Tag Archives: Social Media

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.

Advertisements

Social Media Security

Welcome to Stock Yards Bank and Trust official blog, SYBSince1904! Join us every other week for great information regarding the financial services industry and tips and tricks to save you time and money. This week, we are focusing on social media security.


Do you have a Facebook account? Twitter profile? While it is great to have these profiles to connect online, it is important to make sure you are doing everything you can to protect your identity and your online accounts. Fraud Prevention Manager, Nancy Flowers, has helped us compile these ten tips to keep you safe on social media:

1. Change passwords frequently. When creating your password, make sure that it is at least eight characters long, and that it includes many letters, numbers, and symbols. To ensure your password is secure, update and change the password every 3-6 months.

2. Be cautious with links. Oftentimes, friends will post interesting video links or news stories on your Facebook newsfeed. Many of these links could contain a virus which can be harmful to your computer or mobile device. Instead of clicking on the link, move out of Facebook and into your internet browser to view the video or article through Google. Typing in the key words should take you to the link you are looking for.

3. Set up Facebook alerts. Enable Facebook to send you a text message, email or notification each time someone logs into your account from a new place.

To turn on alerts:
• Click the drop down arrow at the top right
• Select “Settings”
• Top left select “Security”
• Click the “Login Alerts” section
• Check the box next to the type of alert (ex: text message) you’d like to receive
• Select “Save Changes”

4. Understand your privacy settings. Select a “private” setting and check periodically for changes or updates.

5. Be selective when accepting friend invites.  Ensure that whoever you are adding and accepting as a friend is someone you know and trust as they will have access to your profile.

6. Verify authenticity of messages. Don’t automatically assume that a message is from who it says it’s from.

7. Make sure your security software is up-to-date. Antivirus, anti-spyware, anti-spam, and malware will ensure your safety online.

8. Everything is permanent. Use the mindset that anything you post on social media will be on there forever. Even though you may delete a post or photograph, it is not truly gone.

9. Do not believe everything you read on the internet. Be smart and research!

10. Google yourself. Periodically “Google” your name – web and images.

Visit our website for additional information regarding banking security. How do you stay safe online? Comment below with your tips.