Multiple cell phone screens displaying aspects of various features of the United Fidelity Bank Credit Score tool.

Credit Score Is Not Just a Score

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Not Just a Score!

April is Financial Literacy Month. At International City Bank, we believe that knowledge and understanding is the key to unlocking financial success. Understanding your credit is part of financial literacy and wellness. That is why we offer our customers Credit Score.

Your credit score is an essential factor in your finances, and many variables go into calculating this three-digit score. Located right within our online and mobile banking, you have the tools to understand how your credit score is calculated. Knowing what gets calculated and how will help you understand how to keep your credit score healthy in making the best decisions.

Do you have financial goals? Do you want to improve your credit score to achieve those goals? In Credit Score, you can create personalized Credit Goals. By selecting your desired credit score and a timeframe in which you want to achieve that goal, you will see recommendations and progress tracking to get you where you want to be.

More Than Just a Score

Our Credit Score tool goes beyond simply displaying your score. It provides you with a comprehensive suite of resources to manage and monitor your credit effectively:

  • Personalized Credit Report: Gain a detailed understanding of your credit history.
  • Real-time Credit Monitoring Alerts: Stay informed about any changes to your credit report.
  • Credit Score Simulator: Explore how different financial decisions may impact your score.
  • Credit Score Education: Access valuable resources to enhance your credit knowledge.
  • And More!

Free, Secure, and Convenient

The best part? Our Credit Score tool is completely FREE. You can check and refresh your credit score and credit report daily without worrying about negatively impacting your score. This allows you to stay on top of your credit health and make informed financial decisions with confidence.

Your Partner in Financial Literacy

We’re committed to supporting you on your financial literacy and wellness journey. Our Credit Score tool is designed to empower you with the knowledge and resources you need to achieve your financial goals.

Ready to Take Control of Your Credit?

Learn more about our Credit Score tool and start your journey towards financial empowerment today!

www.icb.biz/credit-score

Need Assistance?

If you require assistance logging in or setting up the mobile app or online banking, please don’t hesitate to call us at 1-800-280-8280. We’re here to help you every step of the way.

High-Yield Checking: What is it?

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What is a High-Yield Checking Account?

Similar to a standard interest-bearing checking account, a high yield checking account allows you to earn a higher annual percentage yield (APY) therefore, ensuring that you earn more interest on the money in your account. According to the Federal Deposit Insurance Corp. (FDIC), in November 2023 a standard checking account earned 0.07% APY on average, while a high-yield checking account can earn upwards of 3.00%.

The biggest difference between standard and high-yield checking accounts are the criteria needed to qualify. For example, you may need to meet a certain number of debit card transactions per month, enroll in e-statements, or maintain a certain balance. Once all the monthly criteria are met, you then receive the APY associated with your account.

How does my account earn interest?

A high-yield checking account earns interest each statement period. However, if you did not meet the criteria for the month, the percentage you receive may be different.

What makes Elevate Checking different from other high-yield accounts?

With most high-yield checking accounts, all of the requirements must be met before earning interest. However, with Elevate Checking there’s more than one way to qualify. Earn interest by making six debit card purchases per month. Boost your rate by meeting any of these additional monthly qualifications:  use online or mobile banking, receive eStatements, have monthly direct deposits of at least $500, maintain minimum daily balance of $1,000 in a International City Bank personal savings or money market account.

Each of our monthly qualifications is worth a certain percentage in interest. Therefore, the more criteria you meet, the more interest you earn, with potential to earn 4.00% [2.00%] APY.

Contact your local banker to learn more about our Elevate Checking Account today.

 

Annual Percentage Yield (APY) is accurate as of 08/01/2024. The APY range calculation is based on an assumed account balance cap of $30,000.  The APY decreases as your balance increases above $30,000. Must meet certain criteria to qualify. When the Elevate Checking eligibility requirement and additional options are met, the interest rate on your account and corresponding annual percentage yield (APY) will vary based on the current applicable rates and tiers. When the Elevate Checking eligibility requirement is not met, the account will not earn interest. To obtain 4.00% APY you must complete a minimum of six (6) posted and cleared debit card Point-of-Sale (POS) purchases, access online or mobile banking, enroll and receive eStatements, ACH Direct Deposit(s) of at least $500.00, maintain a minimum daily balance of $1,000.00 in an International City Bank personal savings or money market account. Eligibility requirements must be in place and activity requirements must post and clear the account each statement cycle to receive the interest rate and APY of applicable rate tier. Rates and APY for each tier may change at any time without notice after the account is opened. Fees or other conditions could reduce earnings on the account. Minimum of $25 to open an account.  Monthly service fee of $5 if balance drops below $500 any day during the statement cycle. Paper statement fee of $5 if eStatements are not utilized. Program rates, terms, and conditions are subject to change without notice.

A GUIDE TO AFFORDING YOUR FIRST APARTMENT

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Congratulations on your new milestone… moving into your first apartment! While this is sure to be an exciting next chapter, it can also be overwhelming trying to understand the financial cost of apartment living. As a first-time renter, recognizing the financial responsibilities associated with renting will allow you to make smart decisions and ensure you can live comfortably. Here are a few things to consider when planning for your first apartment.

 

UNDERSTANDING RENTAL COSTS

In your research, you may have noticed that rental costs vary from place to place. Here are five main categories to help you better understand what costs go into apartment living.

 

  • Security Deposit: This is typically equivalent to one month’s rent and is required by most property managers. This cost is typically refunded to you once the rental agreement is terminated.
  • Monthly Rent: (Your most expensive cost): The cost of rent varies from city to city and complex to complex. Therefore, do some research to find out what the average cost of rent is in your area to determine a monetary goal. A good rule of thumb is to keep the cost of rent around 30% of your monthly income. This will ensure you have enough left over for other living expenses.
  • Fees: There are several types of fees to consider when looking to rent an apartment – application fees, pet fees, parking fees, utility fees, and early move-out fees are fees you will typically come across in your apartment hunt. If you have any questions, reference the lease agreement, or contact the property management office.
  • Utilities: Electricity, water, gas, trash, and internet are all costs to consider when moving into your first apartment. The cost of some utilities will vary depending on monthly usage, but others will be a flat monthly rate. Before moving in, understand which utilities will be added onto your monthly bill and which ones you may be responsible for.
  • Renter’s Insurance: Like most insurances, renter’s insurance is meant to protect against damage caused by unexpected events. Most landlords require proof of renter’s insurance as part of the lease agreement. Insurance can be paid monthly or annually depending on your provider. Contact local insurance agencies to find a policy that works best for you.

 

IDENTIFY YOUR ESSENTIAL EXPENSES

When identifying your essential expenses, be sure to distinguish between your wants and needs. If necessary, make a list of non-negotiable expenses that contribute to your safety and survival (needs). Then, you can make a list of non-essential purchases that add fun and enjoyment to your life (wants). Having this list available will allow you to make informed financial decisions that will save you from stressing about your finances.

 

Examples of essential expenses:

  • Rent
  • Utilities
  • Insurance
  • Groceries
  • Gas or transportation

 

Additional expenses to consider:

  • Home Décor and Furnishings
  • Laundry
  • Parking
  • Pet Fees
  • Amenities Fee

 

MORE TIPS FOR AFFORDING YOUR FIRST APARTMENT

Set Your Savings Goal:  Based on your research you should be able to determine an average monthly cost for renting your first apartment. With this information, you can create a budget that works best for you.

Consider Having a Roommate: Having a roommate can help decrease costs by splitting rent payments in half and sharing other monthly expenses.

Negotiate Your Rental Agreement: Some areas of your rental agreement may be negotiable. Based on your needs, communicate your expectations to your landlord and negotiate a contract that is agreeable for both parties.

Prioritize Needs Over Wants: While indulging in your wants are enjoyable, it’s important to prioritize your needs so you don’t fall into an unmanageable financial situation.

Elder Financial Abuse: How You Can Help

According to the National Council on Aging, “estimates of elder financial abuse and fraud costs to older Americans range from $2.6 billion to $36.5 billion annually.”

 

If you suspect someone may be a victim of elder financial abuse, you should report it to protect the safety and health of the person you are concerned about. This financial abuse could involve theft, fraud, or various scams designed to take an elderly person’s money or property.

 

Whether the abuser is a family member, a caregiver, or a stranger, it’s important to remember that there could be a real threat to that senior’s checking and savings accounts. These accounts could be wiped out all at once or they can be drained little by little.

 

Some of the warning signs you should look out for when it comes to elder financial abuse include the following:

  • Unpaid bills piling up.
  • Concerns about how people are handling an elderly person’s finances.
  • Threats of utilities being cut off. (Note: Scammers will often ask you to pay with a wire transfer or a gift card. If you’re unsure, hang up immediately and call your bank or utility company at their official phone number and explain what happened.)

 

To protect yourself or a loved one from potential financial abuse, here are a few things to remember:

  • Do not give out personal information including account numbers, social security number, or debit or credit card numbers unless you are sure it is necessary.
  • Keep important financial documents locked up or in a safe and secure location.
  • For better protection when purchasing, pay with a debit or credit card.

 

Reporting elder financial abuse can vary by state. However, you should report suspected abuse to local law enforcement and the local Adult Protective Services agency. If you know where the suspected victim does their banking, you should report your concerns to them as well, so they are able to take the appropriate precautions.

 

When filing your report, be sure to include the name of the elderly person, his or her address, the name of the suspected abuser, and note what you believe to be happening. Add as much information and detail as possible to the report.

 

While reporting potential financial abuse can be overwhelming, remember that you are their voice. For more information about financial exploitation of the elderly and vulnerable adults, visit the National Adult Protective Services Association.

Teaching Kids the Basics of Money

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Have you ever asked yourself, “When should I start teaching my kids about finances?”

 

While there’s no right answer to this question, a good place to start is whenever they have developed fundamental math skills. This is typically between the second and fourth grade.

 

The goal when beginning to teach your child about money is to help them understand the value of money and the importance of saving. You’ll want to use simple terms and relatable examples that you know your child will be able to grasp. One of the best ways to do this is to use your personal experience. Explain how you work a job to make money, and the money you make from said job allows you to buy things like groceries, clothes, vacations, etc.

 

If you want to take it a step further, you could set them up with a regular allowance or pay them for doing certain chores around the house. This will give them an applicable experience in understanding the most basic way money is earned. There are multiple ways to introduce money fundamentals to your child(ren), so do some research to find one that works best for you.

 

Once they understand how money is earned, you can segue into the basics of saving money. A great way to do this is by using a visual example such as a piggy bank or clear jar. This allows children to literally see the money they save and how it accumulates over time. When they are comfortable with the concept of saving, share how their savings can be used for something else in the future. Explain the different ways they could use their savings – to buy something they want for themselves or purchase something for someone else for a special occasion such as a birthday. If you haven’t already, this would also be a good place to open a savings account for your child.

 

When applying this to real-life, give them the opportunity to use their savings to purchase something they want. This will allow them to determine if they have enough money saved or not helping them comprehend if they need to save some more money or if they already have the amount they need. Once they have the amount needed, let them hand the money to the cashier so they get excited and experience the value of “this for that.”

 

Helping your child save money can bring up feelings of frustration due to having to wait to purchase something they want. This is a great opportunity to validate those feelings and explain that you, their parent, or guardian, also sometimes have to wait to purchase things you want. Set a regular time together where you sit down and count their money with them, so they know just how much they have saved. And don’t forget to encourage them on their saving journey.

 

Setting a good foundation for understanding money can help your children be more responsible with it as they get older. Even the smallest money tips can impact the way your children will think about and use money in the future. Visit our Personal Money IQ and scroll down to the “Kids and Money” section for more tips.

APRIL IS FINANCIAL LITERACY AWARENESS MONTH

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Financial Literacy Awareness Month is observed nationwide by a variety of organizations. People all over the U.S. host educational events and activities throughout the month of April to promote the importance of financial literacy – especially to our nation’s youth.

 

In recognition of Financial Literacy Month, we would like to share some tips to help you better prepare for potential financial situations.

 

Safeguard Your Accounts with Multifactor Authentication

Multifactor authentication can increase the safe keeping of your financial accounts and information. The most widely used methods are challenge questions and one-time passcodes (sent via text, email, or phone call). This added layer of security does not allow anyone to fully log in to an account until after the username, password, and passcode/security answer are all entered correctly.

 

Avoid Late Fees with Online Bill Pay

Bills and payments can easily be lost or show up late in the mail. This can cause you to pay unnecessary late fees. To prevent this from happening, consider using online bill pay through your bank account or your mobile app. Bill Pay allows you to review your payments and make payments as quickly as the next day, so you no longer have to stress about a lost bill or payment. Start using today by logging into your ICB bank account or mobile app.

 

Save for Early Retirement

When entering the professional workforce, you’ll want to consider how you’ll fund your retirement. Most employers will offer retirement benefits like a 401k. However, IRA’s are also a good option to save. But how much are you supposed to save? First, determine what kind of retirement lifestyle you want. Then, just like budgeting, you’ll want to calculate the cost of that lifestyle and adjust your savings accordingly. Revisit your numbers annually to help you stay on track. If you need help, contact one of our local bankers for more information.

 

Saving vs. Investing as a Young Adult

Saving and investing can seem daunting when you first begin your career. However, the difference is simple… one is for short-term goals, the other is for long-term goals. For short-term savings goals – such as building an emergency fund, saving for vacation, or buying a car – you’ll want to keep your finances in an easily accessible location. This is normally a regular checking or savings account or can even be a certificate of deposit or high-yield savings account.

 

On the other hand, saving for long-term goals – like retirement – means investing money into a retirement account such as a 401k or an IRA. As a young adult, understanding where to put your money to start saving for your goals can set you up for a better financial future.