. Having installment loans with on-time payments will raise your score. Use your cards…just do so responsibly.
Review your credit report for any discrepancies and repair them if necessary.
Create a budget and stick to it. Don’t live on credit. Living beyond your means and spending money you don’t have will never allow you to live debt free. Learn to examine each purchase from the perspective of “need” vs. “want.”
If you are in over your head, contact a legitimate credit counselor.
Read MSN Money’s article with 7 fast fixes for your credit score:
The Federal Trade Commission has information available on how to build a better credit report. The site has information on how to legally improve your credit report, dealing with debt and more: http://www.FTC.gov/bcp
Monitoring Your Credit
The 2004 FACT Act (Fair and Accurate Credit Transactions Act) entitles all U.S. residents to receive a free credit report every 12 months from each of the three credit bureaus. Checking your credit report once a year is a good way to correct any errors and make sure you have not been a victim of identity theft.
You will want to review all three. Why? The reports can have different information in each of them since the report system is voluntary. The creditors subscribe to whichever agency they want, if they subscribe at all. Some creditors may not even report to any of the agencies and will not show up on your credit report.
What to look for:
Review your personal information- name, social security number, date of birth, addresses and employers for accuracy.
Check that all closed accounts are indicated as closed.
Check that all open accounts are accounts you opened.
Check that nothing is on the report longer than what is allowed by law; bankruptcies must be removed after 10 years. Suits, judgments, tax liens, arrest records, and most other unfavorable information must be dropped after 7 years.
Check over any information on late payments and make sure there are no mistakes.
Consumer Protection publications available from the Federal Reserve:
Retirement Planning
It’s often at this point in life that people begin seriously planning for retirement. Hopefully, by now, you have begun setting money aside. If not, it’s a good time to begin! And the sooner you begin, the earlier you will be able to relax and enjoy the retired life. This section is filled with tips to help you start understanding how to best prepare yourself for the retired life, even if that’s quite a few years off!
6 easy tips to get yourself on the retirement path:
Start early. The earlier you begin, the more time you have on your side. Time combined with decent interest rates and smart investment choices can mean the difference between a comfortable retirement and never retiring.
Plan for the longest life you can imagine. Many people don’t realize that they can live more than 30 years after they retire!
Create a plan. Meet with a trained financial planner. It’s important to understand your true needs. What is your salary, how much do you spend, how much will you earn over time and how much do you need to be investing to reach your long term goals? A professional can help you create a plan that can you help get you there. South Valley Wealth Managementis an affiliate of South Valley Bank & Trust and can provide a free investment consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
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.
Contribute. You have to put money away for it to grow. All the planning in the world won’t equal a nice retirement if you forget to actually put money into it. Set a goal (see above) and contribute monthly, weekly, annually or whatever works best for you - but DO IT! A small contribution is better than no contribution at all.
Get rid of the debt. This time of life can certainly be challenging and money may be tight. However, work towards paying off your debt as soon as you can. Don’t carry credit cards, student loans, car loans and mortgages longer than you must. This does not necessarily mean paying off all your debt before you begin saving for retirement. With credit such as home loans and student loans, this may not be realistic. Just keep in mind that eventually you want to get out of the debt all together.
Countdown to Retirement Game
Even though retirement may be far off in the future, the following exercise may be helpful in understanding the importance of planning early. Just click on the image below to start playing/planning now!
Play out the career and lifestyle of your choice, and see if your decisions allow you to retire in luxury -- or keep you working ’til the day you die. It all depends on the choices you make in life and how well you manage your money.
Social Security Retirement Planner
This planner provides detailed information about your Social Security retirement benefits under current law and points out things you may want to consider as you prepare for the future.
Investing
Once you have some disposable income or savings available to you, there are many investment options. Becoming informed will help you make the right choices. There are several ways to learn more:
1. Your branch Personal Banker can explain the investment options that are available at the SVBT.
2. In addition, any of our branch employees can set up a FREE consultation with our affiliate, South Valley Wealth Management. The consultation is in a relaxed environment with absolutely no pressure and should be very helpful as you explore your financial situation and the options that are available to you. There is a representative in your area and an appointment can be easily made through your branch or by calling them directly.
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.
If you are interested in learning a little more about investing and the stock market, here are a few sites that may be helpful in explaining how it works:
Caring for Aging Parents
As we age, our parents are aging too, and eventually they will need additional resources to care for themselves. It may be important to be prepared to step in and help care for them. Sometimes this includes financial resources as well as care giving resources. Kiplinger.com suggests the following steps to help aging parents:
Know your parents’ income and assets
Be prepared if parents become incapacitated
Determine where parents will live
Determine how to proceed when parents need financial help
For more information and resources in caring for aging parents visit the following websites:
Budgeting
Budgets are important at any age. Having the discipline to live within your means, while saving for special purchases and events can lead to a much more fulfilling and stress free life.
The following are websites to help you to create a budget:
Be sure to reference our Financial Calculators to assist you in your budgeting process.
Marriage and Money
It’s not uncommon to see couples getting married at this point in life. While it’s exciting to start a new life with your loved one, it is important to be able to discuss your assets and money with your significant other. Kiplinger.com suggests these ten questions to ask before saying “I Do”:
Where would you like to be in five or ten years?
What are our assets and liabilities?
Should we keep our finances separate or combine them?
What about our investments?
How will we handle daily spending decisions?
Who will be responsible for paying the bills and preparing the taxes?
What is your tolerance for financial risk?
What are our insurance options?
How does your credit report look?
How will we tackle existing debt?
Don’t worry – if you have already tied the knot there is advice for you too. For more information on the questions above and more resources on marriage and money visit the links below:
Divorce and Money
Divorce is never a situation anyone plans for and is certainly painful to go through. When it happens, though, it is important to take care of the financial issues related to divorce immediately. Consider the following steps to a “money-smart divorce” as recommended by MSN Money:
Pull your credit report
Open individual bank, credit, and brokerage accounts
Close all joint accounts
Keep separate property separate
Consider selling the house
Change beneficiaries
Reclaim your name
Check your retirement
Guard your health coverage
For more information on these steps and for other advice on handling the financial issues surrounding a divorce, visit the following websites:
The FTC (Federal Trade Commission) site has information for you, whether you’re shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information: http://www.FTC.gov
The Credit Education Bureau’s mission is to aggressively reach out to the community of consumers with important credit information, and good money management training which will result in a whole new market segment of "smarter" consumers: http://CreditEducationBureau.com
FTC’s “Getting Credit: What You Need to Know About Your Credit” provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. In addition, it explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft. It's a source of information for people learning about credit: http://www.FTC.gov
The Federal Reserve Bank of San Francisco’s “How to Establish, Use, and Protect Your Credit” publication explains how credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay: http://www.FRBSF.org
The Federal Reserve created an excellent website dedicated to educating consumers on credit card offers, terms and fees. http://www.federalreserve.gov/creditcard
Credit Rights
As a consumer you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The laws that regulate credit are outlined in this brochure: http://www.FRBSF.org/publications
South Valley Bank & Trust extends loans upon approved credit. South Valley is an equal opportunity lender and adheres to all the state and federal regulations. Besides a number of internal checks and balances, the bank is audited on a regular basis. If you ever have any questions regarding your loan or loan application, please ask us.
Credit Score
If you are applying for credit, the amount you qualify for may be based partly on your credit score. But what exactly is a credit score? A credit score is a number that reflects the likeliness you will pay back the money you borrow. The higher the number, the more likely it is that you will pay the money back.
What is a good credit score & who determines it?
A credit score is a three digit number based on the borrower’s bill-paying history and overall debt profile. The most widely accepted score is the FICO, Fair Isaac Corporation, score. The three major credit reporting agencies, Equifax, TransUnion and Experian use their own models to calculate scores as well. Different creditors use different methods to create their scores and those formulas are proprietary to the companies using them, so defining a good score and bad score can be a gray area.
The following are approximate ranges of credit scores:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
While we don’t know the exact formulas used to calculate credit scores, FICO has disclosed an approximate breakdown of what makes up a credit score:
Timeliness of payments (payment behavior) = 35%
The amount of revolving debt in relation to the amount of your total revolving credit (how much you owe) = 30%
Length of credit history = 15%
Type of credit used (installment, revolving, consumer finance) = 10%
Amount of credit recently obtained and recent searches for credit = 10%
How do you find out what your credit score is?
You may have received a free credit report and noticed it does not include a credit score. Often, the credit score is not included and must be purchased separately. If you are applying for a home loan, the lender is required to give you your credit score.
If your lender will not give you your score, you can contact the following three major consumer credit reporting agencies:
Building Credit
What impacts your score? Certain things can greatly impact your score. Late payments are often a cause of lower scores. One or two is not terrible, but a consistently late payment history will lower your overall score. Other things that can lower your score are bankruptcies, foreclosures, judgments, and collections.
MSN.com’s nine ways to build your credit score from scratch:
Repairing Credit
If your score is not where you want it to be, do not despair. With time and a sincere effort to improve your score you can be on the road to repairing your credit score. Here are some steps that may help you to improve your score:
Pay your bills on time.
Pay down your balances. Don’t keep your cards maxed out. It will lower your score.
Pay off your debt instead of balance transferring. Moving debt around and opening new cards can lower your score. Your best bet is to pay the debt you have down, not just spread it out.
Don’t open multiple accounts you don’t need. Too many open accounts can lower your score.
Don’t close all your accounts. Yes, you want to pay off your debt, but closing all your accounts can lower your score. Having installment loans with on-time payments will raise your score. Use your cards…just do so responsibly.
Review your credit report for any discrepancies and repair them if necessary.
Create a budget and stick to it. Don’t live on credit. Living beyond your means and spending money you don’t have will never allow you to live debt free. Learn to examine each purchase from the perspective of “need” vs. “want.”
If you are in over your head, contact a legitimate credit counselor.
Read MSN Money’s helpful article with 7 fast fixes for your credit score:
The Federal Trade Commission has information available on how to build a better credit report. The site has information on how to legally improve your credit report, dealing with debt and more: http://www.FTC.gov/bcp
Monitoring Your Credit
The 2004 FACT Act (Fair and Accurate Credit Transactions Act) entitles all U.S. residents to receive a free credit report every 12 months from each of the three credit bureaus. Checking your credit report once a year is a good way to correct any errors and make sure you have not been a victim of identity theft.
To request your free reports through a centralized source:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Phone: (877) 322-8228 www.AnnualCreditReport.com
You will want to review all three. Why? The reports can have different information in each of them since the report system is voluntary. The creditors subscribe to whichever agency they want, if they subscribe at all. Some creditors may not even report to any of the agencies and will not show up on your credit report.
What to look for:
Review your personal information- name, social security number, date of birth, addresses and employers.
Check that all closed accounts are closed.
Check that all open accounts are accounts you opened.
Check that nothing is on the report longer than what is allowed by law; bankruptcies must be removed after 10 years. Suits, judgments, tax liens, arrest records, and most other unfavorable information must be dropped after 7 years.
Check over any information on late payments and make sure they are not mistakes.
Consumer Protection publications available from the Federal Reserve:
Retirement
Retirement is definitely on the horizon, although it may still be a few years away. Hopefully by now, you have been setting money aside for retirement. If so, don’t stop! In fact, consider increasing the amount you are setting aside and look into any additional advantages you may have by law in your defined retirement contribution if you are over age 50.
If you haven’t already done so, now is an excellent time to do some formal planning with your investment advisor and with a Financial Planner. It’s important to understand your future needs and determine if your plan is where it needs to be. We recommend a FREE consultation with our affiliate, South Valley Wealth Management. Any of our branch employees can make an appointment for you.
6 easy tips to get yourself on the retirement path:
Start early. The earlier you begin, the more time you have on your side. Time combined with decent interest rates and smart investment choices can mean the difference between a comfortable retirement and never retiring.
Plan for the longest life you can imagine. Many people don’t realize that they can live more than 30 years after they retire!
Create a plan. Meet with a trained financial planner. It’s important to understand your true needs. What is your salary, how much do you spend, how much will you earn over time and how much do you need to be investing to reach your long term goals? A professional can help you create a plan that can help get you there. South Valley Wealth Managementis an affiliate of South Valley Bank & Trust and can provide a free investment consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
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.
Contribute. You have to put money away for it to grow. All the planning in the world won’t equal a nice retirement if you forget to actually put money into it. Set a goal (see above) and contribute monthly, weekly, annually or whatever works best for you - but DO IT! A small contribution is better than no contribution at all.
Get rid of the debt. This time of life can certainly be challenging and money may be tight. However, work towards paying off your debt as soon as you can. Don’t carry credit cards, student loans, car loans and mortgages longer than you must. This does not necessarily mean paying off all your debt before you begin saving for retirement. With credit such as home loans and student loans, this may not be realistic. Just keep in mind that eventually you want to get out of the debt all together.
Preparing for retirement can leave you with a lot of questions. The following sites are sources of information to help you prepare for the exciting and upcoming new chapter in your life:
Caring for Aging Parents
As we age, our parents are aging too and eventually they will need additional resources to care for themselves. It may be important to be prepared to step in and help care for them. Sometimes this includes financial resources as well as care giving resources. Kiplinger.com suggests the following steps to help aging parents:
Know your parents’ income and assets
Be prepared if parents become incapacitated
Determine where parents will live
Determine how to proceed when parents need financial help
For more information and resources in caring for aging parents visit the following websites:
Active Seniors - Personal Finances
(Financial Education)
As an active senior, you undoubtedly have financial needs and goals. The following site provides information to help you achieve goals and protect your finances:
Credit Score/Report/General
It’s important to keep a good credit score no matter what your age in life. You never know when you might need a loan or other credit. It’s also important to stay on top of your records and make sure that they are accurate. We encourage you to visit the following sites to become as familiar as you can with credit and your credit score.
The FTC (Federal Trade Commission) site has information for you, whether you’re shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information: http://www.FTC.gov
The Credit Education Bureau’s mission is to aggressively reach out to the community of consumers with important credit information, and good money management training which will result in a whole new market segment of "smarter" consumers. http://CreditEducationBureau.com
FTC’s “Getting Credit: What You Need to Know About Your Credit” provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean. In addition, it explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft. It's a good source of information for people learning about credit: http://www.FTC.gov
The following is the FTC’s “Getting Credit When You're Over 62.” Under the federal Equal Credit Opportunity Act, it's against the law for a creditor to deny you credit or terminate existing credit simply because of your age. The following article explains your rights and offers tips for applying for and maintaining credit: http://www.FTC.gov
The FTC’s “A Special Guide for Seniors and Families,” is a series of articles with information specific to Seniors addressing money management issues: http://www.FDIC.gov
The Federal Reserve Bank of San Francisco’s “How to Establish, Use, and Protect Your Credit” publication explains how credit is an important financial tool, but can also be dangerous, leading people into debt far beyond their ability to repay: http://www.FRBSF.org
The Federal Reserve created an excellent website dedicated to educating consumers on credit card offers, terms and fees. http://www.federalreserve.gov/creditcard
Credit Rights
As a consumer you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The laws that regulate credit are outlined in this brochure: http://www.FRBSF.org/publications
South Valley Bank & Trust extends loans upon approved credit. South Valley is an equal opportunity lender and adheres to all the state and federal regulations. Besides a number of internal checks and balances, the bank is audited on a regular basis. If you ever have any questions regarding your loan or loan application, please ask us.
Credit Score
If you are applying for credit, the amount you qualify for could be based partly on your credit score. As you may know, a credit score is a number that reflects the likeliness you will pay back the money you borrow. The higher the number, the more likely it is that you will pay the money back.
What is a good credit score & who determines it?
A credit score is a three digit number based on the borrower’s bill-paying history and overall debt profile. The most widely accepted score is the FICO, Fair Isaac Corporation, score. The three major credit reporting agencies, Equifax, TransUnion and Experian use their own models to calculate scores as well. Different creditors use different methods to create their scores and those formulas are proprietary to the companies using them, so defining a good score and bad score can be a gray area.
The following are approximate ranges of credit scores:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
While we don’t know the exact formulas used to calculate credit scores, FICO has disclosed an approximate breakdown of what makes up a credit score:
Timeliness of payments (payment behavior) = 35%
The amount of revolving debt in relation to the amount of your total revolving credit (how much you owe) = 30%
Length of credit history = 15%
Type of credit used (installment, revolving, consumer finance) = 10%
Amount of credit recently obtained and recent searches for credit = 10%
How do you find out what your credit score is?
You may have received a free credit report and noticed it does not include a credit score. Often, the credit score is not included and must be purchased separately. If you are applying for a home loan, the lender is required to give you your credit score.
If your lender will not give you your score, you can contact the following three major consumer credit reporting agencies:
Repairing Credit
If your score is not where you want it to be, do not despair. With time and a sincere effort to improve your score you can be on the road to repairing your credit score. Here are some steps that may help you to improve your score:
Pay your bills on time.
Pay down your balances. Don’t keep your cards maxed out. It will lower your score.
Pay off your debt instead of balance transferring. Moving debt around and opening new cards can lower your score. Your best bet is to pay the debt you have down, not just spread it out.
Don’t open multiple accounts you don’t need. Too many open accounts can lower your score.
Don’t close all your accounts. Yes, you want to pay off your debt but closing all your accounts can lower your score. Having installment loans with on-time payments will raise your score. Use your cards…just do so responsibly.
Review your credit report for any discrepancies and repair them if necessary.
Create a budget and stick to it. Don’t live on credit. Living beyond your means and spending money you don’t have will never allow you to live debt free. Learn to examine each purchase from the perspective of “need” vs. “want.”
If you are in over your head, contact a legitimate credit counselor.
Read MSN Money’s article with 7 fast fixes for your credit score:
The Federal Trade Commission has information available on how to build a better credit report. The site has information on how to legally improve your credit report, dealing with debt and more: http://www.FTC.gov/bcp
Monitoring Your Credit
The 2004 FACT Act (Fair and Accurate Credit Transactions Act) entitles all U.S. residents to receive a free credit report every 12 months from each of the three credit bureaus. Checking your credit report once a year is a good way to correct any errors and make sure you have not been a victim of identity theft.
To request your free reports through a centralized source:
You will want to review all three. Why? The reports can have different information in each of them since the report system is voluntary. The creditors subscribe to whichever agency they want, if they subscribe at all. Some creditors may not even report to any of the agencies and will not show up on your credit report.
What to look for:
Review your personal information- name, social security number, date of birth, addresses and employers.
Check that all closed accounts are closed.
Check that all open accounts are accounts you opened.
Check that nothing is on the report longer than what is allowed by law; bankruptcies must be removed after 10 years. Suits, judgments, tax liens, arrest records, and most other unfavorable information must be dropped after 7 years.
Check over any information on late payments and make sure they are not mistakes.
Consumer Protection publications available from the Federal Reserve:
Keeping Your Money Safe
Part of managing your money includes keeping your money safe. Unfortunately, as we age, we become targets for unscrupulous people who aim to steal our money. Be aware of such scams! Here are a few tips for keeping your money safe:
Don’t give out personal identity or account identity information over the phone.
Don’t give out personal identity or account identity information by e-mail.
If it sounds too good to be true, it’s probably not true.
If it smells like a fish, it’s probably a fish!
If someone asks for money - any amount - verify the caller’s identity. Even if the caller claims to be your family member - ask to call them back. Then, dial the family member’s number in your address book and verify that it was truly your family member who called.
Don’t carry a lot of cash on your person. Instead, carry travelers checks available to you FREE as part of your Banking for Life account through the bank or use your credit card.
Keep cash in a safe place. Keeping it under your mattress or in a can is the first place a crook will search. It’s better to keep it in the bank, where it is protected. The bank is FDIC insured and your Personal Banker can help structure your accounts to make sure you have the maximum coverage available.
Keep your valuables in a Safe Deposit Box. As part of your Banking for Life account, you can receive a 10% discount (on available boxes) off our already low fees as compared to other banks (see additional information in the Identity Theft section).
Please don’t hesitate to contact your banker for advice or help. We are here for much more than being the recipient of your deposit dollars! As a business bank, we aim to assist both our business clients and our consumer clients with their personal business. You can trust that we will put Your Business First!
Caring for Aging Parents
As we age, our parents are aging too and eventually they will need additional resources to care for themselves. It may be important to be prepared to step in and help care for them. Sometimes this includes financial resources as well as care giving resources. Kiplinger.com suggests the following steps to help aging parents:
Know your parents’ income and assets
Be prepared if parents become incapacitated
Determine where parents will live
Determine how to proceed when parents need financial help
For more information and resources in caring for aging parents visit the following websites:
Golden Years - Personal Finances (Financial Education)
Are you ready to spend more time with your family and less time worrying about the management of your finances? Planning for your current and future financial security can give you and your family peace of mind.
When you choose South Valley Bank & Trust to help manage your assets, we take our responsibility seriously. We spend time with you to ensure we understand your needs and priorities. Then our knowledgeable experts work with you to select the products and services that best meet your existing and long-term goals. Our desire is to build a lasting relationship by putting “Your Business First.”
Your Estate
You have undoubtedly worked hard through your lifetime. As such, it seems only right that your interests be protected and that your desires are carried out fully. It is important to have a plan. Please explore our Estate Planning section.
Trust Services
South Valley Bank & Trust, 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 Trust services because they desire to set up a financial plan for their adult children or others. They want a professional with training and experience in investments and managing an estate to carry out their precise plan. Others simply want our Trust's service to make it easier on 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. As part of that, they are highly regulated to carry out your wishes fully, giving you peace of mind.
There is no fee for a consultation and no pressure to sign up for their services.
*Trust Options * Note: 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.
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
300 Crater Lake Avenue
Medford, OR 97504 Phone: 800.695.0330 (toll-free) Fax: 541.779.1916
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