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Personal Finances Articles

From personal finance to paying off debt, credit score insights, and more — you’ll find everyday financing basics here.

Learn About Everyday Finances

Understanding how to manage your money is the first step to financial health. To help our communities, we’ve compiled articles with helpful tips for stretching your hard-earned dollars further. For a deeper dive on financial topics below, you can also check out our financial wellness courses.

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Image for tile. Hurricane Helene Recovery: Financial Assistance Options 1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program.  4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance.  While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business. 5 min read
Image for tile. Am I Eligible for FEMA Relief? Here’s What You Need to Know Who Qualifies for Assistance? Federal disaster aid is available for residents and business owners in the following counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes, and Yancey. Not sure if you’re eligible? You can verify your eligibility and apply directly on FEMA’s website: DisasterAssistance.gov. What Assistance Does FEMA Offer? FEMA provides a range of relief programs aimed at helping individuals and businesses recover from disasters. Here’s a closer look at what you may be eligible to receive: 1. Housing Assistance This aid helps you secure safe shelter while your home is being repaired or rebuilt. FEMA can provide funds for: Rental Assistance: Financial support to rent a temporary residence if your home is uninhabitable due to disaster-related damage. Lodging Expense Reimbursement: If you had to stay in a hotel or motel, FEMA can reimburse you for these expenses. This is especially helpful if you were unable to find immediate rental options. Home Repair or Replacement: Grants are available to help repair or replace your home and address disaster-specific damages, such as water damage or mold. FEMA may also cover hazard mitigation measures that reduce the risk of future damage. Accessibility Needs: If you or someone in your household has a disability, FEMA can provide funds to make your home accessible. This might include ramps, grab bars, and other necessary modifications, even if these were not originally present before the disaster. Privately-Owned Roads, Bridges, and Docks: If the only access to your home has been damaged, FEMA can help cover repair costs for private infrastructure like roads and bridges. 2. Other Needs Assistance This program helps with essential expenses and serious needs beyond housing. Covered expenses include: Serious Needs: Grants to cover immediate necessities like food, water, first aid, prescriptions, and personal hygiene items, ensuring you have access to essentials during recovery. Displacement: If your home is uninhabitable, FEMA can help cover the cost of staying with family, friends, or in a hotel while you search for a more permanent solution. Personal Property: Financial assistance to repair or replace items essential to daily life, such as appliances, furniture, and work or school-related items like computers and tools. This can also include uniforms, books, and equipment needed for self-employment. Medical and Dental Expenses: If the disaster caused injury or damaged medical or dental equipment, FEMA can help cover the costs for treatment, equipment replacement, and prescribed medications. Funeral Costs: In the unfortunate event that the disaster resulted in a loss of life, FEMA offers support to cover funeral or reburial expenses. Child Care: For families facing increased child care costs due to the disaster, FEMA can provide funds to help cover these additional expenses. Assistance for Miscellaneous Items: Reimbursement for items like generators, dehumidifiers, and chainsaws that were purchased or rented to aid in the recovery process. Transportation: If your vehicle was damaged and you don’t have an alternative mode of transportation, FEMA may help cover the repair or replacement costs to ensure you have a way to get to work, school, or other essential places. Moving and Storage Expenses: FEMA can help with costs associated with moving and storing personal property, especially if it needs to be relocated temporarily during home repairs or if you need to move to a new residence. Each of these programs is designed to provide immediate and practical support, so you can focus on the well-being of your family and community as you rebuild after the disaster. How Do I Apply for FEMA Assistance? Applying for FEMA relief is straightforward. Here are the steps to get started: Apply Online: Visit DisasterAssistance.gov to apply for assistance. You can also download the FEMA App or call FEMA’s toll-free number at 1-800-621-3362. Register for an Account: If you’re applying online, you’ll need to create an account on Login.gov. This will allow you to save your application, upload documents, and check your status. Prepare Your Information: You’ll need details like your home and mailing address, Social Security number, insurance info, and bank details for direct deposit. Submit Your Application: Once you’ve completed the application, review it, make any necessary changes, and submit it. Be sure to save your application ID as you’ll need it for future communication with FEMA. What Happens After You Apply? After applying, FEMA will review your application and may contact you for additional information or to schedule an inspection. You can always log into your account on DisasterAssistance.gov to check your application status and receive updates. If approved, FEMA will disburse funds via direct deposit or a mailed check, based on your preference. For more information or to begin the application process, visit DisasterAssistance.gov, call FEMA at 1-800-621-3362, or use the FEMA App. Recovering from Disaster with FEMA’s Support If you’re affected by Hurricane Helene, you don’t have to face it alone. FEMA offers a range of programs designed to help you get back on your feet. Take advantage of these resources to help ease the journey to recovery. 5 min read
Image for tile. How To Avoid Scams After Weather Emergencies and Natural Disasters Potential Scam Scenarios Scammers use a variety of tactics to exploit people during the aftermath of disasters. Here are some of the most common scams to watch out for: 1. Imposter Scams Scammers often pose as safety inspectors, government officials, or aid workers, claiming they are there to help. They may ask for sensitive information or upfront payments for services, such as inspections or applications, that are usually provided for free by legitimate organizations. 2. FEMA Impersonators One common scam involves individuals impersonating FEMA (Federal Emergency Management Agency) representatives. They may offer to help you with your FEMA application but will charge an upfront fee, which is not a part of any legitimate FEMA process. FEMA does not charge for applications or assistance. 3. Home Improvement and Debris Removal Scams After a natural disaster, many people need repairs to their homes or businesses. Scammers may pose as contractors offering quick debris removal or repairs but will often demand large sums of money upfront or perform subpar work, leaving victims with little recourse. They may also disappear after taking payment, leaving your property in worse condition. Recognize the Signs of a Scam While scammers can be clever, there are warning signs that can help you spot fraudulent behavior. Keep an eye out for these red flags: No Licensing Required: Scammers may claim they don’t need a license to do the work, which is false. Legitimate contractors should always have a valid license and insurance. Pressure to Sign a Contract Immediately: Scammers often offer a “discount” or say they can only fit you in if you sign a contract on the spot. This tactic is meant to pressure you into making a decision without careful consideration. Signing Over Your Insurance Check: If a contractor asks you to sign over your insurance claim check, beware. This can leave you vulnerable if the work is incomplete or of poor quality. Full Payment Upfront: Asking for full payment before any work is completed is a big red flag. Reputable contractors typically ask for a partial deposit, with the balance due upon completion of the work. Unusual Payment Methods: If someone asks you to pay by wire transfer, gift card, or cryptocurrency, it’s likely a scam. These payment methods are difficult to trace and recover if the contractor disappears. Ways to Avoid a Scam Protecting yourself after a natural disaster requires both awareness and due diligence. Here are steps you can take to reduce the risk of being scammed: 1. Know that FEMA Doesn’t Charge Application Fees FEMA provides disaster assistance for free, and they never charge for processing your application. If someone asks for money to help you qualify for FEMA funds, it’s a scam. Always verify through FEMA’s official website or hotline to ensure you’re dealing with legitimate representatives. 2. Verify Your Insurance Coverage Don’t rely on a contractor to tell you what your insurance covers. Always contact your insurance company directly for details about your policy. Additionally, never sign over your insurance check to a contractor. You want to maintain control over how your funds are spent to ensure the work is completed properly. 3. Be Skeptical of Immediate Offers for Repairs or Clean-Up In the rush to clean up or make repairs, it can be tempting to accept the first offer that comes along. However, unlicensed contractors and scammers often show up in disaster-affected areas promising fast fixes. Be cautious of anyone who demands cash upfront or won’t provide copies of their license, insurance, or a written contract. If they refuse to give you any of these, walk away. 4. Get a Written Contract and Read it Carefully Contract requirements vary by state, but even if your state doesn’t mandate a written agreement, always request one. A contract should outline the scope of work, materials to be used, payment schedules, timelines, and any guarantees. This provides you with legal protection if the contractor fails to deliver on their promises. Take Action: Protect Yourself and Your Community As we work together to rebuild after disasters, staying informed is the best defense against scams. Share this information with friends, family, and neighbors so that everyone in your community is aware of these fraudulent schemes. If you suspect you’ve encountered a scam or have been the victim of fraud, report it to local law enforcement, the Federal Trade Commission (FTC), or FEMA’s Disaster Fraud Hotline. Recovering from a natural disaster is hard enough without having to deal with the fallout from scammers. By recognizing the signs and taking the proper precautions, you can help ensure that your recovery is smooth, safe, and scam-free. Additional Resources: Hurricane Helene: Recovery Scams How to Avoid Imposter Scams How To Avoid Scams After Natural Disasters Picking Up the Pieces After a Disaster Stay safe, stay informed, and protect yourself from those who might try to take advantage during these challenging times. 5 min read
Image for tile. Money Mule Scams: How Criminals Convert Fraud into Profit What is a Money Mule? Money mules are individuals who unknowingly or knowingly assist criminals in laundering money, often by transferring illegally sourced funds between accounts or across borders. The source of the money comes from fraudulent scams or other illegal activities like drug trafficking. Criminals use their mule’s identity and layer the illegal transactions in an attempt to hide the illegal funds from law enforcement. Once properly hidden, the criminals are able to access their funds and cash out on their illegal activity. Common Money Mule Scams There are a number of ways that criminals will try to hide their money from law enforcement. Money mules are a form of money laundering, where criminals attempt to make their illegally sourced funds seem legitimate. Here are a few common ways people can unknowingly fall victim to money mule scams. 1- Deceptive Job Offers Money mule scammers will act as employers offering high-paying, remote positions. Common job titles could be payment processor, financial coordinator, or international fund liaison. While these job opportunities seem legitimate, their primary function is to receive and transfer illegal funds. The criminal will wire a large sum of funds to the mule, then instruct them to keep a percentage and transfer the remainder of the money to a different account or purchase a certain amount of cryptocurrency. The criminal hides behind their mule’s identity and is able to more easily access their funds. 2 – Romance Scams This type of mule scam exploits a victim’s emotions and trust. Scammers will find their victims on social media sites, dating sites or other online chat channels. They will deceive their victims with made up personas often using stolen photos and fake details. Over time, the scammer will attempt to build an emotional connection by sending affectionate messages or personal stories. Once they feel they have earned the victim’s trust, they will fabricate a story requiring financial assistance. These are oftentimes medical emergencies or travel issues that need quick funding into an account. Once the scammer has convinced their victim to oblige, they will continue to exploit their trust to launder their illegal funds. 3 – Lottery, Prize, and Investment Scams If something seems too good to be true – it probably is. These scams typically start via an unsolicited message or phone call informing you that you’ve won a prize. They instruct their victims to take a number of steps before they can claim their prize, and that is where the danger lies. These steps could include gathering your personal details, wiring a “prize tax” or fraudulent fee, accepting a large sum of money, and/or transferring a portion of the winning funds to another account. Similarly, investment scammers typically promise their mule victims “return” for their illegal money transfers – sometimes in the form of cryptocurrency or percentages of the money they wire. What are the Consequences? Large overdraft balances are most often the first consequence to the money mule. Once the criminal has access to their mule’s account, they typically push a large lump sum out of the account. This amount oftentimes will exceed the typical balance in the mule’s account, leaving them with a substantial negative balance to dig out from. Acting as a money mule is illegal, whether the crime is knowing or unknowingly committed. The punishment for these crimes include imprisonment and federal charges. Additionally, your identity and personal information could be stolen from the criminals involved in the money mule scheme. Internet Crime Complaint Center (IC3): The IC3 is run by the FBI and accepts online internet crime complaints from the victim at www.ic3.gov How to Protect Yourself As with most methods of protecting yourself against fraud – remain cautious whenever someone requests your personal information or banking information. Only share those details with people or organizations that you trust. If you receive a job offer from an online business, do your due diligence to confirm they are a legitimate company. Additionally, a legitimate employer will not ask you to form a company or open a new bank account on their behalf. Always be cautious if anyone asks you to wire or transfer money on their behalf. Be weary if something seems too good to be true, like you’ve won an unsolicited prize or been chosen to participate in a giveaway. Scammers act on urgency. If someone is pressuring you to do something that you’re uncomfortable with, walk away. If you or someone you know is afraid they are involved in a money mule scheme, it’s not too late to stop.  Stop communicating with the person giving the directions. Tell your financial institution and consider changing accounts. Report suspicious communications or activity to law enforcement. The Internet Crime Complaint Center (IC3) is the Nation’s central hub for reporting cyber crime and run by the FBI.  Visit www.ic3.gov for resources and more information about how to file a report. Maintain receipts, contact information and communications (emails, text messages, voicemails) so that information can be passed to law enforcement, if needed.   5 min read
Image for tile. Tips to Freshen up Your Budget First Bank Clients: Are you using your MyMoney tools in online banking? MyMoney Manage your budget, track your spending, and modify your debt payback plan – all from your First Bank online banking account. Learn how Start with your (e)mail. Do you have a system for keeping your mail organized and sorted? Credit card and loan statements, bank statements, bills, and receipts can pile up quickly. An organized mail area in your home is the first step in keeping track of your bills and expenses. Bring that cleaning momentum into your email inbox and organize your e-statements too. If your email inbox is piling up, it might be time to clean it out. Here are a few email cleaning suggestions. Tally up your monthly expenses. You can use paper and a pencil, a spreadsheet, or budgeting software. Choose a method you are most comfortable with and get started. If you search for budgeting templates in Google, you’ll find a seemingly endless number of options. A template similar to this option from Microsoft is a good starting point for logging your expenses in a spreadsheet. Check in with your automatic and recurring transactions. Many utility providers, subscription services, and credit cards offer automatic payment options. Autopay enrollment is a great way to ensure you won’t miss a payment, but it can become easy to lose track of where your money is being spent. If you like the convenience of automatic payments but want to keep a better eye on those transactions, consider enrolling in Bill Pay. At First Bank, our Bill Pay system allows you to manage all of your payments from one place. Learn more about First Bank Bill Pay here. Predict your variable expenses. Examples of variable expenses are food, gas, clothing, pet care, prescriptions, etc. that change each month. These are more difficult to pin down, but there are a number of ways to do it. You can either look into the past and add up expenses from each spending category, or you can track those expenses moving forward in real time. Whichever your preference, having a strong understanding of how much you should be spending on non-fixed expenses each month will give you a more accurate picture of your discretionary spending. For a list of common personal budgeting categories, click here. Refine your debt repayment and savings goals. It’s hard to choose between prioritizing debt repayment or saving for the future. While you want to avoid paying unnecessary interest and penalties on your debts, it’s also important to have an emergency savings fund so that you’re less likely to incur more debt when unexpected expenses arise. Many experts recommend having enough saved to cover 3-6 months of expenses. First Bank offers a number of savings account options so that you can keep that money separate from your checking account. Did you know that First Bank credit cards offer $0 balance transfer fees? Here is a helpful calculator to see if a First Bank credit card is right for you. If you’re struggling with making your debt payments, you’re not alone. Our bankers understand that circumstances can be tough and everyone has a different financial story. We want you to feel comfortable talking about you finances and confident in creating a successful path forward. Please reach out to your local First Bank and we’ll do what we can to help you get back on track. Use your discretion. With recent cost of living increases, your typical discretionary expenses are most likely also increasing and could be throwing off your budget. Depending on your debt and savings goals, you might want to readjust your discretionary spending to allocate more for debt payments and savings deposits. MyMoney: Your First Bank Advantage If you’re a First Bank client, log in to your online banking account and explore the Financial Tools section (also known as MyMoney). This service will create a budget snapshot for you. To ensure accuracy, you’ll want to link all of your active banking accounts and customize your spending categories. Find MyMoney instructions here. One of our favorite ways to use MyMoney is to select the ‘Trends’ tab and view your monthly trends by category. You’ll have a nice breakdown of each expense category with the amount spent shown per month. 4 min read
2024 Fraud Prevention Checklist Arm yourself with the knowledge to fight back against scammers with our 2024 fraud prevention checklist. Empowering you to be informed, cautious, and proactive in avoiding fraud. 7 min read
Image for tile. Stay Scam-Smart: Secure Holiday Shopping Tips for Fraud-Free Festivities! The holiday season is a time of joy, celebration, and unfortunately, increased risk of fraud. Check out these tips and reminders to help ensure your celebrations remain blissfully fraud-free. 6 min read
Image for tile. 4 Student Loan Repayment Tips and FAQs for Fall 2023 Student loan payments are resuming, and there’s a lot to navigate. Discover “Good to Know” tips and get answers to FAQs so you can worry less. 6 min read
Image for tile. Back to Budgeting Basics: Using Digital Tools to Ace Your Finances At First Bank, we have a range of powerful tools and techniques that will empower you to ace your finances. Let’s dive in and discover how these financial tools can help you excel in your journey to achieve financial wellness. It takes time and commitment to create and stick to a budget, but First Bank can help you with: Setting Your Budget Paying Your Bills on Time Staying on Track Setting Your Budget It can be difficult to set your budget if you aren’t keeping track of where you are spending money. Sure, you could be old school and maintain a register book, but we live in the age of technology. Why not find some digital tools to help you? MyMoney is a money management tool that helps you manage your budget, track your spending, and modify your payback plans for debts all in one space. First Bank ensures this tool is automatically integrated into your online banking and allows you to view your transactions by categories so you can easily track your spending and keep your budget organized. You can link accounts you have with other institutions so you have a full snapshot analysis of your financial patterns and have the full picture when you go to set your budget. Total Amount $1,578.64 Select to ViewTransactions Track your cashflow with MyMoney. Manage your budget, track your spending, and modify your payback plans for debts. Get Organized 4 min read
Mature woman at home looking at the bills and taxes and trying to calculate and pay them. Ways to protect yourself against check fraud Check fraud is on the rise. Here’s what you can do. These days fraud is everywhere, and fraudster methods are always evolving. A growing number of methods are targeting your checkbook. Did you know that checks are now one of the least secure forms of payment? Criminals are combining old-school methods of theft with readily available technology to steal checks, impersonate account holders, and sell to the black market. Arm yourself with the knowledge to protect your identity and checking account. How is check fraud committed? Lifting ink: Lifting ink from a check, or “check washing”, can be done using chemicals as readily available as nail polish remover. Criminals can remove your intended payee’s information and replace it with theirs while also increasing the dollar amount. They then deposit the fraudulent check into their account. Targeting mailboxes: Once mail is stolen from a residential mailbox or a USPS blue box, criminals sift in search of checks that can be washed and forged. The frequency of mail theft is directly correlated to the spike in check fraud. Selling check images on the dark web: There is a growing network of darknets and encrypted communication platforms that criminals use to sell check images. Criminals can use the personal information from your check and your banking information to commit identity theft scams.   Consider these check-writing alternatives and services. If you can, try to avoid placing checks in the mail. First Bank offers a number of alternative options for mailing checks like BillPay, Zelle, External Transfer services, and more. Bill Pay: This free service lets you avoid the hassle of writing checks or visiting multiple websites to stay on top of your payments. See how convenient it is to manage your payments from one place. External Transfers: For those who support their kids in college or if you’re constantly writing checks between your First Bank account and one at another bank, First Bank’s External Transfer option makes it quick and easy to securely transfer funds. If you own both accounts, learn how to set up a transfer here. Zelle®1 : In your First Bank mobile app, you have access to Zelle®, a fast, safe, and easy method to send money directly from your bank 4 min read
Habitat Group Photo Q&A: What Should I Consider When Selecting a Bank? When looking for the perfect bank, ask yourself, “Does this bank complement my lifestyle and financial goals?” At First Bank, we believe it should. You may also want to consider the following 4 criteria: Community Involvement Longevity & Stability Personalized Customer Service Breadth of Financial Service   1. Community Involvement When comparing your banking options, consider how your prospective bank is involved in your community. If local economic growth is important to you, prioritize a community-focused bank that is committed to reinvesting in local economic development. An actively involved bank can provide your neighbors with increased access to small business loans, mortgages, charitable donations, and overall financial wellness. For example, First Bank has invested over $1.2 billion in community development loans to revitalize low- and moderate-income areas. Additionally, in 2022, we donated $500,000 to support education-focused initiatives across the Carolinas. As First Bank grows, so do the communities we serve. 2. Longevity & Stability Do your research – find a bank with a track record of success and the ability to remain steadfast during uncertain economic times. Consider how long the bank has been established and how they plan for growth into the future. First Bank began in 1935 during the height of the Great Depression in order to safeguard the hard-earned funds of local farmers, community members, and business people. Throughout our organization’s 87-year history, we have seen recessions, depressions, and many banks come and go. While we stay current with modern banking trends, we will continue to operate our company with an intense focus on safety and soundness, so our customers, clients, partners, investors, and associates know that we will provide safe and stable long-term success. 3. Personalized Customer Service It’s important to think about what your perfect banking relationship would look like. Do you value a tailored in-person experience or do you prefer online banking services with less one-on-one interaction? Regional banks, like First Bank, have the ability to offer the best of both worlds. The personal relationships that we develop within our communities help us advocate for our customers’ best interests. We can offer competitive rates and recommend the best financial tools to the right businesses, municipalities, and families at the right time. When you’re traveling 3 min read
Image for tile. 3 Steps to Creating a Strong and Unique Password In today’s world, passwords have become an important part of our daily lives. We use them for everything from social media accounts to digital banking, and endless apps in between. Although it is easy to choose the same short and memorable passphrase for everything, it can leave you wide open for risk if one of those platforms is compromised. Step One: Change It Up The first step to protecting yourself from data breaches is defining secure phrases for your different accounts in order to alleviate risk. The consider the following tips to remember when selecting a password: Make sure your password is at least 12 characters Include upper-case and lower-case letters throughout Avoid keyboard paths like 45678 or asdfg Add punctuation marks within the password not just at the end Step Two: Make it Meaningful While there is strength in a lengthy password, trying to remember an array of random letters, symbols, and numbers such as YP&3U6?@DM2$ may be difficult; therefore, it is beneficial to use phrases meaningful to you, but ambiguous to others. Instead of using easily predictable passwords containing information shared online such as birthdays, anniversaries, or family names, try relating it to your favorite hobby, food, or movie in order to better protect yourself. For example, creating a password that combines your favorite movie and the last 4 digits of your best friend’s phone number like PreTTyWoM@N2849! ensures that cybercriminals cannot effortlessly hack your account. Here is a chart designed to help you better understand how easily a cybercriminal can guess your password and the time it would take for you to be hacked. Step Three: Keep It Secret, Keep It Safe The more complex your passwords, the easier it is to forget a character and get locked out. So, what’s the best solution to keep everything straight and safe? Online: Storing passphrases on your phone or computer or sending them through email or text often seems like a convenient hassle-free solution, but it creates the opportunity for hackers to obtain private information. Offline: Writing down your passwords can be the safest way to store your information, but it is still crucial to not record them word for word. Sadly, fraud often times comes from internal sources 4 min read

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