College Bound? Financial Products You Need

Posted on August 8, 2014 by vcnbfamily

Are you headed off to college this fall? If you’re like most college freshmen, you are probably worried about finding your way around campus and meeting your new roommate. But have you thought about how to access and manage money while you’re away?

Starting college makes you a bona fide grown up. That means you will need a checking account. After all, you will have some source of income – whether it comes from your folks, overage checks or a part time job – and will need a place to keep your money safe. The piggy bank your grandma gave you when you were four just won’t cut it anymore.

Here are some VCNB products that we think will help.

Checking My Way – This checking account is a great option for a young person just starting out. This account has no minimum balance requirements and there are no fees if you take electronic statements. It comes with a free debit card or the opportunity to upgrade to a vanity debit card for $5. With free access to Online Banking and Mobile Banking, you can access accounts, pay bills and transfer funds with your computer or mobile device.

Mobile Deposit – Use your mobile device to deposit paper checks to your account for just a .50 cent per transaction fee (and standard data rates). You simply use our mobile banking app and the camera on your device to take a picture of both the front and back of the check. It will deposit into your account, from anywhere in the world.

Online Bill Pay and Popmoney – Use Online Bill Pay through VCNB Online and Mobile Banking to pay bills. No need to mail a check for your car insurance. Just sign into Online Bill Pay at VCNB to schedule one time or recurring payments. Another perk of Bill Pay is access to Popmoney ® personal payment service. Popmoney ® allows you to send and receive money to and from an individual. So if you owe a friend for pizza or if mom and dad wish to give you money, it can be done through Popmoney®. At .50 cents per transaction, it is quicker and cheaper than mailing a check.

General Purpose Reloadable MasterCard © – If you don’t trust yourself with a lot of money at once, a VCNB General Purpose Reloadable Mastercard © is a great way to pay. With this card, you load it with a specific amount. Once the money is spent, it is gone and there is no risk of overdraft.

If you are leaving the area for college and are concerned about ATM or branch availability, remember this: PIN and signature based purchases with your debit card are free. Any time you make a store purchase, you have the option of getting cash back. With just a small store purchase, you can get cash back for no fee. Also remember that mobile banking allows you to deposit checks from anywhere in the world and online/mobile banking make it possible to transfer funds, check balances and even pay bills with a few mouse clicks.

And at the risk of sounding like your parents, remember to be careful when it comes to credit cards. One of the first people you will likely speak to on campus will be someone offering you a credit card. We offer credit cards at VCNB but we encourage you to use this line of credit wisely. Use credit cards for emergencies rather than for daily purchases and be sure to not charge more than you can pay off in a month.

So before you head off to college, swing into your local VCNB office or check us out at www.vintoncountybank.com. Our New Accounts Officers would love to give you all the details on these products and on others that we think you can use.

Lower your cooling bill today

Posted on July 24, 2014 by vcnbfamily

With energy costs and Ohio temperatures on the rise, this summer has turned out to be expensive for many folks who are struggling to cool their homes. Fortunately, there are some easy things you can do today to keep your home cool without breaking the bank.

– Set your programmable thermostat as high as is comfortable in the summer. Then raise the setpoint a few degrees when you are away from home. Program it to lower the temperature just before you come home.

– Use ceiling fans to create a cool breeze. If you raise your thermostat by just two or three degrees, using a ceiling fan to circulate air will lower your bill by up to 14 percent, according to Mother Earth News.

– Clean or replace air conditioner filters monthly to keep your system working optimally.

– Pull the curtains and shades closed during the day to prevent the sun from overheating your house.

– Remember that light generates heat. Turn off lights where they are not needed.

– Use a microwave to cook on those really hot days instead of heating up your home with the oven.

There are many other steps you can take that will have a long term impact on both your cooling and heating bills. For example, insulating in attics, around doors and windows, in crawl spaces and other areas where air can leak may save you a good bit in the long run. Upgrading your unit to a more energy efficient model and maintaining the one you own will also go a long way toward saving you green.

Planning for the unexpected

Posted on July 22, 2014 by vcnbfamily

If there’s one thing in life you can count on, it’s that you should expect the unexpected.

This is especially true when it comes to life and finances. Most Americans are ill equipped for unexpected expenses and, even those with a well prepared budget can struggle to recover.

While you can’t necessarily predict the unexpected, you can plan for it by setting aside a little money each month in an emergency fund. This will give you the peace of mind that there will be money to help with unexpected expenses and the luxury of not sinking into debt the next time catastrophe strikes. Your emergency fund should only be tapped to pay for major, unplanned expenses and not for vacations, shopping or other fun.

Think you don’t need an emergency fund? Think again. Here are just a few things – big and small – that can go wrong at any time.

Job Loss – This is the big one. If you find yourself unemployed it is important to have enough in savings to see you through.

Appliance Breakdown – You come home to find that the fridge died sometime while you were gone and all your food is thawing. When it comes to household appliances, time is usually of the essence because it is so difficult and sometimes expensive to live without them. Yet, they are expensive to repair and replace.

Health Bills- Even if you have insurance, the smallest ailment can cost you a lot of money through office visits, prescription co-pays, blood work and lost wages.

Unexpected Travel – Sometimes we just have to leave home unexpectedly. A death in the family or an ailing relative are two events that will leave you with no choice but to travel. Gas, airfare, hotels and food add up quickly, especially when there was little time to prepare.

Traffic Tickets –Parking and traffic tickets can get pricey, throwing the household budget off course faster than you can say – “do you know how fast you were going, sir?”

Home Repairs – Whether it’s a leaky roof, an aging furnace or an army of Carpenter Ants, home repairs always cost a lot more than you think they should and typically come at the most inconvenient time. If you live in an older home, you may consider creating a budget category just for these types of repairs.

Car Repairs – Someone left a dent in your new car, the transmission went out and the breaks are squealing. Sound familiar? Car repairs are never cheap and, like home repairs, always come at the worst possible time.

Seasonal Expenses – Record cold temperatures this winter left many Ohio residents scrambling to cover seasonal expenses. Higher utility costs, frozen pipes, new snow tires for the car or fuel for the generator will add up quickly and can completely break the bank.

Unexpected expenses happen to everyone. With a little effort, unexpected doesn’t have to mean unplanned. What else can you add to this list? Plan ahead, squirrel away some funds and you will be ready!

Declare Your Independence From Credit Card Debt

Posted on July 2, 2014 by vcnbfamily

Independence Day is just around the corner bringing with it cookouts, fireworks and community celebrations to honor this important day in American history.

But what about your own independence? Your financial independence?

Every day is a good day to consider the health of your finances, especially if you have a large amount of consumer debt. If you are looking to reduce some of that debt this year, here are four simple tips to help you get started.

Put away the card – If you already have credit card debt, you don’t need to accumulate more. Stop using your card and focus on paying down the balance. It may be painful at first but it will be worth the victory of seeing a zero balance. If you do use your card, be sure to pay off those charges each month.
Cut expenses – Look for ways to trim your budget and apply the savings to your debt pay-off. Shop around for a better phone deal, reassess your insurance rates and look for ways to save on your utilities. For some, eliminating a meal out each week is a painless way to save a few dollars. Remember, when it comes to debt, every dollar counts.
Budget – Make a budget that accounts for every dollar in and every dollar out. It doesn’t have to be fancy. You can use a pen and paper or an app on your phone. Just be sure to list every expense, including those that occur irregularly like property taxes and car maintenance. Be realistic in your planning but be sure to give every dollar a job. Each dollar should be committed to an expense or a savings goal. As you create your budget, if you find that you have more expenses than income, see step three above. It’s time to work on reducing expenses. Also, review your budget regularly to remind yourself of how much money you have available and why you are cutting expenses. Keeping a log of daily expenses may open your eyes to small expenses that add up quick like morning coffee, magazines and other nonessentials.
Prioritize – If you have a balance on more than one card, prioritize the payment schedule. Some people like to focus on the card with the smallest balance. In doing so, you will celebrate an accomplishment of paying off a debt quickly. Others like to choose the card with the highest interest rate and focus extra payments there. Whatever you do, remember to always pay the minimum balance on every bill. Also remember that once you pay off one debt, you need to apply the funds you were spending there to the next bill on your list. This “snowball effect” will help you pick up momentum and pay off debt faster.

If you have a large amount of credit card debt, it probably didn’t accumulate overnight so you can’t expect to pay off everything overnight either. However, making a few changes, and even some sacrifices here and there will go a long way toward helping you achieve your financial goals.

Stay Safe At the ATM

Posted on June 23, 2014 by vcnbfamily

The ATM is a wonderful convenience, especially if you are unable to make it in during bank hours. Unfortunately, a combination of opportunity and means could make you an unsuspecting target if the wrong person came along.

It is important to think ahead and to take some precautions at the ATM. Here are some tips to keep you and your money safe.

Observe your surroundings before approaching the ATM. Look for an ATM that is well lit and that is free from obstructions. And of course, don’t approach an ATM if you notice suspicious activity in the area.
Be prepared before you reach the ATM. Have your card out and ready, know your PIN and know what you need to do so that you may conduct your business as quickly as possible. The less time you linger, the less time a robber has to target you.
Use your hand to shield the keyboard and screen so that someone waiting in line cannot see you enter your transaction amount or PIN.
Leave quickly, putting away your receipt, card and cash. Wait until you are in a safe place to count your cash.
If using a walk-up ATM, never leave your car unlocked or the engine running when you get out. If it’s night, be sure to park in a well-lit area, preferably close to the ATM. If possible, take someone with you.
If using a drive-up ATM, keep all doors locked and windows rolled up. And again, leave the area as soon as your transaction is complete.

We all think that crime won’t happen to us but, sadly, it can happen to anyone at any time. We urge you to use caution and common sense in your daily life, especially where money is involved.

Money Smart: What To Buy Now

Posted on June 3, 2014 by vcnbfamily

June is known for weddings, Father’s Day and early summer fun. But did you know that this month is also a great time to snag deals on purchases big and small?

Here are a few things that are typically great buys in June:

Gym Memberships. Summer tends to be a slower season for gyms. Most of us have long forgotten our New Year’s resolutions to lose weight and get fit. Those who remember those promises often take advantage of the nice weather and head outdoors. This means you can find great deals at a lot of gyms. Remember, as the season heats up you may soon be grateful for their air conditioning!

Flatware, Plates and Glasses. June is traditionally known as a big month for weddings. Popular gift items like plates, eating utensils and glassware go on sale this month, making it a terrific time to buy a gift for the happy couple or for yourself.

Tools. Dads everywhere are drooling over circulars from their favorite tool stores and hoping their kids notice the great deals to be had on power tools. Whether for dad or for yourself, this is a great opportunity to grab some deals.

Paint. The weather is warmer and that means it’s home improvement time! Both interior and exterior paints will be on sale throughout this month so be sure to stock up for your next project.

Leftovers. Anything Graduation or Father’s Day that didn’t sell this year will be deeply discounted. If it isn’t dated, like that #1 Dad apron, it would make a great gift for next year.

In-season items like gear for gardening, camping, biking and swimming are competitively priced. As are bathing suits, sandals and summer clothes. Watch for the big discounts on these items at the end of season though.

While we never would encourage you to buy things you don’t need, we do encourage you to look for deals on those items you do need. Why not take advantage of those deals and steals?

Cost Cutting Tuesday – Plan Your Purchases

Posted on May 6, 2014 by vcnbfamily

When was the last time you bought something you didn’t plan to purchase? If you’re like most Americans it probably wasn’t that long ago. Candy bars at the gas station, a sweater at the mall and the new gadget everyone is talking about top the list of unplanned purchases for a lot of people.

Mental math and reasoning acrobatics usually accompany these purchases with excuses like you deserve it, you work hard, or you can get credit card points and pay it off later.

But these impulse buys can add up quickly regardless of your budget or your savings goals. Unfortunately, it can be hard to stop these leaks. Here are a few ideas to get you started.

Curb Impulse Shopping – Use the 30 Day Rule to slow down your impulse buys. Do you really need new curtains for your bedroom or do you just want them today? Will you still want those curtains in a month? Make a list of all those things you desire – from the $30 curtains to the $400 gaming system and give it a month. If you still want the item and have the money, go for it! A lot of times you will find that you either will change your mind or forget all about it!

Remove Temptation – It is really easy to buy things online when your payment information is stored in your account. With a few mindless clicks you can drop items in your basket and easily have them shipped to your door. If you have to retrieve your credit card and type the information each time you want to buy, you will be more conscious of your actions.

Write a List (and stick to it) – Going shopping without a list is a dangerous game when you are trying to curb impulse buys. Whether it’s for groceries, back to school clothes or a home remodeling project, a list will give you purpose and will help you acquire the things you really want. With a list, you are on a mission to find what you need. Without it, odds are better that you will pick up every sale item in your path and go home without whatever you went for in the first place.

Research All Purchases – You need a printer for your home but you don’t know what kind. Inkjet or laser? Will you be printing pictures or just documents? You think you’ll just wing it and buy whatever looks good in the store. After a few uses you realize the quality isn’t what you were hoping for and the ink is extremely expensive. Avoid situations like this by doing a little research before you buy. Talk to people you trust, read consumer reviews online and read product information so that you can make an informed decision. You may discover that the new phone you wanted has a lot of bugs and you are better off with what you have. And it’s better to buy the right thing once than to be dissatisfied with the wrong buy.

Shop Around – While you’re researching, shop around for a good price. Newspaper circulars, online ads and online shopping can help you determine who has the best price. Depending on the purchase, this could save you a few dollars or a several hundred dollars!

Teach Kids That Saving Is Fun

Posted on April 25, 2014 by vcnbfamily

All April long we are celebrating Teach Children To Save Month by visiting local schools and talking with kids about saving money. We have written about tips for helping your small kids save money and teaching your older kids life skills they will need through adulthood.

Today we want to talk about ways to make saving fun.

Savings Thermometer – Draw a giant thermometer on paper, cardboard or poster board and write a savings goal at the top. Hang it somewhere visible and color the thermometer each week to reflect how much they have saved. Goals can be big or small. Just remember to reward your child with a small treat when they reach their goal.

Bank on the Fun – Move over little pig. Banks come in a variety of fun themes. If your little one loves Batman, give him a Batman bank and encourage him to help Batman save the day by saving money! There also is a wide array of electronic banks that sort and count bank contents that might appeal to older kids.

Round Up – When your child spends money, encourage him or her to round up to the nearest dollar and save the change. So if their bill comes to $4.47, have them save the extra .53 cents.

Collect the States – Help your child learn about geography and save money by saving the state quarters. There is a quarter for every state so encourage your child to tuck at least one of each into their bank. Post a map of the country next to their bank so they can mark the states they have and plan for the states they need.

Set Family Goals – Set savings goals for your children and agree to a family treat when everyone hits their goals. A movie night or ice cream for everyone could be enough motivation for everyone to work toward their goals.

Remember there is no need to count and roll all that change! Several of our locations have a machine that will count their change for free. We also have minor accounts that require no minimum balance. See a New Accounts Officer in any of our thirteen locations to open one today!

Protect Yourself From Scammers

Posted on April 24, 2014 by vcnbfamily

Most people will be approached by a scammer at some time in their life. We warn children about “stranger danger” and to not take candy from or go with someone they don’t know. Yet many adults are quick to trust a stranger who contacts them with claims that a debit card has been compromised or that a small investment will earn them great returns.

At VCNB we will never contact you by phone, email or text and ask for personal financial information. If someone claiming to be from VCNB asks for your PIN, social security number or other personal information, do not give it to them.

And remember –

– If it sounds too good to be true it usually is.

– Get rich schemes only make the scammers rich. You will pay dearly. Never send money to someone you don’t know. If you are contacted electronically by a person you do know and they ask for money, verify that it is really your friend before reaching out to them electronically.

– Check your bank and credit card statements for transactions you don’t recognize and notify the bank if there is something out of place.

– Most of all, protect your personal information like it is your child. Never provide your account information, PIN, social security number or other personal data to an unknown source. Keep your cards in a safe place and don’t keep a written copy of your PIN or your account passwords with the card.

There are people out there who work hard at taking advantage of others. Be careful not to fall victim to their schemes. For more information click here for tips from USA.gov.

Talk To Your Teens About Money

Posted on April 16, 2014 by vcnbfamily

Last week we talked about teaching young children about saving and managing money. It tends to be easy when they’re little because you can just tell a young child that saving money is important and that they must do it. But what about your teenagers? They are still kids but are nearing adulthood and all the financial decisions that come with it.

Here are five topics to start with!

Talk About Credit – Teach your kids the difference between good credit and bad credit. Talk to them about the difference between borrowing responsibly to buy a house and spending wildly with a credit card. They will soon be bombarded with offers for shiny new credit cards with enticing offers. Talk to them about how to use credit cards wisely – spend only what they can really afford, pay off the balance every month and pay on time.

Teach teens to use technology for banking, monitoring their credit score and even budgeting!

Budgeting – Does your teen have an after school job or an allowance? Talk to them about how to budget those funds and plan for the future. Are they saving for college or for a new car? Are they blowing all their money on new music and fast food? Help them set up a budget for their money by identifying their expenses and savings needs. Then list their income and help them prioritize how to spend and save that income.

Daily Tasks – Involve your teens in household tasks that involve financial decision making. Teach them how to write a check and how to balance a checkbook. Show them around your online bank account, let them schedule your bills through Online Bill Pay and talk about the expensive damage caused by late payments. Take them grocery shopping and explain why you buy the cereal that’s on sale and why you typically buy ground beef instead of steak. Teach them the basic daily skills they will need to survive adulthood.

Pay Yourself First – Talk to them about saving money and why it’s important. Teach them to make it a priority to save a little bit from their allowance or their paycheck every single week. “Pay yourself first” is a powerful mantra that will make saving automatic. Just ten percent can add up quickly and can build a nice nest egg for emergencies, a down payment for a car or living expenses for their college years.

Credit Scores – Talk to your teens about the correlation between a credit score and spending habits. Talk to them about how their credit score will impact their borrowing ability in the future. Carrying an excessive credit card balance and paying bills late now and then may not seem like a big deal to a teenager. But these behaviors will affect their borrowing ability, determine future loan rates, affect their ability to rent an apartment or insure a car and ultimately affect the affordability of these things they need and want as adults. Reinforce the idea that paying bills on time, paying off credit cards every month and making good financial decisions will increase their credit score.

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