Archive for the ‘ Personal Finance ’ Category

#GetSmartAboutCreditDay

Credit can play a huge role in your life. Your credit score can be the difference in getting a loan and factor into what you pay in interest. Check out this great educational article from Experian.

TODAY IS THE DAY TO GET SMART ABOUT CREDIT – Rod Griffin

Today is National #GetSmartAboutCreditDay. Originated by the American Bankers Association Foundation in 2003, the goal of the day is to promote awareness of the importance of credit and the role it plays in all of our lives. Volunteer bankers work with students and young adults all over the country to provide basic knowledge about what it takes to have good credit and how to manage personal finances responsibly, and many other organizations have joined them.

Experian supports the effort to equip consumers with the knowledge to use credit as a tool to help achieve their financial goals and maintain good financial health. Whether you are establishing credit for the first time, or are working to improve your credit scores, here are 10 steps you can take to be successful in managing your finances wisely and building a positive credit history:

  1. Open a credit card account. If you don’t already have one, opening a credit card account or two can be beneficial. Because you choose how much to charge each month and how much to repay, lenders view how you manage credit cards as a key indicator of how well you manage your finances and how likely you are to repay debts on time. Using a credit card to make a small purchase or two each month and then paying your balance in full can help improve your credit scores a bit more quickly without taking on debt.
  2. Make all your payments on time. Your payment history is the most important factor in your credit scores. Even one missed payment can impact them substantially. Consider setting up automated bill payments to help make sure you never miss a due date.
  3. Keep your credit card balances low. Your utilization ratio is the next most important factor after your payment history. Utilization is calculated by taking the total of your credit card balances divided by the total of your credit card limits. The lower your utilization ratio, the better for your credit scores.
  4. Don’t charge more than you can afford to repay. Ideally, you should limit credit card purchases to only what you can afford to pay off each month. Paying your balance in full each month keeps you from accumulating revolving debt, helps you avoid interest charges, and shows lenders that you can manage debt wisely.
  5. Make a budget. Having a budget can help you stay on top of your finances by letting you have a clearer picture of where your money is going every month. It can also help you see where expenses can be trimmed in order to allow for more money to be diverted to savings accounts and paying off any outstanding debts.
  6. Set up an emergency fund. While not directly related to credit, having an emergency fund can have a big impact on protecting your credit rating by enabling you to continue making on-time payments when the unexpected happens, such as illness or job loss.
  7. Don’t borrow more than you comfortably afford. When opening a home or auto loan, it may not be wise to borrow the full amount you are approved for. The more you borrow, the higher monthly payments will be, and only you know if you can truly afford those payments comfortably. As a general rule, it’s always best to leave some wiggle room in your budget.
  8. Think twice before you cosign or open a joint account. Many people don’t realize that when you cosign for a loan or open a joint credit account, you are equally responsible for the debt. Even if you are not the one who is making payments or charges on the account, any missed payments, high balances or default will impact you as well as the other signer.
  9. Ask about having rent payments reported. If you are renting, talk to your landlord or leasing company. Your lender can report your positive payment history to Experian.
  10. Sign up for Experian Boost®ø. You can get credit for your positive utility, cellphone, and streaming service payments by having them added to your Experian credit report.

As part of our ongoing commitment to help consumers gain the knowledge they need to build strong credit and create a better financial future for themselves and their families, Experian is always looking for ways to engage with consumers. Among other things, we maintain a credit advice blog online called Ask Experian, where we answer frequent consumer questions and address various credit and financial topics. Experian also hosts a weekly #CreditChat on Twitter and has #CreditChatLive channel on YouTube.

Source: http://www.experian.com – Today is the Day to Get Smart About Credit by Rod Griffin

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2022
10/20
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Heading off to College? It’s easy to take Citizens with you!

One of the biggest misconceptions of heading off to college is thinking you need to open up a new bank account in the location of your university for convenience, but this is false. With a Citizens Bank Minnesota account, it is a whole lot easier even if you are attending a college in a different city or state. I have completed my first year at the University of Northern Iowa in Cedar Falls, Iowa, and I am still able to deposit hard copy checks, send and receive money through online services, and much more even though I am located in another state during the school year. Citizens makes it extremely easy to continue banking with them even if you are not near one of their many branches.

With Citizens Online Banking, you can complete your banking needs, anytime, anywhere. You can check balances, transfer funds between accounts, pay bills, and deposit hard copy checks all from the comfort of your dorm/apartment. You can even use their online services to send a Person-to-Person payment in a safe and secure way. This feature could be compared to Venmo or PayPal, but with much higher security. As an example, I went out to eat with my friends and the bill was combined so I owed my friend some money. I used the Person-to-Person Payment feature that the bank has to offer in order to send money in a secure and easy method.

Paychecks can easily be directly deposited from your job into any of your Citizens accounts. However, in my case, I babysat a family and they gave me a hard copy check that I needed to deposit but didn’t have a branch anywhere near me. With the Citizens Go! Mobile app, you can deposit your hard copy checks with just two simple pictures of the front and the back. There also are great Card Management tools within the Go! Mobile app. You can set spending limits, and set up alerts and notifications.

I have learned a lot from my first year of college, so the best advice I could give future college students is if you are thinking of opening a new bank account at the location of your college/university, DON’T! Citizens Bank Minnesota makes it quick and easy to get your college degree while maintaining your account with them with the easy use of their online services!

By Alyson Walker, Citizens Bank Minnesota Clerical Assistant

2022
07/26
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Rising Rates…What Does It All Mean?

The Federal Reserve raised short-term interest rates on March 16, 2022 by a quarter of a percentage point and signaled that it plans to lift them further in the coming months to battle high inflation, a shift that will likely be felt by most households.

Higher interest rates can raise borrowing costs for consumers seeking to buy homes and cars, a shift already taking place. Those increased costs could help to cool inflation by lowering demand and slowing economic growth.

Here is a look at the various ways higher interest rates could affect borrowers.

MORTGAGES

Mortgage rates started rising in anticipation of the Fed’s rate increases and are likely to go up further now that the Fed is bumping up short-term borrowing costs. The average rate for a 30-year fixed-rate mortgage rose to 5.00% in the week of April 11, up roughly 1.75 percentage point from a year earlier and the highest level since May 2019, according to the Mortgage Bankers Association.

Higher mortgage rates can increase home buying costs, making it more difficult for some aspiring buyers to afford a home. For example, some buyers may need to increase their monthly payments or aim for a less-expensive home to keep payments at a level they can afford. 

AUTO LOANS

A shortage of cars for sale has sent car prices rising and now higher interest rates could make car loans more expensive. That’s because the short-term interest rates controlled by the Fed can indirectly affect the rates charged on auto loans. People who already have cars purchased with a fixed-rate loan shouldn’t be affected.

As with housing, those increased borrowing costs may deter some people from buying more cars. 

SAVING RATES

The Fed’s rate hikes could translate into higher yields paid on savings accounts, but that may not happen immediately. Eventually, the increase in short-term rates should lead to larger payouts on certificates of deposits and other savings accounts. 

CREDIT LINES

Certain types of loans with adjustable interest rates, including home equity lines of credit and credit cards, may show the effects of the Fed’s rate moves almost immediately.

The first rate increase of 0.25 percentage point announced on March may not deal a huge blow to consumers’ pockets. But borrowers could feel more strain after a series of rate hikes.

CONCLUSION

If the Fed continues their estimation of rate hikes; by the end of this year (2022) could be 1.25% to 1.50% higher. Borrowers may want to look at options sooner than later in locking in on lending products to save significantly more money compared to the future. 

Your local relationship bankers at Citizens Bank Minnesota are always here to help you with your financial needs. If you have questions on anything, please do not hesitate to stop in or give us a call at 800-549-0194.

* This information is market research for educational purposes only and is not intended as marketing of a product.

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Submitted by Jon Maier, Director of Sales and Marketing

2022
04/14
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Citizens Bank Minnesota Fraud Seminar

You will be shocked to learn of the lengths hackers will go to steal your identity and your money. Listen to our fraud seminar recording, where Blinds & More owners, Dan & Brook Devenport, talk about their compelling fraud experience, sharing the steps they took to recover from the nightmare. New Ulm Police Department, Sr. Investigator Moellenhoeff, also followed their presentation with trending scams and tips to spot and how to avoid becoming a victim. You can watch and listen to the Fraud Seminar on our YouTube channel here: https://youtu.be/h_KPZnw-a34

2022
03/07
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Be Aware of Spoofing Calls

Be aware of spoofing calls, this is when fraudsters are able to manipulate a caller ID to appear as if the call is coming from the bank, another business, or contacts you may know.  The fraudsters intentions are too emotionally scam you into reacting quickly, thinking they are someone they are not, with hopes of you giving out information that will compromise your identity or accounts.

When Citizens employees or our outside Fraud Monitoring Service contact clients, we will NOT ask you for confidential information, such as Social Security number, Debit Card Number, Account Numbers, etc.…  but rather will only ask you to verify transactions in question, for which you can respond yes or no. 

If you receive a call that appears as if it is coming from the bank, and the caller is asking for personal information, please hang up and contact Citizens directly. #CybersecurityAwareness

2021
10/22
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Update on Citizens Bank Minnesota PPP Loan Program

After a concerted effort by our PPP team, consisting of many different departments of the bank, Citizens Bank Minnesota has helped to successfully get millions of dollars back into our local communities.

Citizens is now working with the SBA to have our remaining PPP loans forgiven. We determined it was not necessary for our institution to participate in the SBA Direct Forgiveness program. If you have not submitted your PPP Forgiveness application or have questions on the forgiveness process, please visit: https://www.citizensmn.bank/business/paycheck-protection-program or call your local office.

Submitted by: Kyle Potswald, Asst. Vice President

2021
09/09
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Debit Card Tips For Travel

Citizens Bank Minnesota MasterCardDebit Cards can be used anywhere!

Fraud Monitoring: Safety and security of your accounts is our priority.  On occasion, you may receive a text, email or phone call from our after-hour fraud service, or a bank representative, asking you to verify transactions.  A temporary hold may be placed on your card until you respond and verify that the transactions in question were authorized by you.

Note: Fraud service representatives only ask that you verify transactions not account numbers. Scam calls often try to obtain account numbers and specific information in regards to your identity, which when given compromises your accounts.

In the event your Citizens MasterCard Debit Card has been lost or stolen please contact Citizens Bank Minnesota immediately at (507) 354-3165 or after hours  888-297-3416.

Gas Station Purchases outside Minnesota: when purchasing at a Gas station outside of Minnesota you must select ‘Debit’ as the method of payment, always using your PIN. Due to fraud trends Credit or Signature method of payment will decline in certain areas.

International Purchases and Travel: If you are purchasing from a company that is based International, or traveling outside of the United States, please notify Citizens Connection department in advance at 1-800-549-0194 or (507) 354-3165 and we will open your card for use.  Citizens does not assess foreign transaction fees, however the merchant or ATM you are using may do so.

Need an ATM on the go?  Visit http://www.moneypass.com to identify thousands of ATM’s free for you to use nationwide.

Thank you so much for choosing to bank with us and best wishes on your next travel adventure!

2021
03/30
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A Glance Back and an Exciting Look Ahead at Citizens Bank Minnesota

Hello everyone!

2020…wow…probably one of the strangest, most unpredictable years in many of our lifetimes. Some of the past years unfortunate events will carry over to 2021, but I am optimistic the future is brighter. 

Even with all of the distractions brought upon us, Citizens Bank Minnesota had a very good year. The acquisition of Farmers State Bank of Watkins and Farmers State Agency of Watkins occurred in April, adding another location with highly qualified staff members to assist with any of your banking needs. Our mortgage department has been very busy assisting clients with purchases and mortgage refinances, and our commercial lenders have been working diligently in administering loans through the Small Business Association Paycheck Protection Program (SBA-PPP).

2021 is going to be another year of growth for the bank – WooHoo! Growth continues to be a high priority for Citizens. As we were extremely excited to welcome the very talented staff from Farmers State Bank of Watkins, we were equally excited to welcome the new staff from the State Bank of Ormsby on January 25th! We continue to be committed to you by increasing locations to serve you, expand staff in key areas to deliver the ‘Ultimate Experience’ and by giving back to our communities through volunteering and donations. The second round of the SBA-PPP loan program was approved a few weeks ago and we encourage all of our commercial and agricultural clients to look into this program and to contact one of our lenders for assistance. Our mission is to help our communities!

The strong bank performance last year and continuing into 2021 could not have happened without the hard work and effort put forth by our staff. This group of employees is extremely talented and have demonstrated their talents this past year more than ever. I truly believe the incredible guidance from our Board of Directors, combined with our staff, insures 2021 will be a great year!

I wish all of you a safe and prosperous year. I hope we all can get out and support our local restaurants and entertainment businesses as things possibly return to a new normal. Thank you for your continued support.

Take care ~ Mark Denn, President/CEO

2021
01/27
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Harvest 2020

As an eventful, and often times stressful, 2020 crop season comes to an end with the pandemic and Covid-19 occurring in our world, it appears the harvest season is going extremely well with excellent harvest conditions.

  • Farm Safety
    • Please check to make sure all safety equipment (i.e. safety shields, fire extinguishers, etc.), are in place and in working order.
    • Be especially careful and diligent around any moving equipment and/or parts. Don’t assume anything as things happen faster than we expect.
    • Make sure to use your flashers and be aware of your surroundings.
    • Wear protective and reflective clothing.
    • When working around and in grain bins, use appropriate safety equipment and if at all possible, have a second person around in case of an emergency.
  • Crop Insurance
    • Be aware of your crop insurance coverage and contact your agent as quickly as possible after harvest to turn in yields in case of a claim.
    • Crop insurance yield claims need to be filed within 10 days of harvest completion.
    • Please keep load records of your yields for each farm and mark your bins if you are comingling production from several farm units.
  • Farm Finances
    • Did you have a marketing plan built into your 2020 cash flow projection and are you adhering to it?
    • Do you remember/know your break-even commodity prices from the cash flow completed this past year with your lender?
    • Should you be meeting with your lender to review your spring cash flow plan to see how it relates to current marketing opportunities?
    • Have you signed up for round 2 of the Coronavirus Food Assistance Program (C-FAP 2) which had a beginning signup date of September 21, 2020 and runs through December 11, 2020? Note, C-FAP 2 has expanded coverage for additional agricultural commodities so make sure and review C-FAP 2.
    • USDA has announced that dairy margin coverage program enrollment for 2021 opened up as of October 13, 2020. (DMC program).
    • USDA has announced that October 30, 2020 is the deadline to sign up for the WHIP+ program which stands for Wildfire and Hurricane Indemnity Program as a result from the 2018 and 2019 losses due to hurricanes, floods, snow storms, tornados, typhoons and excessive moistures that occurred during those calendar years.
    • If you utilize an operating line of credit, does your 2020 line of credit have enough availability to cover your expected fall expenses.
    • If there are expected 2020 prepaid expenses being purchased as part of your year end, do you have a 2020 operating line of credit in place?
    • If you are expecting to seal your grain and potentially utilize the FSA CCC loan program, please notify and consult with your operating lender prior to doing so.
    • Do you have a capital replacement plan or budget?
    • Do you, as a farm business, have scheduled anticipated capital improvements and purchases built into your cash flow?

2020 has been an interesting and challenging year considering the Coronavirus that has taken the world by storm. To date, we have had outstanding fall harvesting conditions which has accelerated harvest with the number of farm units completing harvest at this time with average to above yields and improved prices.

From all of us at Citizens Bank Minnesota, we wish you a continued safe and prosperous harvest!

By: Duane J. Laffrenzen, Vice President

Member FDIC/Equal Housing Lender

INVESTMENT AND INSURANCE PRODUCTS: Are not insured by the FDIC or any other federal government agency • Are not deposits of or guaranteed by a Bank or any Bank Affiliate • May Lose Value

2020
10/21
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