Bank of Luxemburg is making updates to ensure your online
banking experience is even more secure.
Beginning in October, you will be prompted to confirm your
personal contact information to ensure a secure online banking experience.
You will be asked to provide or verify the information below
so we can immediately send you a verification code (also called one-time
passcode).
Phone number (you can add more than one for automated voice
or text message)
Email address (only one is allowed)
Following your one-time passcode, you will need to
re-register your computer by marking it private or public based upon your
personal security preference. Your online banking experience will also be
enhanced for better usability.A few
things you will notice include:
Improved navigation on various screens
My profile link (formally user options) allows you to update
your personal security settings.
A more secure way of resetting your password via the phone
number(s) you have set up for verification code delivery.
Redesigned payment features within the eBill tab.
If you have any questions regarding your online
account or Bank of Luxemburg services, please contact your local Bank of Luxemburg.
Various financial institutions want to service your
loan.Whether it’s a home loan, a
car loan, or a personal loan, this can be a big decision.How do you decide if an interest rate
is right for you?
First, let’s take a look at where interest rates come from
and whether or not there is a standard interest rate or whether they are being
selected arbitrarily.Interest rates are based on a couple factors.One …the amount of money you are looking to borrow.Two … the number of months in the loan’s
term.
Second, learn the difference between fixed and variable
interest rates.A fixed interest
rate will stay the same for the duration of the loan.A variable interest rate will fluctuate without warning.Also important is to make sure to
understand the special terms and conditions that may apply with “special” or
“introductory” rates.In other
words, be skeptical about “special financing offers,” and be sure to read the
fine print.
Third, calculate some numbers on your own before visiting a financial
institution.Compare across the
board to see which financial institution offers the lowest interest rates given
your circumstances.
Determine how many months are reasonable for your loan’s term.Once you discover a suitable interest
rate, determine how the lenders you are considering will apply that rate to
your loan’s principal.
It’s always best in these situations to consult with someone
you trust to get the best information.Call a Bank of Luxemburg loan officer at (920) 845-2345 to see how our
interest rates and service compare.You can also learn more about us by visiting our web page at
bankofluxemburg.com.
When a family member passes away loved ones are
usually left with many financial decisions. To help ease this burden, we
recommend setting up re-planned funerals, account beneficiaries and wills while
living. Of course this is not always possible and in most cases family members
will still need to deal with some financial issues.
It’s helpful to have an attorney or the executor
of the estate advise you on a deceased’s bank accounts. Different types of
accounts differ in their requirements for access:
Joint Account:If
you have a joint bank account with the deceased, control over the account can
go to the survivor. The survivor can continue to make payments, deposits, and changes
as usual. To remove the deceased from the account, you must show a valid death
certificate.
Traditional Bank
Account:
With a traditional account, the deceased had sole control over the account. In
this case the money goes to the individual(s) named as beneficiaries. If there are
no beneficiaries listed, the funds go to the estate. To access the account, the
beneficiaries or the executor of the estate must have the death certificate.
Trust Account: Usually
set up as part of a larger estate plan, a trust names the beneficiary of the
account and identifies how the funds will be distributed.
Safe Deposit Boxes: Safe deposit boxes are
similar to traditional bank accounts. To access, you will need a certified death
certificate and legal documents identifying the executor of the estate.
To Start ...
Request numerous copies of the death certificate through the funeral home or your state
Department of Health.
Contact each financial institution where the deceased had accounts. Most likely
you will be asked to set up a meeting with a financial advisor. Make sure to
ask what proof of identity you need to bring to the meeting.
Review any financial statements you find in the home of the deceased. Many
times loved ones find additional bank accounts or safe deposit boxes.
Comply with the will or estate executor. Remember, legally you are bound by
their wishes, even if you don’t agree with their decisions.
This process often isn’t easy and is sometimes
even more difficult given the emotions that come when dealing with finances.
Remember, by preparing ahead—through funeral pre-plans, estate planning and
wills—you can ease the process for your loved ones.
Debts/Bills
Few people die with all financial details in
order, but before you start writing checks or panic about expenses, take time
to learn your rights and responsibilities.
Managing Bills
1)
List all the deceased’s liabilities, including mortgages, bills, lines of
credit, loans, etc.
2)
Divide the liabilities into administrative expenses (bills that will continue
to need payments, such as a mortgage) and final bills (bills that can be paid
in full, such as funeral expenses). Administrative expenses will be paid by the
executor of the estate out of any funds currently in the estate.
3)
Make decisions about maintaining payments. Keep records of all payments for the
estate’s financial records.
4)
Determine what can be sold. This is usually the executor’s responsibility. Selling
items may be necessary to cover debts.
This information is not
intended as a substitute for legal advice and we urge you to obtain competent
legal advice for any questions regarding financial matters following the death
of a loved one.
Watch this video for even more tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler:
It’s a big jump from college or other technical schooling to
“the real world.”Here’s a free
graduation gift … five smart money moves for graduates.
Smart Money Move
#1:Don’t Buy a Car
Most students have either gotten by with no car or a clunker
car during their college years.Now that the prospect of “getting a job” is a reality, a car might seem
like a good investment.However,
be cautious … you don’t need a NEW car to have adequate transportation to and
from work.A new car may be
unnecessary and will keep you on a tight budget (with that hefty monthly
payment) for years.Instead, consider
buying a car that’s gently used, one to three years old.It’ll look like new but save you a lot
of money.And if you’re looking
for something to save for, think about a starter home.
Smart Money Move
#2:Get in the Budget Habit
Don’t let the “b” word scare you.When you have fun things you want to do or items you’d like
to splurge on, a budget really comes in handy.A budget is like a spending plan that helps guide your
spending and saving.This way you
can set aside money for bills and necessary things and still have money left
over for the “fun stuff,” without the guilt.
Smart Money Move
#3:Use Envelopes With Cash
Rent or mortgage payment.Check!Water
bill.Check!Electric bill.Check!Loan payments.Check!If you’re afraid
you’ll spend the cash when you first get paid, label envelopes with your
payment category.Write out a
check, and put it in each envelope.Then, stash the envelopes until payments are due.Of course, have an envelope for your
“mad money” too, but once the envelope is empty, your funds have run out, and
you’ll have to cut back until the next pay period.
Smart Money Move
#4:Consider Moving Out on Your
Own
Many college graduates return to their parent’s home to save
money, but most of them lack the discipline to save and end up blowing their
earnings on cars, entertainment, electronic gadgets, and their social life.You’ll grow faster and learn more by
being on your own, even though it may be a struggle at first.It’s easy to let Mom and Dad take care
of everything, and you may become too comfortable.Being on your own forces you to take your finances into your
own hands and start making smart—albeit sometimes difficult—grown-up decisions.
Smart Money Move
#5:Educate Yourself About
Finances
When you needed to learn about math, you took a math course and
did math exercises, right?Same
rules apply.The best way to learn
about personal finance basics is to read a good personal finance book—one that
covers all the basics without boring you to tears.You could also meet with your banker to get information and
have them help you create a customized plan for you!
Sure, making mistakes is part of growing up, but why make
costly financial mistakes if you don’t have to?With a little common sense, and by following our five smart
guidelines, you’ll be embarking on a successful financial future!A+
Watch this video to get more helpful tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler.
Divorce is difficult. Plain and simple. Lots of things are changing, and confusion is a common feeling throughout the process. However, finances are a very important aspect of divorce, and planning for the future while going through a divorce should not be taken lightly. By staying on top of the financial aspect of divorce, it will hopefully prevent major hassles down the road.
Things to Consider When Re-establishing Your Personal Finances After a Divorce:
Order a Free Credit Report — Following a divorce, order your free annual credit report to identify your remaining debts, and determine if the reported information is accurate. It is important following the divorce to remain financially vigilant and continue to pay your debts.
Establish Credit in Your Own Name — Following a divorce, it may be necessary to establish credit as an individual to start to build a credit history and credit score. This will be important if you need to make a major purchase such as a home or vehicle.
Review Retirement Savings Plan and Goals — As a single individual, your retirement goals may be different than when you were married. Meet with a financial planner to discuss your dreams, and determine what you will need to save each month to live your new retirement dreams.
Review Insurance Policies — Review your insurance policies to determine what is necessary and appropriate for your new lifestyle. This is a great time to review your beneficiaries on the accounts and make updates as needed.
Many people have been down this road before and can offer advice on everything that needs taking care of. The staff at Bank of Luxemburg is sensitive to each customer’s situation and will take the time and care necessary to help get answers and resolution.
Managing your budget is important at all times, but even more so during a challenging economic climate. We can all use solid advice on making sure that our
income covers our expenses—and allows enough extra for savings and fun!
Take a few minutes to learn some proven budgeting tips from the Community Bankers of Wisconsin.
Balancing Act: Personal Budgeting in Tough Times
The problem with budgeting is it's easy to forget that this is an ongoing process. Any change in income-especially a downward change-or an upward change in expenses, from an unexpected veterinarian bill to the rising cost of groceries, requires an adjustment in your budget. Recent years have brought new budget challenges to many consumers. Here's an overview of actions you can take to keep your budget balanced.
First, take stock: list your monthly income and expenses to determine whether your income covers your current expenses. You may need to track all your expenses for a month to capture all your cash purchases, such as food, beverages, entertainment, or personal items from aspirin to zinc tablets.
If your budget is out of balance, figure out where you might cut back. If you routinely incur late fees or overdraft fees, work out a plan to pay your bills when they are due.
Maybe you've been thinking about switching your telephone landline to a cell phone. Or, taking the bus or biking to work three days a week. First, take any actions you may have been thinking about. Then, look for less obvious ways to make ends meet. Schedule an appointment with your insurance agent to see whether you might be eligible for safe driver savings or a discount if you insure your house and vehicles with the same company. You may want to talk with your community banker about refinancing your home mortgage at a lower interest rate or transferring a balance on a high interest credit card to a lower rate card or a personal loan.
Next, consider how you might increase your income. If you've been considering a career change, this might be a good time to apply for other positions. You might want to add a second job, especially in a field that's enjoyable to you, for example, in a quilt shop, hobby store, musical performance, or youth sports program. Or, maybe this is the time to explore your entrepreneurial side by starting a low-cost business you've been dreaming about.
Faced with a need for more income, people sometimes decide to have a garage sale or sell items online. Beware selling any items you will eventually need to replace or items of sentimental value that you really don't want to part with.
Whatever you do, don't take on additional debt in an effort to pay immediate bills. Unless your budget challenge is truly a short-term event, additional debt will just add to your financial problems. Also try to avoid cancelling your health insurance or using retirement savings.
Many Wisconsin resources offer more details about how to track your spending, cut back, increase your income, and balance your budget. A few of them are:
The University of Wisconsin Extension offers several online publications to "Managing Your Finances in Tough Times" at:http://fyi.uwex.edu/toughtimes/.
The Wisconsin Department of Financial Institutions offers on its website a link to Practical Money Skills," including saving, spending, and budgeting: http://www.practicalmoneyskills.com/(click on Personal Finance).
Don’t let technology scare
you.Technology can actually simplify your life when you learn to
embrace it.
Online Banking
One of the greatest things
technology has brought us is online banking. For all Bank of Luxemburg
customers, online banking is absolutely free! And, it’s easier than you might
realize!Grab a computer, tablet,
or smart phone and start reaping the benefits. You can…
1.View your recent transactions
2.Check your balance whenever, wherever you want
3.Transfer funds
4.View images of checks you’ve written
5.Put a stop payment on checks written
6.Send email messages to the bank with any questions
7.Make your loan payment
We’re talking 24 hours a
day/7 day a week access, too! (Even weekends & holidays!) The most exciting
benefit of online banking for some people is the ability to pay bills online
with Bank of Luxemburg’s bill pay services.
Bill Pay Services
Paying bills online is a
huge time saver and also incredibly easy to set up with Bank of Luxemburg’s
online banking system. You have many options and benefits when it comes to
paying your bills…
1.Make reoccurring monthly payments to anyone or any business
2.Schedule a one-time-only payment to anyone or any business
3.Schedule payments just for when you’re out of town
4.View payment history and future scheduled payments
5.Acquire virtually no late fees on bills
6.Set up a reminder calendar
7.Lessen your costs on paper checks and stamps
If you already have a Bank
of Luxemburg checking and savings account (or have Premier Checking alone), you’re
already eligible for FREE Bill Pay services. If you just want to test it out
and have a different type of account than those listed above, good news! You
get the first three months for free, and after that, it’s only $5 per month
anyway (limited to ten transactions, with a fee of $35 after that).
eStatements
Getting a paper statement in
the mail is fine, but think about this…by the time the statement reaches your
mailbox, you open it, and finally sit down to review it, many other transactions
have probably occurred. (Also, think about all the paper that’s being used
month after month.) Instead, think about signing up for eStatements which
arrive as an email notification, and you are up-to-date instantly. Here are
some other great benefits…
1.eStatements are safe and secure.
2.An email notifies you when your eStatement is ready.
3.You simply log in through Bank of Luxemburg’s online banking
section.
4.You can view the last 18 months of account statements.
5.How nice to view and balance your statement online 24/7?
And if you didn’t already
guess, eStatements are absolutely FREE for Bank of Luxemburg customers!
Technology is ever-changing,
but it’s not always something you need to cover your head and run away from. For
additional assistance with understanding the technological options available to
you in banking, feel free to stop by any Bank of Luxemburg office with
questions.
Bank of Luxemburg Chief Operations Officer Rebecca Edler demonstrates the ease of Online Banking.
People are understandably frustrated upon learning that an
online account has been hacked.The best way to avoid this problem is to get a strong handle on your own
online security.You can achieve
this by following some simple guidelines:
1.Establish Quality
Usernames & Passwords
Use
both upper and lowercase letters
Use
digits and punctuation characters
Use at
least eight characters
Do NOT
choose passwords based on personal details
Do NOT
share, write down, or store online
Change
passwords regularly
2.Keep Your
Computer Secure
Use
Antivirus Software
Use
Spyware
Use
Spam Filters
Use
Firewall Protection
3.And…Don’t
Forget
Install
Updates To Your Computer When Available
Make
Sure To Log Off, Rather Than Closing Windows
Monitor
Online Accounts Regularly
In a time and society where things are becoming “paperless,”
people are becoming more and more reliant on their computers and online
accounts in general.Whether you’re
shopping, paying bills, or socializing online, you want to have everything
private, safe, and secure.By
following the steps outlined above, you’ve taken some major strides in ensuring
your own online security.
For more information, speak to a banking professional at Bank of Luxemburg (920)
845-2345, with eight convenient locations from Green Bay to Algoma.Learn more at bankofluxemburg.com.Also, check out Bank of Luxemburg’s
Chief Operating Officer, Rebecca Edler, discussing these same points on our
YouTube channel.
Summer is a time for fun in the sun and—if you’re
in high school or college—working to earn money for the school year. Everyone
knows it’s easy to spend money—especially on fun summer activities. But saving
money is a considerably more difficult. To get you started, here are some tips
from Bank
of Luxemburg:
Create a budget and stick to it.
It can be intimidating at first, but knowing how much and where you’re spending
your money will help you keep your finances under control and start good habits
that will last throughout your lifetime.
Make saving a habit.
It’s a good idea to save a set percentage of every paycheck—automatically if
you can. If you never have the money in your checking account, you’re less
likely to miss it. Once you become accustomed to this practice it will become
painless.
Carefully consider purchases.
Before buying a non-essential item, sleep on your decision. You just might be
surprised at how many things you decide NOT to buy.
Keep control of credit card debt.
To help avoid future money woes, use credit cards only for emergencies and pay
off the balance each month. Make sure all payments are on time to avoid
penalties, late fees and interest.
If you already have credit card debt, try the “debt
snowball,” where you pay off small balance cards first. Once those balances are
paid in full, apply the monthly money you were using to pay off that debt to
the card with the next largest balance.
Be selective when choosing bank accounts.
Look for accounts that don’t charge fees and banks that charge reasonable fees
for services you use. Don’t overdraw your account, and use bill payment
services to eliminate postage stamps, envelopes and paper checks.
Does it ever feel like you’re treading water financially? Getting ahead of the game—saving—can be
difficult. With some helpful
information on how to save properly and the different avenues for saving,
you’ll be on the right track to making “saving money” an attainable goal.
Personal Savings
Accounts & Certificates of Deposits (CDs)
To determine whether a personal savings account or a
certificate of deposit is right for you, keep time horizons in mind. Interest rates are lower with savings
accounts, but you can take money out and put money in more liberally. CDs, however, can be opened for terms
varying in length from three months to five years. Typically, the longer you invest your money, the higher the
interest rate. Therefore, if you
keep your money in a CD for a prolonged length of time for your savings goal,
you’ll reap a larger amount of money saved in the end.
Health Savings Accounts
(HSAs)
If you’re participating in a high-deductible health
insurance plan through your employer, you might want to consider opening a
health savings account. With a
health savings account, you can save for your future health care costs and take
greater control of how you are paying for medical expenses. Typically, high-deductable health plans
offer lower premiums compared to traditional medical insurance plans. The money you are saving on premiums
can be invested in your HSA.
Individual Retirement
Accounts (IRAs)
You might be participating in a 401k account through your
employer, but you could be saving additional
money for retirement by opening a Traditional or Roth IRA. By speaking with a banker, you can go
over your current 401k options through your employer, make sure you’re
utilizing it properly (percents/matches/breakdowns), and consider if a
Traditional or Roth IRA might be another
option for you to save for your future.
The life stage you are currently in will help you establish
the best savings plans for you as well.
Whether you’re single, married, married with children, or looking to
retire, your financial situation is unique. The best strategy for savings and investment goals will
vary, so feel free to speak with a banker personally at any of our eight
locations.
Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for saving on Fox 11's Living with Amy.
From car purchases to mortgages, almost everyone needs loans
throughout their life. When you need a loan, you’ll want to ensure you are able
to get the loan you need, at a desirable interest rate. That’s why you should
do everything you can to make yourself a good candidate for a loan.
Save for a
down payment or find a source for down payment funds.
Have a
good source of collateral (i.e., your home or business)
Your Credit Score
A credit score is primarily based on credit report
information typically sourced from credit
bureaus (see below). Maintaining a good credit score is a key factor
in determining your suitability for a loan. If you are just starting out
establishing credit, or need to improve your credit, here are a few things to
keep in mind:
Avoid
maxing out credit lines on cards or loans.
Avoid applying for excessive credit (numerous department store credit cards can add up).
Consistently make payments on time.
Pay down the balances currently on credit cards or loans.
Satisfy any “past due” bills.
Request and review copies of your credit report and verify the information for accuracy.
Obtaining a Credit
Report
You are entitled to one free credit report—within a 12-month
period—from each of the three major credit bureaus. The bureaus run
AnnualCreditReport.com where you can get
your free credit report. Your credit score is available for an extra $10 fee.
If you dispute something on your report you can request an investigation and/or
ask that a note be included in your file. The FICO credit score is the most
common. It ranges between 300 and 850. As a rough rule of thumb, ideal
loan candidates—those with the easiest time getting a loan at the lowest
interest rate and associated fees—usually have scores above 740. Bank of
Luxemburg will work with each customer on an individual basis to find the best
loan option for you, even if your credit score is not ideal.
Money is tight for many people these days. Although it would be great to have more money to invest and spend, a more realistic option is to do more with the money you already have.
Here are some ways to start getting the most out of your money:
Save for Retirement.Start setting money aside for your retirement early, so there will be more time for your money to grow. The longer your money is left untouched, the greater its chance to compound. Try to put as much as you can toward your 401(k), and check with your employer about matching contributions. If you’re already retired, plan your withdrawals wisely to make sure your retirement fund lasts.
Create a Budget. Tax time is a good time to look back at your expenses from the past year. Make sure your spending is in line with your financial priorities. Are there any expenses you can cut to ensure you’re using your money the way you need to?
Avoid Fees. This may seem straightforward, but unnecessary fees can quickly add up and send you into debt. Pay your bills on time and in full. That way, you won’t spend money on late fees or finance charges. It’s also a good idea to plan out your cash withdrawals to avoid paying fees at unfamiliar ATMs.
Invest in a Home. Consider growing equity by purchasing a home instead of renting, if you plan to stay put for several years. Interest rates are still low, so talk with a loan officer at your local Bank of Luxemburg -- you may learn that a house payment will be lower than your rent! If you’re already a homeowner, invest in your current home with regular upgrades and improvements.
Watch the Rates. Try to be on top of loan interest rates, so you can save money on interest over the life of the loan. We can help you determine if refinancing your auto or home loan is a good option. Even a small reduction in your loan’s interest rate would add up to significant savings.
If you’ve been stuck in a financial rut, getting the most out of your money can help you get back on track. Rebecca Edler, Chief Operating Officer at Bank of Luxemburg, recently talked with Amy Hanten about money-saving ideas on FOX 11’s Living With Amy.
Saving money can be a slow process. Little by little, you increase your funds until you finally reach your goal. Fortunately, there are also some faster ways to jumpstart your savings efforts.
Here are four “quick fixes” to save money:
1. Take a look at your bank accounts.
Some banks charge maintenance fees. Make sure your bank is giving YOU something! Look for interest, account perks and other benefits you’ll use and enjoy.
2. Shop smarter.
Use cash or your debit card. That way, you can only spend what you have, so you’ll save money on finance charges and credit card fees.
Here’s a good tip for online shoppers: Don’t save your card information with websites. It’s too easy to click and buy without making sure you can pay for that new item. If you have to take the time to dig out your card to buy something from a website, you may think twice about spending that money!
3. Escrow your property taxes.
Instead of trying to save for your property taxes on your own and having the temptation to use those funds for other items, consider an escrow account.
Here's how it works: You make an automatic payment into the account monthly or with every paycheck. When tax time comes around, the bank will send the money in your account to your municipality. Since you were diligent about saving each month, you won't have to worry about having enough money when your property taxes are due.
4. Consolidate debt.
Is all that holiday spending finally catching up with you? The bank can help you consolidate your debt, and this should give you a better interest rate.
Bank of Luxemburg’s Chief Operating Officer, Rebecca Edler, shared her “quick fixes” to save money in a recent segment on FOX 11’s Living With Amy:
Have you ever made a New Year’s resolution to “get fit” in the upcoming year? The gym is always packed during the first days of January. Now that we’re a few weeks in, there seem to be more open treadmills and weight machines, right?
Just like a personal trainer can help you stick with your goal to exercise and eat right, Bank of Luxemburg is ready to get you “financially fit” in 2012!
Here’s your workout plan:
Remember, saving money is a marathon, not a sprint! If you lace up your new shoes and expect to cover 26.2 miles on your first run, you’ll have a hard time making it to the finish line. It’s the same with saving money – don’t feel pressured to put tons of money away from the start. Start small, and the money will add up. You can also save more as your financial situation improves.
Set personalized goals. If you want to shed fat, you’ll exercise differently from someone who wants to bulk up. Likewise, decide what’s most important for your life. Are you trying to get out of debt? Saving for the kids’ college funds? Planning your retirement? Having a goal that makes sense for you will determine what kind of plan you need.
Be willing to make sacrifices. Given the choice, would you rather go to happy hour after work or do your workout at the gym? How about this choice: buy that new TV with your paycheck or make more than the minimum payment on your credit card? The best decisions aren’t always the most fun, but reaching your goal will be worth the sacrifices you make to get there.
Deal with the setbacks. Getting fit and healthy comes with challenges! Maybe you didn’t lose as much weight as you wanted or an injury prevents you from doing some activities. You can also encounter setbacks when you’re trying to get financially fit -- from mistakes like paying a bill late to emergencies like car repairs or sudden illness.
If you’re faced with a financial setback, it’s important to evaluate your situation and determine what caused it. If you miss a payment due date, look at setting up automatic payments well in advance. Make sure you’re saving enough money in your emergency fund, so you can be more prepared for unexpected expenses.
We’re eager to help you stick with this plan! Stop in to your local Bank of Luxemburg to get started.
How’s your holiday shopping going? We know some of you go-getters already have your presents wrapped and under the tree, but most of us still have a few gifts to get.
Photo: realsimple.com
Here are some reminders as you finish up your shopping:
Make a list and set a budget: Heading to the mall without a plan is one of the surest ways to overspend during the holidays. Take a little time to figure out who needs a gift and then think about how much money would be appropriate to spend. Most stores have new sales starting every few days, so check the Sunday paper for deals. If you have a certain item in mind, you can even search online to make sure you’re getting the best price.
Beware of credit cards: Recent reports show more shoppers are using credit cards during this year’s peak holiday shopping season. Part of the draw could be the rewards and extras many credit card companies offer, but Consumer Reports reminds you to keep an eye on spending tiers, expiration dates, hidden caps and missed-payment penalties. Of course, using credit cards also means the potential of paying for your holiday purchases for months to come. That’s especially true with store credit cards, which often carry APRs of 20% and higher.
Use your debit card instead: Buying gifts with your Bank of Luxemburg Debit Mastercard will help you stay on budget because you can’t spend money you don’t have! Using the debit card is also faster, easier and safer than carrying cash or writing checks. Plus, you can use it anywhere MasterCard is accepted. Our Bank of Luxemburg debit cards do not have any fees for our customers -- NO monthly, annual or usage fees. We also offer fraud protection in case you find yourself the victim of identity theft.
Giving gift cards? This may be one of the best ways to give your loved ones the perfect present – the ability to buy what they want! Make sure this straightforward option doesn’t become complicated; read the fine print before you buy. This includes checking on fees, expiration dates and the procedures if a card is lost or stolen. Also, verify which locations will accept the gift card and what services or products the card will cover. You don’t want to spend money on a gift that can’t be used!
Buy local: What better way to spread the holiday spirit in your own neighborhood than by keeping money in the community? Bank of Luxemburg just participated in a Buy Local holiday shopping promotion in Kewaunee County, but it’s not too late to support businesses in your community! Visit Buy Local Kewaunee County to find helpful resources and business listings.
If you don’t know the answer to that question, it’s time to get smart about credit. Fortunately, Bank of Luxemburg is here to help.
A great way to gain credit knowledge is to get a copy of your credit report. This shows your open lines of credit and gives you the opportunity to find out your credit score. This number helps lenders determine whether you should get certain loans, credit cards or services.
How is your credit score determined? The credit bureaus look at several factors:
Amount of open credit you have available
Types of credit you have
Timeliness of your payments
Each credit-reporting agency has a slightly different version of your credit score, but these ranges will generally apply:
700 – 850: Very good or excellent
680 – 699: Good
620 – 679: Average or OK
580 – 619: Low
500 – 579: Poor
300 – 499: Bad
To improve your credit score, limit the number of credit cards you open and be aware of your open credit. It’s best to close those department store credit cards you’re not using.
The official website to get your free credit report is AnnualCreditReport.com. You also have the option to purchase your credit score when you receive your report.
Our $mart Banking page has a number of resources to help you get smart about credit. Click on Credit/Debit and you’ll be able to listen to several $mart Money podcasts. And you can always stop by your local Bank of Luxemburg with any questions.
Chief Operating Officer Rebecca Edler offers some more suggestions to get smart about credit in this video:
That spooky holiday is quickly approaching! Be sure to stop by your local Bank of Luxemburg branch to pick up a free trick-or-treat bag for the kids. Inside, they’ll find coloring sheets, pumpkin carving advice, trick-or-treat safety tips, savings information for the whole family, and a sweet treat to get you in the Halloween spirit. The bags will come in handy if the little ones are planning to collect some candy!
And for the grown-ups, here are some tricks to avoid and treats to look for when it comes to your finances:
Tricks:
Hidden fees. Some banks -- especially the larger ones – may tack on fees for online banking, getting cash at ATMs, using your debit card and more. Always ask about all fees and potential charges before you decide to open an account with a financial institution. We’ll be happy to talk to you about ways you can save money by using a Bank of Luxemburg account.
Identity theft. If you’re not careful, thieves can easily get access to personal information such as social security and bank account numbers. Visit our Security Information page to recognize common scams and minimize your risk.
Offers to “fix” your credit. Negative accurate information cannot be removed from your credit history. Time and a positive payment history are the only things that will fix your credit report.
Treats:
Local support. Local leadership gives community banks like Bank of Luxemburg the ability to respond to customer needs quickly and appropriately. Shareholders in Northeast Wisconsin own Bank of Luxemburg, so we understand what’s happening in your neighborhood. You can always call us or visit a branch location to bank with someone you know!
An accurate budget. Knowing what you have and what you can spend provides peace of mind. This confidence empowers you to make the best financial decisions for you, your family, or your business. Visit our $mart Banking Information page to learn how you can develop a budget.
Low rates. Our loan and mortgage officers are finding historically low rates for our customers who are able to reconsolidate and refinance. Give us a call to see if this could be an option for you!
We’d love to hear what financial tricks or treats you’ve experienced. Leave us a comment below!
At Bank of Luxemburg, we want you to remember that managing your money and investments doesn’t have to be difficult! As a local bank in your community, we are here to help you. That’s one reason our Chief Operating Officer, Rebecca Edler, was glad to stop by FOX 11’s Living With Amy recently for the “Easy As 1, 2, 3…” themed show.
In case you couldn’t tune in, here’s the interview segment. You’ll find more information below the video box.
Make Your Banking Easy:
Online Banking: Our safe, secure website allows you to check your accounts and make changes online -- on your own terms and your own time. Visit your local Bank of Luxemburg location to get started.
eStatements: Receiving account statements in your email allows you to balance your checkbook and manage your accounts when it’s convenient for you. That’s much easier than waiting for your paper statement in the mail!
Refinancing: We can’t tell you that refinancing is as simple as clicking a button. But some preparation will make saving money easier than you could imagine on mortgages, credit card debt and loans! Those preparations include checking on credit scores and getting copies of pay stubs, account statements, property tax receipts and existing mortgage paperwork. These steps will allow you and your loan officer to look at reconsolidation, which will help you take advantage of historically low rates. Putting in some effort up front will save you time and money in the long run.
When you need to make a purchase, do you automatically reach for your credit card? If so, you seem to be in good company.
According to credit card research firm CardHub.com, Americans added $18.4 billion to their debt load in the second quarter of 2011. That’s a 66% increase from the debt accumulated during the same time period last year and 368% more than was added in 2009.
But there is some encouraging news. As a recent CNN Money article points out, “the total amount of credit card debt consumers have accumulated is still significantly lower than in previous years. Total outstanding credit card debt as of July was $792 billion, down 18% from the September 2008 peak of $972 billion, according to data from the Federal Reserve.”
To avoid adding your debt to those massive national totals, take note of these credit tips:
DO know the power of credit. You’ll need to build a good credit history to be approved for loans, secure housing and make a large purchase, like a car or house.
DO read the fine print on the credit application. Interest rates, credit limits, grace periods, annual fees, terms and conditions will be different with each card.
DO pay at least the minimum payment, but feel free to add more to pay off your balance quicker! If you’re having trouble making the minimum payment, contact your creditor to assess your options.
DON’T feel pressure to get a credit card. You can even opt out of receiving prescreened offers by calling 1-888-5-OPTOUT or visiting OptOutPrescreen.com.
DON'T pay your bills late. Late payments can affect your credit rating and increase your balance.
DON'T spend more than you can afford. Credit is a loan and has to be repaid. Avoid reaching your credit limit or "maxing out" your cards.
DON'T ignore the warning signs of credit trouble. Do you pay only the minimum balance, pay late, use cash-advances to fund daily living expenses or transfer a lot of balances? You might be in the "credit danger zone." Contact your local Bank of Luxemburg to get recommendations on area financial counseling organizations.
DON'T share your credit card number. Never give out personal information if you didn’t initiate the transaction. Be aware of identity theft and phishing scams that ask for credit card numbers. You can file a complaint with the Federal Trade Commission if you think your identity has been compromised.
Which credit card tip works best for you? Tell us in the comments or leave a tip of your own!
