Understanding Investment Scams: What You Need to Know

Investment scams are deceptive schemes that trick individuals into investing money with promises of high returns. Instead of making legitimate investments, scammers take the money for themselves, leaving the victim with a significant financial loss. These scams can wipe out your life savings in the blink of an eye, making it crucial to recognize and avoid them.

Common tactics used by scammers include guarantees of high returns with little to no risk, high pressure to invest quickly, and unsolicited offers. These red flags are essential to recognize to protect your hard-earned money.

A Real-Life Story: Mrs. C’s Ordeal with an Investment Scam

Mrs. C, a Fortress Union Bank customer, was contacted by someone on Facebook Messenger claiming to be a well-known figure. After building her trust over several weeks, the scammer convinced her to switch to a more secure messaging app, Telegram, to discuss a ‘fool-proof’ investment opportunity.

Mrs. C was instructed to open a Bitcoin account and make several deposits, totaling $14,000. Initially, her investment account showed a profit of $500,000. However, to withdraw her profits, she was told that she needed to deposit $4,000 to cover fees. She didn’t have the cash on hand to pay fees, so the scammer offered to deposit a check for $10,000 to her personal bank account. She then transferred the funds to her Bitcoin account. Every day this account accrued fees, so the scammer sent another check for her personal bank account to cover them.

When she tried transferring additional money to cover the latest fees, she discovered her personal bank account had been frozen. This discovery was made while Mrs. C  was traveling on vacation – out of state.

How Fortress Union Bank Stepped In to Help

Fortress Union Bank’s Fraud Prevention Department was able to contact her and explain that the checks from the scammer were returned as counterfeit, causing her account to be overdrawn. Horrified, Mrs. C expressed her distress and the difficulty of her situation.

The Fraud Prevention Manager calmly notified her that this was unfortunately a classic example of an investment scam but assured her that the Fraud Prevention team would be there for her and give her the support she needed. They worked closely with Mrs. C., explaining all the red flags and giving her reassurance on how to protect herself from bad actors in the future.

While the Fraud team helped Mrs. C. understand what happened and why, the local Fortress Union Bank branch immediately contacted her son, who acted as her representative. They opened a new account online and deposited enough funds to cover her overdrawn account. This gave Mrs. C enough peace of mind to continue with her vacation. She expressed immense gratitude for the care and understanding shown by Fortress Union Bank during her experience writing:

“I can honestly confirm I have never in my 69 years been treated so well with so much compassion and understanding by any bank. I have worked and lived all over the country for decades.  We are still on vacation and enjoying our restored existence! Thank you to all the bankers who made our recovery possible!”

Red Flags: Common Warning Signs of Investment Scams

To help you stay vigilant against investment scams, we have created an informative infographic highlighting the key warning signs to watch out for. This visual guide highlights 6 red flags to help you identify potential scams and protect your financial well-being.

Protecting Yourself: Practical Tips and Expert Advice

To protect yourself from investment scams, follow these practical tips:

• Do your research. Investigate before investing and check credentials.
• Be skeptical of high returns. If it sounds too good to be true, it almost always is.
• Avoid unsolicited offers. Scammers often use these methods to reach potential victims.
• Take your time. Do not rush; if you feel pressured to make quick decisions, this is a red flag.
• Verify the investment. Ensure the investment is registered with the appropriate regulatory authorities.
• Protect your personal information. Secure sensitive information.
• Be cautious of unusual payment methods, such as cryptocurrency or wires, which can be difficult to trace and recover.
• Educate yourself. Being informed can help you recognize and avoid scams.
• Consult experts. If you are unsure about an investment opportunity, seek advice from a trusted financial advisor.
• Report suspicious activity. If you suspect you’ve encountered an investment scam, report it to your financial institution.

Sources:
Cryptocurrency Investment Fraud, Federal Bureau of Investigation
What To Know About Cryptocurrency and Scams, Federal Trade Commission
Crypto Investment Scams, American Bankers Association

Report Scams

If you’ve been a victim of an investment scam or any other type of fraud, please contact your financial institution. Fortress Union Bank Customers can reach out to our Fraud Prevention Department:

Fortress Union Bank Fraud Prevention

800.914.6027
Mon. – Fri. 8 a.m. – 5 p.m. CT

Related Posts

• Fraud prevention: how to protect yourself from scams
• 5 quick steps for using safe online banking today
• 3 red flags to look for internet fraudsters

The post Investment Scams: A Real-Life Customer Story and How Fortress Union Bank Helped Out appeared first on Fortress Union Bank.

Fortress Union Bank offers several types of accounts to choose from, depending on your goals and financial situation. Our team is equipped to guide you through the process of selecting, opening and maintaining your account with ease, giving you tips and resources to help your family thrive.

Not sure what opening an account entails? Don’t worry. Use this guide to learn what to expect before, during, and after opening a bank account with Fortress Union Bank.

Before Opening Your Account: What You Need To Know

Whether this is your very first bank account or you’re adding one to an existing account, there are a few things you’ll need to do when visiting a branch or our website:

Provide Documentation

To start, you’ll need to provide a few key documents. This will ensure we comply with banking regulations and verify your identity. At a minimum, you’ll need a valid government-issued ID, such as a driver’s license, state ID or passport. If you’ve recently moved and your new address doesn’t yet appear on your ID, we’ll request a recent piece of mail to confirm your address. You’ll also need to provide your social security number, though you won’t need to present the card itself.

Tell Us About Yourself

During the account opening process, the team member walking you through this process will ask a few questions about your lifestyle and how you plan to use the account. This information helps us recommend the best account type to suit your needs, and it fulfills regulatory requirements. We’ll also ask if you’d like to add any beneficiaries or authorized signers to your account. Once we gather your details, setting up the account takes just a few minutes, and we’ll generate the necessary documents. Signing can be done electronically in person or via email, depending on your preference.

Answer Account-Related Questions

Lastly, be prepared to discuss details such as your occupation and anticipated account usage. We may ask about the types and frequency of deposits, as well as estimated transaction amounts for electronic withdrawals and cash. There are no right or wrong answers to these queries; it just gives us a better understanding of your needs so we can recommend the best solutions. They’re also standard for all banks as part of compliance regulations.

In-person, this process from start to finish takes anywhere from 20-30 minutes, depending on the type of account and how many signers and beneficiaries there are. It takes less time for existing customers who are opening an additional account. Applying online can be as quick as 10 minutes or can take longer if our team needs to verify additional information. We’ll generally reach out within the next business day if we have any follow-up questions.

Initial Steps After Opening an Account

Once your account has been activated, there’s not much left for you to do. You’ll simply have to sign the account documents and make a deposit to finalize the process. Usually, this is completed at the time you open the account. However, if one of the signers isn’t there, they must sign as well before the account can be used. Any documents can be sent and signed digitally, or the person can physically come to the branch.

Before you leave, we’ll make sure you understand how to use our digital banking platform, including how to enroll in online statements. We’ll also help you get a debit card and checks if necessary. Ultimately, we don’t want you to leave with any unanswered questions or concerns.

If you choose to open an account online and have any questions, you can visit the Help Center on our website or read our User Guide for tips.

Get Personalized Support and Follow Up From Fortress Union Bank

Now that your account is up and running, you don’t have to manage it all on your own. We’ll cover lots of useful information during our meeting, so we’ll send a follow-up email with additional information and reminders of what we went over for you to refer back to. You may even get a handwritten note in the mail thanking you for joining our Fortress Union Bank family — one way we like to personalize this process for you.

As time goes on, we’ll continue monitoring your account to ensure everything looks normal. If we have any questions on transactions that come through or if anything looks out of the ordinary, we’ll call you and follow up with an email, if needed. Certain account activity will generate automatic notices which you’ll get in the mail. If you have any questions about these notices or your account activity, you can always reach out to us or visit in person.

Using Account Tools for Financial Convenience

At Fortress Union Bank, we understand that every person’s financial journey is unique, and that’s why we offer a wide range of tools and resources to make managing your account simple, efficient and tailored to your specific needs. Whether you prefer banking on the go, stopping by a branch or maximizing automated services, we’re committed to providing flexibility and support to help you oversee your finances in the way that best fits your lifestyle.

With a range of account tools, we aim to give you everything you need to bank confidently, stay in control of your funds and have peace of mind:

Digital Banking

Because you’re a busy person, digital banking empowers you to manage your finances from anywhere, all from the convenience of your smartphone, tablet or computer. Keep track of your accounts and transactions remotely with features like real-time balance checks, mobile deposits and funds transfers. Our digital banking also includes budgeting tools to help you stay on top of your spending, notifications to alert you of any significant activity and online bill pay so you never miss a payment.

For added security, your account has multi-factor authentication and fraud monitoring, so no one besides you and other account holders can access your funds and personal information.

Branch and ITM Availability

Sometimes you just want to speak face-to-face to someone who knows the banking industry like the back of their hand. We get it! That’s why we offer in-branch banking professionals who are always ready to help, as well as video tellers through Interactive Teller Machines (ITMs), which combine the convenience of an ATM with the personalized service of a live teller. ITMs allow you to make transactions with the assistance of a teller from the machine screen, enabling you to get answers without visiting a branch.

Direct Deposit

Setting up direct deposit is one of the simplest ways to streamline your financial life. With direct deposit, your paycheck or other recurring payments are automatically deposited into your Fortress Union Bank account on payday, meaning you won’t have to make a special trip to the bank or worry about your check clearing. Direct deposits are fast, secure and reliable, giving you quick access to your funds and allowing you to set up automatic transfers to savings accounts, make timely bill payments and ensure your money is managed with minimal effort and stress.

Online Statements

We offer the option to sign up to receive online statements rather than physical ones, cutting back on paper usage and making it easier for you to digitally store important information. Online statements are immediately accessible, saving you mail time and allowing you to review your account details as soon as your statement is ready. Plus, you’ll have access to up to 18 months of past statements, which you can view anytime, anywhere with an internet connection. Going digital with your statements is not only secure but also a seamless way to keep your finances organized and at your fingertips.

Common Post-Opening Challenges, and How Fortress Union Bank Helps

While opening an account is pretty easy, there are a few roadblocks that can slow you down. By knowing about them ahead of time and preparing beforehand, these small issues won’t impact you.

Below are some common post-opening situations customers may face and the ways we can assist you in navigating them:

Account Deposit and Setup

One of the first steps after opening your account is making an initial deposit, which can come as a shock if you aren’t planning on transferring funds. Whether it’s a matter of coordinating direct deposit details with your employer or providing additional documentation, Fortress Union Bank is here to assist.

Our knowledgeable team can guide you through various options for making your initial deposit, from electronic transfers to in-person deposits at a branch or ITM. We also offer clear guidance on setting up direct deposits so your income is deposited automatically and securely into your account without any added hassle.

Online Statements and Account Access

After opening an account, many customers want to switch to digital tools, such as online statements and account access but might have questions about getting started. With Fortress Union Bank, signing up for online statements is easy, and it eliminates monthly paper build-up.

Our digital banking platform gives you instant access to statements and real-time account information from any device. For those new to online banking, our support team is ready to walk you through each step to ensure you’re comfortable and confident in accessing your account online, from enrollment to navigating all the available tools.

Need for Direct Deposit Verification

If you’re setting up direct deposit with an employer or organization, they may require direct deposit verification, which can usually be provided through a blank check or an official letter. We simplify this process by providing verification tools and resources, such as generating a voided check for verification or issuing a direct deposit letter upon request. This document can be accessed quickly, enabling you to complete your direct deposit setup right away.

Tips for Maximizing Your Banking Experience

Want to get the most out of your new account? Here are some tips to maximize your banking experience with Fortress Union Bank:

• Leverage online and mobile banking: Use digital tools to manage your finances conveniently. You can check balances, transfer funds, pay bills and even deposit checks without visiting a branch.
• Set up alerts and notifications: Stay on top of your account by enabling notifications for low balances, large transactions or deposits. Alerts help you track spending and avoid overdraft fees.
• Automate savings: Take advantage of automatic transfers to a savings account to build up funds without thinking about it.
• Review your statements regularly: Stay vigilant about your account activity by reviewing your monthly statements. This helps catch errors and identify potential unauthorized transactions early.
• Know your fees: Familiarize yourself with potential fees for ATMs, overdrafts and account maintenance, and explore ways to avoid or reduce these charges.
• Ask about additional services: Our team can help you discover what solutions are most beneficial to you. Reach out if you’re interested in solutions like financial advising, loan options and investment accounts.

Stay Connected With Fortress Union Bank

Once you open an account, your relationship with Fortress Union Bank isn’t over. In fact, it’s just begun! We’re here to support you at every step of your financial journey, with easy ways to reach out, resources for continued learning and a commitment to being a trusted partner in your future financial needs.

Have questions or want advice on what type of account to open? Reach out to our team today.

The post What To Expect After Opening an Account: set up digital banking and more appeared first on Fortress Union Bank.

The post Is Buying a Home With a 20% Down Payment Standard? appeared first on Fortress Union Bank.

Online banking offers a wide range of features, allowing you to check your account balance, transfer funds, pay bills and receive an online statement. However, it’s important to be aware of its potential limitations. When opting to bank online or with a mobile app, navigating the digital landscape requires a basic understanding of technology. By choosing a local bank that offers the convenience of banking  online, you also can take advantage of face-to-face interactions with bank employees when you need or want that personal connection.

Ensuring the safety of your personal and financial information is paramount in the digital age. Digital banking platforms invest heavily in security measures to protect your data, but it’s also crucial for users to be vigilant. Using strong, unique passwords, enabling two-factor authentication and being aware of phishing scams are just a few ways to safeguard your online banking experience. By staying informed and cautious, you can enjoy the benefits of digital banking with peace of mind.

How To Start Online Banking

Want to take advantage of the accessibility of online banking? Here’s how to get started:

Choose a Bank

Choosing the right bank for your online banking needs involves researching banks that are highly rated for their accounts, convenient access and customer service. Look for banks that offer the account features you need and a comprehensive suite of online and mobile banking services, with positive customer reviews highlighting ease of use, reliability and excellent customer service. This initial step ensures that your online banking experience starts on the right foot, with an institution that supports your financial goals and digital preferences.

Open an Account

Opening an account is the first real step into the world of online banking. You’ll need to provide personal information and identification, which typically includes a government-issued ID and your Social Security number. Many online banks and traditional banks with online services streamline this process, allowing you to open an account entirely online.

Enroll in Online Banking

After choosing your bank and opening an account, the next step is to enroll in online banking. This usually involves creating a secure username and password. It’s crucial to choose a strong, unique password to protect your account from unauthorized access. Many banks also offer additional security features, such as two-factor authentication, which adds an extra layer of security to your online banking sessions.

Download the Mobile Banking App (Optional)

For those who prefer banking on the go, downloading the bank’s mobile app is a great option. Mobile banking apps offer the convenience of managing your finances from your smartphone or tablet, including features like mobile deposit, bill pay and account monitoring. These apps are typically available in the App Store for iPhone users and Google Play for Android users, making it easy to get started.

Look At Online Banking Features

Exploring the features of your online personal banking account can reveal a wealth of tools designed to enhance your banking experience. From setting up automatic bill pay to scheduling future transfers and viewing bank statements digitally, online banking platforms offer a variety of solutions to help you manage your finances efficiently.

Secure Your Account

Securing your account against potential threats is an ongoing process. Regularly updating your password, monitoring your account for unauthorized transactions and being cautious of phishing emails are all important steps in protecting your financial information. Additionally, set your alert preferences and specify the conditions that trigger an email, text or push alert. That way, you can stay on top of security notifications and what’s important to you regarding account balance and transactions.

Reach Out to Your Bank for Assistance

Lastly, if you ever need assistance or have questions about your online banking account, most banks offer comprehensive online resources, including user guides and customer service contact information. You can also stop by your local branch to speak to someone in person. These resources can provide valuable guidance and support as you navigate the world of online banking.

Advantages of Online Banking

An online banking service makes it easy to manage your finances, transfer money, pay bills, access account information and more. Whether you use a mobile banking app or an online banking website, you can enjoy the following advantages:

Convenience

The convenience of online banking is unmatched, allowing you to look at your accounts and conduct transactions anytime, anywhere. Whether you’re on vacation, at home or on a break at work, the ability to log in and manage your finances without visiting a bank branch is a significant advantage. Traditional banks like Fortress Union Bank offer online and mobile banking for convenient access to your accounts.

Time-Saving

Online banking is a time-saver. You used to have to go to the bank every time you needed to deposit checks. Now, this and so much more can be done from the comfort of your home or office. With features like mobile deposit and online bill pay, you can complete your banking tasks efficiently, freeing up more time for other activities. Additionally, digital banking platforms often offer tools to help you manage your budget,  track your spending and grow your savings account, further enhancing your financial management.

Accessibility

For individuals with mobility issues or those living in remote areas, online banking improves accessibility significantly. It eliminates the need for physical travel to a bank branch, making financial management more inclusive. This aspect of online banking is particularly beneficial for those who may have previously found it challenging to access banking services.

Disadvantages of Digital-Only Banks

Choosing a digital-only bank may seem easy for those digitally-savvy users; however, it can have a few drawbacks. It’s crucial to be aware of a couple of factors before moving your bank completely online so you know what to expect and can plan ahead.

Dependence on Technology

A significant reliance on technology means that service interruptions can occur, potentially leaving you without access to your accounts temporarily. While these instances are rare, they highlight the importance of having alternative banking options available.

Limited Services

While most daily banking tasks can be completed digitally, there may be occasions when a visit to a branch is necessary, such as accessing safety deposit boxes or notary services. By choosing a local bank that also offers a convenient online or mobile banking experience, you’ll being able reach out to your local banker for transactions that require in-person assistance.

Building relationships

Getting to know a local bank and their team helps develop a relationship. Not only do local bankers get to know you, you get to know more about other financial services that may be available as you journey through various milestones in life. This foundational relationship is important as you develop additional financial needs.

Start Banking Online With Fortress Union Bank

Getting started with Fortress Union Bank’s digital banking services is a straightforward process designed to enhance your banking experience. We offer a comprehensive suite of online and mobile banking solutions tailored to meet the needs of both personal and business customers.

On our website, find information on different types of accounts available and options to open online. Then, enroll in online banking and download the mobile banking app. Our platform is designed with user-friendliness in mind, ensuring that you can navigate services with ease, even if you’re new to online banking.

For additional information and support, Fortress Union Bank provides an extensive online banking user guide. This resource is invaluable for new users, offering detailed instructions on how to utilize various online banking features, from setting up bill pay to making mobile deposits.

Furthermore, Fortress Union Bank’s customer service team is readily available to assist with any questions or concerns, ensuring a smooth transition to digital banking. Local branch employees are also available to assist with anything you might need.

Whether you’re looking to manage your personal finances more efficiently or seeking robust online solutions for your business, our digital banking services are designed to provide convenience, security and support.

Ready to get started with online banking? Fortress Union Bank provides extensive and easy-to-use digital banking services that you can access today. Contact our team to get started.

Related Posts

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• The many benefits of a checking account
• ITMs are a new way to bank

The post How To Do Online Banking: Getting Started, Security Tips and More appeared first on Fortress Union Bank.

However, while online and mobile banking can provide robust functionality, there are still certain tasks that are best completed with the help of an actual professional.

That’s where video tellers or interactive teller machines (ITMs) come in. They bridge the gap between online banking and visiting a branch to deliver convenience, efficiency, personalized customer service and a high-quality banking experience.

What is an ITM? You’re not alone if you’ve never heard of an ITM before. But as these machines are increasingly becoming more common, it’s important to understand how they work and what benefits they can provide.

Let’s take a closer look at ITMs, how they work and how Fortress Union Bank customers can use them.

What is an ITM?

ITMs are innovative machines that combine the functionality of a regular ATM with the comfort of a human touch when you need it.

Physically, the machine looks similar to an ATM, but with a video screen and other added technological elements. An ITM still offers the functionality of an ATM where users can simply withdraw cash, view account balances and other basic ATM transactions.

However, when you need to talk to a banking professional, that’s where the ITM shines. Simply select the option to talk to a live Fortress Union Bank employee and, in seconds, one of our employee-owners will appear on-screen to help you with whatever you need.

Video tellers can help you conduct more transactions than basic ATMs, and can answer different questions you might have about your finances or a particular transaction. All this without having to wait in line at the branch.

What are the benefits of using an ITM?

There are three advantages to using a video teller or ITM:

• Convenience: ITMs are able to significantly simplify transactions and get you going on your way faster than you would if you had to wait in a line. When you’re in that grey area between needing more than online banking but less than an in-branch visit, you can depend on video tellers to handle your money matters efficiently and effectively.
• More transaction types: An ITM is a big upgrade over an ATM. By calling on an ITM video teller, we can help you with transactions including making deposits, withdrawals, account transfers, loan payments, check cashing, ordering checks and more. As an added benefit, you can customize the denomination of the bills you take out through a deposit.
• Longer hours: Did work or personal obligations hold you up and force you to miss closing hours? Don’t worry, Fortress Union Bank ITM service hours are extended providing a little extra time for taking care of your banking needs.

If you’ve ever pulled up to an ATM only to find you forgot your debit card, that trip was all for nothing? Without it, you can’t access your account. If you’re at a Fortress Union Bank ITM, our employees can help if you ever forget your Fortress Union Bank debit card. As an added security measure, tellers can take advantage of the video screen to verify your identification and will typically ask for some sort of identification to deter fraud.

What about privacy?

You might be thinking, “That’s all well and good, but what about the privacy of my banking interaction?” It’s a good question to ask, and Fortress Union Bank is committed to ensuring the privacy of our customers’ interactions however they may take place.

When it comes to ITMs, we provide you with different options to protect your privacy:

• You can adjust the volume of the machine to a preferred level.
• You can alternatively use a handset to communicate with the teller.
• You can opt to use the chat feature; a keyboard is attached to the machine so you can type out messages privately.

What ITMs are available to Fortress Union Bank customers?

Fortress Union Bank’s first ITM location was in Sioux Falls, South Dakota. We have since added drive-up video teller ITMs to several locations. This arrangement allows our customers to bank from the comfort of their car, while still taking advantage of experienced professionals, increased functionality and a high-quality banking experience.

ITMs offer real-time banking with video tellers.

Try out a Fortress Union Bank ITM today at any of the following Fortress Union Bank locations:

• Iowa: Armstrong, Okoboji, Wall Lake
  

  Coming Fall 2024: Spirit Lake

• Minnesota: Jackson, New Ulm, Sherburn, Westbrook, Windom
• South Dakota: Sioux Falls

Fortress Union Bank’s Video Teller ITM service hours are:

• Monday through Friday: 8 a.m. – 6 p.m. Central Time
• Saturday: 8 a.m. – Noon

Once you use an ITM, you may never want to go back to regular banking! If you have other questions about our locations, products or services, just contact us today.

This post has been updated. Originally published April 2016.

Related Posts

• Basic guide to personal banking
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The post ITM – a new way to bank appeared first on Fortress Union Bank.

Tips on saving for a house

If you find yourself daydreaming about a place to call your own, the first step is to set aside any money you can and take an evaluation of your financial health. Start with these tips on saving for your house:

1. Develop a budget and timeline. Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month — that will help you gauge when you’ll be ready to transition from renter to homeowner.
2. Establish a separate savings account. Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.
3. Shop around to reduce major monthly expenses. It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts. 
4. Monitor your spending. With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.
5. Celebrate savings milestones. Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. If you need to save $30,000 total, consider treating yourself to a nice meal every $5,000 saved. This will help you stay motivated throughout the process.

Financial obligations and debt

Consider all of your current and expected financial obligations like your car payment and insurance, credit card debt and student loans. Make sure you will be able to make all the payments in addition to the cost of a new home. Aim to keep total mortgage payments plus utilities to less than 25 to 30% of your gross monthly income. Recent regulatory changes limit debt to income (DTI) ratio on most loans to 43%.

Check your credit score

A high credit score indicates strong creditworthiness. Prospective homebuyers can expect to have their credit history examined. A low credit score may keep you from qualifying for a low interest rate on your mortgage loan. If you find that you do have a low credit score, you may want to delay moving into a new home and take steps to raise your score.

Factor in all new home costs

Create a hypothetical and somewhat realistic budget for your new home so you don’t find yourself financially stressed after moving into your new house. Find the average cost of utilities in your area and factor in the following that may apply:

• gas
• electricity
• water
• cable or internet
• trash pickup
• yard maintenance
• real estate taxes
• mortgage and homeowner’s insurance
• potential homeowner association fees.

Reserve savings after your house purchase

From a lending standpoint, there aren’t any requirements stating buyers must have cash reserves remaining after the purchase of a home. It’s possible to spend every penny of available cash on buying your home. However, it’s not a wise move.

It’s best to set up an emergency fund to deal with unexpected expenses. Your fund doesn’t need to have a lot of money, but certainly enough to deal with things like surprise house or car repairs which can’t be ignored and will likely cost money.

Most people don’t have any significant savings and rely on credit cards to deal with these expenses. Kicking these costs down the road with added interest can often lead to larger financial problems later on.

Make saving a lifelong habit

Make a resolution to set aside some percentage of your income each month to build up your home down payment, create an emergency fund and give you peace of mind saving for your future.

If you set aside 10% of each paycheck, it’s likely that you won’t miss the money, and your savings will grow faster than you think.

Apply online for a Fortress Union Bank savings account

Post updated. Originally published February 2018.

5 STEPS TO BUYING A HOME

Beginning the home buying journey the very first time can be a bit intimidating, but it doesn’t have to be. Here’s an overview of the home buying process in five steps.

Give one of Fortress Union Bank’s mortgage lenders a call to learn more about saving for a house and starting on your path toward homeownership.

The post Saving for a house and other financial considerations appeared first on Fortress Union Bank.

In our rapidly evolving digital landscape, staying ahead of these threats is essential. That’s where a Positive Pay system comes in, a proactive fraud prevention tool. It detects fraudulent transactions before money leaves your account. Whether you run a large corporation or operate solo, dealing with fraud can disrupt your business.

Here’s a breakdown of how Positive Pay keeps you in control of your financial transactions and keeps fraudsters out.

What is Positive Pay?

Positive Pay is an online system that helps you and your team ensure only approved ACH transactions or checks clear your business account and stops fraudulent transactions.

How does it work?

When you set up a Positive Pay account, you’ll set an approved list of vendors with parameters for those transactions. When transactions come through your account, the system will verify that those transactions match your approved list. If it doesn’t match, you’ll be asked to review it.

You will be notified if Positive Pay detects discrepancies between your transaction records and those potentially posted to your account. You will need to review the transaction and approve or reject the payment. There are two options with Fortress Union Bank’s Positive Pay system:

• ACH Positive Pay: Businesses can enroll in ACH protection services, which protect you against unauthorized digital transactions.
• Check Positive Pay: Check fraud protection is available for businesses who still rely on issuing checks.

This is a preventative measure to help protect your business against fraudsters and cyberattacks.

Can you give an example of how Positive Pay prevents check fraud?

Let’s say Sarah runs a flower shop. She runs the business alone, so she only issues checks to her suppliers for her inventory. One day, she receives a notification from her Positive Pay system alerting her to a potentially fraudulent check presented for payment. When she reviews the alert, she sees the image of the suspicious check. The check looks legitimate, but she doesn’t recognize the name written on it, and the signature appears to be forged.

She returns the transaction with a click of a button and continues her busy day.

Can you give an example of how Positive Pay prevents ACH fraud?

Alex runs a craft woodworking business. He leads a team that makes cutting boards, frames, and signs for an online store. Most of his cash outflow is digital, automatic payments.

One morning, Alex responds to email orders and receives a notification from the ACH Positive Pay system. It flagged a suspicious transaction that appeared to be from a utility company. As he reviews the alert, he notices a few red flags. The timing was off from their typical payment, and the amount was higher than usual.

He rejects the transaction through Positive Pay, closes his laptop, and hops to a meeting with one of his team leads.

How would I use it day-to-day?

Positive Pay is designed to be simple and integrate seamlessly into your business. Its easy to access for Fortress Union Bank customers, simply log in to Business Online Banking or use the business mobile app to access the Positive Pay service.

If you’re a solo entrepreneur who can’t keep track of the books daily, this system is a second check that proactively reviews transactions alerting you when your attention is needed.

In larger companies where several transactions happen daily, Positive Pay gives your team a real-time opportunity to review abnormal transactions and streamline monitoring for your accounting team.

If you enroll in ACH Positive Pay protection, you’ll set up some guidelines about what is ‘normal’ for your business. Add companies to an approved list or block unauthorized companies. Set up transaction parameters such as amount limits, frequency, and start and end dates.

With Check Positive Pay, you’ll upload a file with the checks issued on the business account or manually enter checks in the Positive Pay system. When checks are presented to clear your account, you’ll get an alert if something doesn’t match what’s been entered so you can review and decide whether to pay or return.

Ultimately, Positive Pay saves you time by being proactive instead of reactive to fraud.

How has it helped other businesses?

Positive Pay is designed to stop fraud in any business, whether you’re a sole proprietor or a big corporation. Stacie Wolter, a fraud analyst at Fortress Union Bank, says, “Fraudsters don’t discriminate. They’re after everybody, so you will benefit from Positive Pay if you write checks or pay using ACH.”

Positive Pay is a secure and convenient service for helping fight against fraud yet it’s only one piece of a collection of services that fall under the Treasury Management umbrella. Read more about the basics of treasury management which summarizes everything from making ACH payments and payroll to receiving online customer payments, paying credit card statements and managing overall business cash flow.

Please contact Fortress Union Bank’s Business Services team to learn more about Positive Pay and other business services available — 844.238.3838.

Stories from business owners like you can give you valuable insight into your own enterprise. Listen to Dream, Plan, Live: the Fortress Union Bank podcast for stories, how-to guides, and advice from the experts at Fortress Union Bank.

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• 4 Cash Management security protocols that focus on fraud protection
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The post Businesses fight back against fraud with positive pay system appeared first on Fortress Union Bank.

It depends on what state you live in, but you’ll typically need to make up for about 80% of your pre-retirement income per year to live the same pre-retirement lifestyle, according to The Wall Street Journal.

Let’s say your annual income was $80,000. Using this model, you’ll want to have about $64,000 a year in retirement to cover your expenses. This is because you’ll still need to pay for normal living costs without having to pay for Medicare and Social Security taxes or contribute to a 401(k) or IRA. These numbers may seem overwhelming but don’t worry. Starting to save now can make this process less stressful.

Before retiring, there are numerous financial goals you can save for, including making a down payment on a house, taking a dream vacation, getting your child ready for college, getting married to your special person and so much more. Don’t let these big life moments pass you by.

Let’s dive into how to open a savings account and the benefits you can receive by doing so.

How To Open a Savings Account

Before you can enjoy the countless benefits of having a savings account, you actually have to open one. Ready to get started? Here are the steps to follow:

Step 1: Choose How to Apply

Depending on your bank, you have the freedom to apply whichever way is easiest for you — either in person or online. All of these options are smooth and proactive; it just depends on how much interaction you’d like with your banker. If you want extra assistance or someone to walk you through the necessary steps, going in person is probably most suited for you. If you desire a process with minimal contact, online is your best bet.

Step 2: Gather the Right Documentation and Identification

You’ll need your Social Security number, a government-issued I.D. and contact information to open a savings account. Either bring these documents with you in person or have them handy while you set up your plan online. Your bank uses secure systems that keep your personal information safe, so you can trust that your data won’t be compromised.

Step 3: Select the Type of Account

Let your bank know if you’re opening a single account for yourself or a joint account with another person. If opening an account with someone else, you’ll need to have their documentation and identification as well.

Step 4: Submit Your Application

If you go in person, this is done instantly. If you apply online, it may take a few days for the bank or credit union to verify your information and open your account.

Step 5: Start Saving

If your savings account has a minimum requirement, you’ll need to put that amount in. Otherwise, you can start depositing your savings as needed. Many banks do require an initial deposit, often between $100 and $200. Even if your savings account type doesn’t, it can be helpful to put money in right away so you can start earning interest as soon as possible.

Additional Money Management Tips and Best Practices

Once you open a savings account, it’s up to you to determine what your savings journey will look like. While it’s hard to put cash into this account rather than spend it on a fun trip or a delicious meal, you can follow these tips to improve your spending habits:

Set Smart Savings Goals

Create SMART savings goals — specific, measurable, attainable, relevant and time-bound. Vague and unrealistic goals can be frustrating and disappointing, leaving you to give up or be unsure if you’re moving in the right direction.

Specific and measurable initiatives make it easier for you to track your progress. Attainable goals allow you to celebrate small successes without getting discouraged and throwing in the towel. Relevant and timely objectives help you link your financial and personal goals to achieve while following a designated timeline. Ultimately, setting these types of targets can help you take small baby steps toward long-term savings goals.

Craft a Savings Strategy

Budget and track expenses by following a set plan. This could include setting up direct deposit for your paycheck, setting a realistic financial goal, using a budgeting app and avoiding unplanned splurges. You can also take advantage of available automatic savings tools with digital banking or mobile banking accounts. These tools can help you analyze your checking account activity and create a personalized savings goal based on your spending habits.

To build a personal savings plan:

1. Take financial inventory: Understand your current financial situation and what types of assets you have. This could include cash, a 401(k) plan, a money market account or a certificate of deposit (CD).

2. Establish your SMART goals: Here’s where your goals can shine. They will serve as the foundation for your plan and give your savings direction.

3. Determine how much to allocate to each financial goal: With a monthly budget, you must know how much is needed for each target. That said, decide how much you want to save for your SMART goals. That way, you can properly allocate your monthly income.

4. Talk to your financial advisor: Your financial advisor understands your situation and can help guide your savings.

Try Out Money Market Accounts

This type of account is also beneficial for people looking to save money. A money market account functions like a traditional savings account but offers checking account features. With a high-interest rate and advantageous features, this type of bank account can give you freedom and flexibility while helping you put aside funds.

Benefits of Saving Accounts

Savings accounts are a low-risk way to build your retirement fund and earn a nice long-term return on your money. Additionally, you can enjoy the following benefits from opening a personal savings account:

Interest Earnings

Many savings accounts have an interest rate that allows you to earn a substantial annual percentage yield from your existing savings. This enables your money to work for you while it’s stored. They also don’t lose money, unlike some other riskier investment options. So, no matter what the market does or how bad a financial crisis gets, your savings bank account will never go down — unless you take money out, of course.

While the interest rate may not be as high as less safe investments, you may be surprised by how much growth you’ll see by keeping your funds accruing over time.

Security

You can have peace of mind when using a savings account. Not only are these accounts automatically insured by the Federal Deposit Insurance Corp. (FDIC), but they’re also backed up with the latest safety measures and technology. This includes two-factor authentication, strong passwords, encryption and other protective innovations. When you put your money into a savings account, you can trust your financial institution to keep it secure from unauthorized access.

Easy Access

Unlike a CD account that has a specific period where your money is restricted, savings accounts enable you to freely access your money when and where you need it. Just use your credit card or debit card at an ATM to get cash at a moment’s notice.

This makes it a wonderful option for building your emergency fund. When an emergency comes, you can easily access your money immediately. CNBC states it’s important to have about three to six months of income stored just in case something unexpected happens. Let’s say your car breaks down or your child breaks their leg. Having the option to deal with these urgent issues without the stress of access fees or time-consuming processes enables you to focus on the problem at hand.

Start Saving With Fortress Union Bank

With a minimum balance of only $100 and no monthly fee, Fortress Union Bank is an easy and simple way for you to start preparing for your future. Our savings account provides you:

• Automatic interest rate bumps as your savings grow.
• Easy access to your money.
• Safety and security with FDIC protection up to $250,000.

Open an account with Fortress Union Bank today to start saving, and connect with one of our team members to learn what money management services our financial institution can provide you.

The post Maximize your savings strategy: how to open a savings account appeared first on Fortress Union Bank.

Whether you run a thriving e-commerce shop or a bustling farm operation, finding the right commercial insurance partner for your business is essential.

Navigating the world of commercial insurance can be overwhelming, but you don’t have to tackle it alone. The key? Finding a trusted insurance agent can transform this process.

Here are the top four qualities you should look for when finding the best coverage for your business.

1. Personalization

There are no one-size-fits-all solutions for insurance. Even businesses in the same industry can require different insurance policies, like business vehicle protections, cyber security risks, and more.

That’s because your unique business sets you up for unique risks.

As a business owner, the last thing you need is to wait endlessly on hold to talk to an insurance provider with thousands of other clients. You need to partner with an experienced agent who can tailor business insurance recommendations for your specific operations.

An insurance partner can also help you avoid blanket policies that don’t cover the most important claims. For example, general liability insurance covers some of the most common and expensive claims, like physical damage to your business. But commercial liability insurance can protect you if a customer trips in your store or an advertising campaign infringes on copyrights.

You want to work with someone who understands you and your business to build the right coverage. As you integrate new insurance policies or change providers, look for an insurance agent who can personalize your experience and policies to you.

For more, please read our guide about business owner’s policies (BOPs) vs. custom business insurance policies.

2. Team-orientation

Any insurance, from business interruption to key-person insurance, is vital to keep your business running and protected. That’s why business owners need to consider their insurance provider part of their core team, like a lawyer or tax advisor. In this same way, you should think about hiring an insurance professional as a long-term relationship.

As you expand your protection, you want to partner with someone who can get in the weeds with your business and be on-call when you need them. Team-oriented insurance providers that actively collaborate with your business can also offer exceptional services, like proactive risk assessments, regular policy reviews, and timely claims handling.

You also want to work with an insurance provider that reflects that in their operations, like insurance agents working directly with customer service to deliver the best experience for you.

3. Translation

Other how-to blogs about commercial insurance will advise you to take stock of your risks to decide which insurance you need. But this is not secure advice.

You are certainly the expert in your business, but remember that insurance and risk are both incredibly complex. And bringing insurance into your operations, or changing insurance providers, goes beyond identifying risk for your business.

Insurance professionals are experts in spotting pain points in your business that could leave you vulnerable. And you want to work with someone who can teach you what needs to be covered, what exactly is in your policies, and how that sustains your business.

Insurance professionals focused on comprehensive learning can help you understand complex insurance terms, coverage options, and policy details in an easily understandable way and applicable to your business operations.

4. Up-to-date experts

Insurance is a fast-paced industry. Risk evolves with new technologies, market trends, and regulatory changes. You need to focus on running your business, which is why you need to partner with an insurance professional who can keep up with the changing tides.

The benefits? Up-to-date insurance providers can build customized policies based on changing risks. It’s also a competitive advantage, providing innovative coverage options and top industry insight. You’ll stay protected, even in a rapidly changing world.

Summary

Insurance is essential to your business operations, but you don’t have to figure it out alone. With the right insurance partner, who wants to get to know your enterprise, be on your team, educate you, and stay up-to-date, you can focus on running your business.

The best place to start? Contact an insurance agent. Fortress Union Bank Insurance can answer your top-of-mind insurance questions.

Post updated. Originally published May 2023.

Are you looking for more advice for protecting and growing your dream business? Listen to Dream, Plan, Live: the Fortress Union Bank podcast for more tips from the business experts in your community and at Fortress Union Bank.

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The post Finding the right business insurance partner: 4 essential qualities for comprehensive coverage appeared first on Fortress Union Bank.

In a recent survey on personal finance concerns, many adults expressed worries about retiring without sufficient savings and lacking emergency funds.

Let’s explore the benefits and considerations of using a CD as a savings vehicle.

Certificates of deposit typically carry higher interest rates and can generate higher rates of return. However, you’ll only build up substantial savings as long as you don’t withdraw money early because doing so will lead to penalties.

What Is A CD?

You can choose a term that suits your savings need. Common time frames are three or six months, or one or two years. Some CDs have terms as long as 5 or 10 years. The longer term accounts typically offer higher yields.

Keep in mind the rates of a CD can change frequently and different terms can require different minimum balances. In order to build a strong savings, look around for the best rates and keep in mind that you can open multiple term accounts.

Because these time-based funds aren’t as easily accessible as a savings account, they may help you stick to your savings goal.

When the term of a CD expires, the funds and interest earned will typically renew for the same term or the timeframe identified in your account agreement. It’s important to move these funds into a different account type, if that’s your intent, before your CD renewal date.

Make The Most Of Your Savings

Before opening a term account, set a savings goal for yourself. Perhaps you’re looking to have enough for a down payment on a house, or you’re planning an overseas vacation next summer. You may be somewhat wary of tying your money up for a long period of time with the potential for rates to rise. Consider “laddering” your CDs.

The Advantage of CD Laddering

If you have concerns about tying up your funds for a long period or anticipating rising interest rates, CD laddering is a strategy worth exploring. Here’s how it works:

1. Divide your savings amount, for example, $10,000, into equal portions.
2. Open CDs with different terms, such as one, two, three, four, and five years.
3. Allocate the divided amounts into each CD, for example, $2,000 in each.
4. As each CD matures, reinvest the funds into a new five-year CD, benefiting from potentially higher interest rates.
5. By laddering your CDs, you can consistently invest in longer-term certificates, achieve competitive interest rates, and have one certificate mature each year.

Customize your CD ladder based on your specific needs, considering the amount you can invest and the desired investment period. If you require regular income from your investments, explore other options that align better with your goals.

With approximately 62 percent of Americans not having enough in savings, a CD represents an excellent way to start setting aside money for the future and benefit from the higher yield interest rates. Rest assured that all CD investments up to $250,000 are backed by FDIC.

In conclusion, a CD can be an effective savings vehicle to help you achieve your financial goals. Consider the benefits of higher interest rates, the flexibility of CD terms, and the strategy of CD laddering to maximize your savings potential.

Start building a strong financial foundation today with a CD from Fortress Union Bank and work towards a more secure future.

Post updated. This article was originally published February 2020.

Learn more

• How you can develop a solid savings plan
• A guide to personal banking
• 5 banking fees you can easily avoid to save you money

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