All posts by sybsince1904

6 Banking Tips for Millennials

As millennials juggle a multitude of responsibilities – from school, to work, to planning for major life events – the American Bankers Association is highlighting eight banking tips to help them secure a financially sound future.

“Millennials are digital natives who understand the importance of staying connected socially, but staying connected to their bank can help their finances as they encounter life’s many milestones,” said Rob Nichols, ABA president and CEO. “From enhanced mobile resources to free budgeting tools, banks offer a variety of products and services to complement millennials’ unique lifestyles and ease their worries as they prepare to make some of life’s biggest financial decisions.”

With a recent report finding that more than 4 in 10 U.S. millennials say they are “chronically stressed” about money, ABA recommends these six tips to help them secure a strong financial footing:

  • Use bank tech to save without thinking about it. Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period. For more information on Stock Yard’s savings options, visit https://www.syb.com/personal/banking/savings.
  • Download your bank’s mobile app and make some smooth moves. Manage your finances from the palm of your hand. With the click of a button, you can easily make a deposit or access a record of all your recent transactions. Be sure to download the latest updates when they are available.
  • Use the personal finance tools your bank may offer. Banks offer an array of budgeting tools and resources to help you keep your finances in check. Access these via your bank’s mobile app and website. Check out Stock Yard’s calculator tools to help you organize financial goals.
  • Expect the unexpected – set up a rainy day fund. The last thing you want to be is stressed when life’s unexpected expenditures come knocking on your door. Set up a secondary checking or savings account for emergencies or link an existing account to your main account as an added layer of protection.
  • Get a head start. Banks play a major role in helping customers prepare for major life events such as buying a house and planning for retirement. Ask your banker how you can get a head start on your first major purchase by establishing credit or about starting a retirement account with a 401(k) from a previous employer.
  • Stay connected with social media. Interact with your bank via social media to get the latest news on products and services, ask bank-related questions and find links to exclusive bank content and resources. Visit Stock Yards on Facebook, Twitter and LinkedIn.

For more information on millennial bank customers, including ABA’s recent infographic on millennials compiling information from various sources, visit aba.com/Millennials.

Information provided by the American Bankers Association.

Holiday Giving: How to Become a Savvy Charitable Giver

It’s hard to believe there are only 8 days left until Christmas! For many people, it is important to take time during the holiday season to give to those who are in need.  Donating to your favorite cause can be fulfilling, but it’s important to ensure that your gift reaches the intended source. Follow these tips to become a savvy charitable giver this holiday season:

  • Give To an Established Charity
    Unfortunately, there are fraudulent charities that will take advantage of your goodwill.  To avoid this situation, ask for written information about the charity, including name, address and telephone number. A legitimate charity will give you information about their mission, how your donation will be used and proof that your contribution is tax deductible. Find a charity with a proven track record for providing aid.
  • Designate Your Gift
    Some charities allow you to specify exactly where your gift is headed, either to a specific orphanage, to purchase school supplies or to a geographic area in need of relief.  By designating or earmarking your gift, you control where your donation goes and whom it helps.
  • A Proactive Giver is a Smart Giver
    Wise givers don’t give on an impulse or to the first organization that comes along.  Smart givers take time to identify the causes important to them.  Contact a charitable organization, find out their mission and what type of aid and programs they offer.  Work with charities that have targeted outcomes for their giving.
  • Benefits to You
    A donor’s primary motivation may be altruism, but everyone knows there are great tax benefits for those who give. A donation to a qualified organization may entitle you to a charitable contribution deduction.  Remember a contribution to a qualified charity is deductible only in the year in which it is paid, and all charities do not qualify for a charitable contribution deduction.  Always ask for a receipt and save them for tax time.
  • Consider Giving Your Time
    Four out of five charities report using volunteers.  Volunteers are the foundation of many charitable organizations. If you can’t afford to donate money, consider donating your time.  Common volunteer duties include: stuffing envelopes, feeding animals, tutoring, building homes, serving as a museum docent, counseling those in crisis, selling tickets or answering phone calls.

Visit these other sites to find out more on charitable giving:

Resource information provided by the American Bankers Association

12 Ways to Protect Your Mobile Device from Hackers

As more and more consumers rely on their mobile devices to bank, browse and shop on the internet, it is extremely important that they exercise certain measures to protect their devices from online threats. The American Bankers Association is recommending 12 tips to help consumers safeguard their data and protect their mobile devices from fraudsters.

Mobile usage has grown tremendously in recent years and consumers are using their phones to access and transmit very sensitive information,” said Doug Johnson, ABA’s senior vice president of payments and cyber-security policy. “It’s extremely important that consumers avoid doing their banking and shopping on unsecure networks to limit their exposure to online threats.”

ABA recommends that consumers take extra precaution to protect the data on their mobile device by doing the following:
• Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
• Log out completely when you finish a mobile banking session.
• Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
• Download the updates for your phone and mobile apps.
• Use caution when downloading apps. Apps can contain malicious software, worms and viruses. Beware of apps that ask for unnecessary “permissions.”
• Avoid storing sensitive information like passwords or a social security number on your mobile device.
• Tell your financial institution immediately if you change your phone number or lose your mobile device.
• Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
• Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.

6 Money Tips for Family Caregivers

According to the Caregiver Action Network, more than 90 million Americans care for a loved one living with a disability, disease or experiencing reduced financial capability as a result of aging. Financial caregivers, such as those with a power of attorney, trustee or a federal benefits fiduciary, play an important role in ensuring that all finances – from routine to complex – are managed wisely, helping their loved ones maintain the best quality of life possible. In recognition of National Family Caregiver Month, Stock Yards is helping financial caregivers better understand their role.

  • Learn the rights and restrictions that apply to your role. Financial caregivers, such as those with a power of attorney, trustees, and federal benefits fiduciaries, are fiduciaries with a duty to act and make decisions on their loved one’s behalf. Learn the legal responsibilities of your assigned authority in order to better execute your role.
  • Manage money and other assets wisely. Financial caregivers may be in charge of daily, unexpected and future expense their loved one may incur. Especially if the beneficiary has a fixed income or limited finances, it is extremely important that caregivers minimize unnecessary costs and budget accordingly to ensure that all money is properly allocated.
  • Recognize danger signs. Seniors have become major targets for financial abuse and fraud. Make sure to stay alert to signs of scams or identity theft that may put your loved one’s assets in peril.
  • Keep careful records. When acting as a financial agent, proper documentation is not only encouraged but required. Make sure you keep well-organized financial records, including up-to date lists of assets and debts and a streamline of all financial transactions.
  • Stay informed. Monitor changes in financial status of the beneficiary and take appropriate action, as needed. Also, be sure to stay up to date on changes in the laws affecting seniors.
  • Seek professional advice. Consult a banker or other professional advisors when you’re not sure what to do.

Stock Yards Bank is also providing an explanation of the various roles and responsibilities of three types of financial caregivers: power of attorney, trustee and federal fiduciary.

Understanding your role as a power of attorney.

POA is designated by your loved one and gives you the authority to act and make decisions on their behalf, including managing and having access to their bank and other financial accounts. Authority continues if loved one becomes incapacitated and ends when power is revoked or loved one dies.

Understanding your role as a trustee.
Authority is given once you are named as trustee or co-trustee of a revocable living trust. As a trustee your authority applies only to the property noted in the trust, authorizing you to protect, manage and distribute the trust’s assets as directed in the trust document. Authority continues after the death of the trust creator or grantor.

Understanding your role as a federal benefits fiduciary.
A federal benefits fiduciary is appointed to accept and delegate federal government benefit payments, such as Social Security and Veterans Affairs benefits, in the beneficiary’s best interest. Funds for the beneficiary are received through an account set up solely for this purpose. As a representative payee for Social Security benefits or a VA fiduciary for VA benefits, you are required to keep detailed records of all transactions related to the beneficiary and file annual reports detailing how benefits were used.

The Caregiver Action Network (the National Family Caregivers Association) began promoting national recognition of family caregivers in 1994. President Clinton signed the first NFC Month Presidential Proclamation in 1997 and every president since has followed suit by issuing an annual proclamation recognizing and honoring family caregivers each November.

To learn more information about National Family Caregiver Month and your role as a financial caregiver, visit www.caregiveraction.org. For tips and additional resources, visit aba.com/seniors.

Resource Information Provided by the American Bankers Association

7 Financial Tips for Military Families

November is Military Family Month, and we are especially reminded of the many sacrifices service members and their families make to protect our nation. Stock Yards Bank & Trust has highlighted seven financial tips to help make the lives of military families a little easier.

  • Contribute to a Thrift Savings Plan. Military members have access to the Federal Thrift Savings Program, which offers the lowest-cost retirement-savings plan available. Have automatic contributions withdrawn from your paycheck.
  • Plan for deployment. Before deploying, have a conversation with your family about managing the household budget. Check with your bank to see if they have pre-printed forms you can use for bank accounts. Military personnel also receive additional funds while deployed. Decide on the best use for that extra cash, whether it be paying off debt or additional Thrift Savings Plan contributions.
  • Meet with your banker before active duty. The Service member Civil Relief Act offers all military personnel entering active duty a variety of financial protections. The SCRA covers issues ranging from interest rate reductions to limits on debt accrual. Ask your banker about the key provisions of this law and how they can help you.
  • Consider housing options. With mortgage rates at notably low levels, home ownership can seem like a no-brainer. However, service members should consider their options. Frequent relocations and deployments can make owning a home challenging and expensive. Renting may be a smart option for short-term assignments. Decide what’s best for your family and your finances.
  • Consult a financial advisor. Schedule a visit at a Personal Financial Management Program (PFMP) office, located in your military and family support centers. They offer free one-on-one counseling, as well as other financial education resources.
  • Budget for a single-income household. Frequent moves are an inevitable part of military life and can make it difficult for spouses to establish stable careers. As a precaution, make plans to operate on a single-income household budget. That way, should your spouse’s employment status change; your family will be prepared.
  • Set up automatic bill pay. Whether you’re stationed state-side or overseas, automatic bill pay will give you and your family one less thing to worry about each month. It can be particularly helpful during deployments in regions where internet access is unreliable and mobile banking isn’t an option.

Resource information provided by the American Bankers Association

6 Ways to Protect Your Business from Email Compromise Scams

Companies of all sizes are being targeted by criminals through Business Email Compromise scams. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal then impersonates the employee ¾ often a senior executive or someone who can authorize payments ¾ and instructs others to transfer funds on their behalf. Stock Yards Bank & Trust recommends the following tips to help businesses and employees avoid business email compromise attacks:

  • Educate your employees. You and your employees are the first line of defense against business email compromise. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
  • Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
  • Use alternative communication channels to verify significant requests. Have multiple methods outside of email – such as phone numbers, alternate email addresses – established in advance through which you can contact the person making the request to ensure it is valid.
  • Be wary of sudden changes in business practices or contacts. If an employee, customer or vendor suddenly asks to be contacted via their personal e-mail address, verify the request through known, official and previously used correspondence as the request could be fraudulent.
  • Be wary of requests marked “urgent” or “confidential. Fraudsters will often instill a sense of urgency, fear or secrecy to compel the employee to facilitate the request without consulting others. Use an alternative communication channel outside of email to confirm the request.
  • Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions such as call backs, device authentication and multi-person approval processes.

If you fall victim to a business email compromise scam:

  • Contact your financial institution immediately to notify them about the fraudulent transfer and request that they contact the institution where the fraudulent transfer was sent.
  • File a complaint, regardless of dollar loss, at www.IC3.gov.

7 Ways to Prevent Cybercrime

Cybercrime continues to be a growing problem in the U.S. According to the FBI’s Internet Crime Complaint Center, in 2015 the agency received approximately 288,000 complaints from consumers who were exposed to online fraud — up from nearly 270,000 in 2014. In recognition of Cybersecurity Awareness Month, the American Bankers Association is urging online users to take simple steps to safeguard their personal information, protect their networks and stop fraud.

“Fraudsters are using the Internet to facilitate all types of scams,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “As a result, it is extremely important that online users secure their Internet connection and install the latest security software to lessen their exposure to online threats.”

ABA recommends the following tips to protect yourself while navigating the web:

  • Keep your computers and mobile devices up to date.  Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
  • Create complic@t3d passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
  • Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from sources you are not familiar with. Forward phishing emails to the Federal Trade Commission (FTC) at spam@uce.gov – and to the company, bank, or organization impersonated in the email.
  • Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security questions in the password reset tools. Lock down your privacy settings and avoid posting things like birthdays, addresses, mother’s maiden name, etc.  Be wary of requests to connect from people you do not know.
  • Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it.
  • Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
  • Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider doing business elsewhere.

Resource information provided by the American Bankers Association