Financial Trick-or-Treat Tips From Bank of Luxemburg

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!

Making Banking as Easy as 1, 2, 3!

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:

1. 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.
2. 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!
3. 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.

Now doesn’t that sound easy?

Deflecting Debt: Credit DOs and DON’Ts

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.


DO order a copy of your credit report annually. You have the right to know what is in it. Click here to get a free copy of your credit report.

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!

Source: American Bankers Association 

September is Financial Report Card Month

The kids are back in the classroom, and it won’t be long before they’re coming home with their first report cards of the new school year.

Before you look at their grades in English, Math and Science, Bank of Luxemburg wants you to “make the grade” when it comes to your finances.

We’ve coined September Financial Report Card Month. Here are three ways to get an A+ this year:

1. Order a Free Credit Report: Seeing your credit score gives you a look at your financial standing with creditors and other decision-makers. Examining your credit report can also be a wake-up call if it becomes clear you need to make some changes. Visiting AnnualCreditReport.com is a good way to get started.
2. Review Your Family Budget: Are the kids joining some new after-school activities? Are your relatives descending on your house for the holidays this year? No matter what your family is planning, make sure you account for those related expenses in your budget. It’s also a good idea to save some money for unexpected costs that inevitably pop up throughout the year.
3. Review Stocks and Insurance: Take a look at your investment portfolio and insurance needs regularly. Do you need to make some adjustments to your 401(k) plan? At the same time, remember that investment portfolios are meant for the long run; ups and downs are common in the stock market. Also, make sure the insurance you have is still appropriate for your family’s changing needs. 

Financial Report Card Month is designed to help you make an honest assessment of your finances. If you think you could use some “tutoring” to improve your financial grade, please contact or visit your local Bank of Luxemburg.

Extra Credit:
Chief Operating Officer Rebecca Edler has a video study guide for you (feel free to take notes!):

5 Tips to Stay Safe at the ATM

ATMs are certainly easy and convenient to use – many people visit them for nearly all of their banking needs! But Bank of Luxemburg wants you to remember some tips to make sure you’re safe when using the ATM:

1. Be aware of your surroundings, especially at night. Keep an eye out for any suspicious people or vehicles.
2. Have your card ready as you approach the ATM. This way, you won’t spend time fumbling through your wallet , which could allow someone to come up to you unnoticed.
3. Use your body to “shield” the keyboard as you enter your PIN. No one else should be able to figure out your code.
4. Take any receipts with you to verify your transactions, and also to ensure your account details won’t fall into the wrong hands.
5. Don’t count or show the cash you’ve just received. It’s safer if other people don’t know how much cash you’re carrying.

It’s particularly important to keep your personal safety in mind when you stop by an ATM at night. Look for a well-lit area and park close to the machine. If you don’t feel comfortable with the lighting, or if there are lots of trees and shrubs around, you may want to keep moving and stop at another available ATM.

 Chief Operating Officer Rebecca Edler discusses ATM safety in this video:



Looking for an ATM that’s convenient for you? Visit our Bank of Luxemburg locations page or check out this ATM Finder from the Community Bankers of Wisconsin.

Money Saving Tips From Bank of Luxemburg

Everyone knows it’s easy to spend money – especially on fun summer activities! Saving money is a little tougher. To get you started, here are some tips from Bank of Luxemburg’s Rebecca Edler:

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.

Keep control of credit card debt. Try the “debt snowball” – pay off small balance cards first. Once those balances are paid in full, apply the money you were using to pay off that debt to the next card.  Also, use credit cards only for emergencies and pay off the balance each month.  Make sure those payments are on time to avoid penalties, late fees and interest.

Be selective with banking 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.

Consolidate or refinance. Look into refinancing your mortgage to reduce the monthly payment and interest rate. Consolidate student loans to reduce interest rates and fees.

Other tips include buying a quality used car, making a shopping list and sticking to it, and waiting a month before making a major purchase to make sure you really need it! You can also make saving money fun by setting goals and rewarding yourself when you reach them. 

Rebecca recently appeared on FOX 11’s Living With Amy to share some of her tips:

What tips are you using to save some money?

Invest in Your Future With Bank of Luxemburg

Planning for your financial future is important at any stage of life, and Bank of Luxemburg is committed to your success. 

If you’re graduating college, a banker can help you set up a budget for things like rent, car payments or college loans.

When you’re buying your first home, meet with a mortgage originator to find out what kind of house you can afford and to set up a spending plan.

Thinking about retirement? Meet with an advisor in investment services to set up initial goals and spending habits for the future.

Bank of Luxemburg’s Chief Operating Officer, Rebecca Edler, explains how we can help you invest in your future in this video: