Personal Finances Articles

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

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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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Your Top 5 Tips for Effective Online Money Management Information on the Internet moves quickly. That’s why First Bank* offers streamlined online money management for individuals and small businesses throughout North Carolina and South Carolina. Accounts can easily be linked in our app, which is free to download in the Apple and Android stores.** Download our app today, or contact us to learn how you can benefit from our digital banking services. 5 Online Money Management Tips First Bank’s digital banking services provide tools for you manage your personal money, or your business finances, online. Whether you are already with First Bank, or you’re looking for an online money management solution, consider these tips to make online money management easier and more productive. Enroll in automatic bill pay. Most banks have this feature for online banking customers. Link your bills directly to your checking account to prevent late payments. Set up account alerts. Stay on top of financial issues that matter to you the most with the alert system. You can set up alerts to occur when a withdrawal happens, when you are close to an overdraft, or when a credit card payment is due. Alerts are deliverable via text or email. View statements online. Before digital banking, bank statements were mailed. For a busy account, a single month could amount to pages upon pages of transactions. Online money management allows you to access your statements without wasting paper. Also, you can use the search feature to easily find specific charges. Track spending patterns. With online money management, it’s easy to access your withdrawal history. Use that data to produce a graph or table that tracks your spending habits. By tracking your spending history, you can pinpoint ways to stay on budget. Quick, easy access to money. Easily transfer funds between accounts and view budgets and cash flow. Contact First Bank today and learn more about our digital banking suite of services, including mobile, text, and tablet banking, mobile check deposit, alerts, eStatements, and bill pay. **The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Customers must enroll in First Bank Online Banking and download the First Bank Digital Banking App from 2 min read

Compare Checking Accounts at North Carolina Banks You’re likely already aware of the importance of performing a checking account comparison before making a final decision. It can be difficult to navigate the many options and select the account that offers the most benefits. You should start your comparison by looking at the features you consider most important. Comparing a Checking Account Checking account features, fees, and requirements can all be very different. When trying to decide among various account options, try looking for a few specific things, such as: Demographics—A lot of checking accounts are designed to meet the needs of certain age groups, such as teens, college students, and senior citizens. These accounts often offer special features or benefits that other account holders do not receive. Fees—Many checking accounts charge a monthly fee, but they also often provide ways to waive the monthly fee, like using direct deposit or maintaining a minimum monthly balance. Mobile banking—If you like to have access to your accounts through mobile device, you’ll want to look for a checking account that comes with a free mobile banking app. Checking Account Comparison at First Bank If you live in North Carolina and are looking for a checking account that meets all of your needs, visit your local First Bank*. We have more than 70 locations across the Tar Heel state, and we offer a variety of checking accounts that feature benefits, including: Free online and mobile banking** Ways to keep your account fee free*** Specialized accounts for college students and seniors over the age of 55 Contact a First Bank Specialist Today If you need help deciding which account is right for you, you can use our online checking account comparison tool, or contact your local branch to learn more. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. ***Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. 2 min read

What is an Unsecured Personal Loan? If you need help covering unexpected expenses, you may be asking the question, “What is an unsecured personal loan?” An unsecured personal loan is a loan given out without the involvement of any collateral. It is based solely on the trust that the borrower will pay back the money under the terms of the loan. Unsecured vs. Secured Personal Loans According to Investopedia: “A loan that is issued and supported only by the borrower’s creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.” This is different from a secured loan, where an item of collateral such as a vehicle or piece of property is put down to secure the loan. If you fail to repay the loan, the lender takes the item of collateral. What do Unsecured Personal Loans Cover? Most personal loans are taken out for things like costly medical procedures, home renovations, and vehicle purchases. First Bank offers a personal credit line* that may or may not require any collateral. Typically, the better your credit history, the better your chances of qualifying for an unsecured personal loan. Because you’re not risking the loss of any collateral, unsecured personal loans typically come with higher interest rates than secured loans. Contact First Bank Today If you need an unsecured personal loan, seek out a First Bank location and speak to one of our friendly associates about getting the money you need. *Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/u/unsecuredloan.asp#ixzz3sGyigwlj 2 min read

Banks Near Me When you are trying to find banks near you, there are many options. With so many choices, it can be hard to be sure you’re choosing the right bank for you. At First Bank, we care about the needs of our customers. That is why our banking options are designed to meet the unique needs of our customers. First Bank’s first branch opened in Troy, North Carolina, where we were known for helping local businesses and farmers manage their finances throughout the 40s, 50s, and 60s. Today, we’re still known for our community values, and we serve businesses, families, and customers in North Carolina and South Carolina. There’s a First Bank Near You Chances are if you’re in one of the states we service, there’s a First Bank near you. And it offers a range of services from personal banking to wealth management. Some services we offer include: Personal checking accounts, savings accounts, and credit cards with benefits* Personal loans and lines of credit* Business checking accounts, savings accounts, debit cards, and group banking Business loans and credit cards* Merchant services like payment processing, reconciliation and reporting, and check collection Treasury services, such as payroll direct deposit and deposit services Wealth management services* Insurance for individuals and businesses We want to make the needs of our customers are met. Whether you need a savings account, a business loan, or auto insurance. We strive to be a bank near you that is worth more to you. The Best Banks Nearby Visit our website to discover more about First Bank. Our team of banking experts are ready to answer any questions you have about First Bank and the services we offer. *Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value. Loans subject to credit approval. See our Terms and Conditions for complete details on our MasterCard® programs. ©2013 MasterCard. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Sources: Investopedia: http://www.investopedia.com/terms/h/homeequityloan.asp Investopedia: http://www.investopedia.com/terms/l/lineofcredit.asp Investopedia: http://www.investopedia.com/terms/r/reconciliation.asp 2 min read

Financial Institution: Definition and What to Look For The definition of a financial institution typically describes an establishment that completes and facilitates monetary transactions, such as loans, mortgages, and deposits. Financial institutions are a place where consumers can effectively manage earnings and develop financial footing. Consumers can make an informed choice when choosing a bank to keep their money by knowing the core features of financial institutions. What to Look for in a Financial Institution Financial institutions facilitate some of life’s biggest events. When choosing a place to keep your money, it is important to make sure the bank meets certain criteria. Here are some key features to look for when you select a bank: Online Banking — The convenience of being able to access your bank accounts from anywhere isn’t something you should overlook. Look for a bank that offers online banking, as well as mobile banking and tablet banking. High Yield Accounts — High yield checking and savings accounts are a great way to get more for your money. If earning interest is important to you, choose a bank that offers high yield options and competitive rates. Accessible ATMs — When you’re on the go you need to have access to cash as you need it. That is why choosing a bank with accessible ATMs and reasonable ATM fees is important. Great Customer Service — When you have a question about your account, you want to speak with a bank representative that is friendly and helpful. A great bank will have friendly representatives ready to help you in any way possible. Reasonable Fees — Some banks charge multiple fees — such as ATM fees, withdrawal fees, and monthly maintenance fees — just for using their services. Check to see if the fees your bank charges sound reasonable, or if they provide ways to avoid fees altogether. FDIC Insurance — You work hard to earn your money, so you want to make sure it is safe at the bank you choose. Look for banks that are members of the Federal Deposit Insurance Corporation (FDIC). The FDIC will insure the money in your deposit accounts up to a certain amount. These Features and More From First Bank* First Bank strives to provide you with these key features and 3 min read

Your Community Bank If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option for banking services at first, but community banks typically offer more consumer-friendly services and fewer fees. Choose the Right Community Bank First Bank is your community bank that cares about local roots. Since 1935, we have been providing our customers with community-centric banking services, including: Personal banking options, such as checking accounts, savings accounts, debit and credit cards, personal loans, and more. Business banking options, like checking and savings accounts, business loans, merchant services, and treasury services. Wealth management services, like asset managements, mutual funds, and estate services. Insurance products, such as life and health insurance for individuals and commercial insurance for businesses. Mortgage loan options, including conventional, government, jumbo, first-time home buyer, and more. The Benefits of a Community Bank According to Bankrate.com there are many other advantages to choosing a community bank over a big bank. For example: Community banks are relationship-based, and the employees typically know you and your whole family on a personal level. Community banks are also smaller and can therefore offer personalized service. Community banks also typically offer lower fees and lower balance requirements than big banks. Being smaller allows community banks to have more lending flexibility than bigger banks Community banks tend to stick to their local roots, which means they strive to offer great services with low fees and give back to the community. First Bank is small enough to know you like a neighbor, large enough to handle all of your banking needs, and dedicated to supporting our local communities. To learn more about us and our banking services, visit your local First Bank branch today. ——— Sources: Bankrate: http://www.bankrate.com/banking/community-banks-vs-big-banks/ 2 min read

Best Banking Rates and Services: First Bank, NC There are many factors to consider when assessing a checking account comparison. You’ll want to weigh interest rates, maintenance fees, ATM options, online features and more. First Bank has nearly 100 locations across North Carolina to house your money under a variety of checking options. Use the chart below to compare three of First Bank’s personal checking accounts. Compare Checking Accounts at our First Bank Locations Everywhere Checking Free online and mobile banking, free online bill pay, and free eStatements or paper statements Learn More Everywhere Plus Interest at a minimal balance requirement Free online and mobile banking, free online bill pay, and free eStatements or paper statements Learn More Everywhere Premium No First Bank fees on out-of-network ATM withdrawals Free member checks or 50% off other check designs, plus 4 free official checks per statement cycle Interest at a minimal balance requirement Free online and mobile banking, free online bill pay, and free eStatements or paper statements Learn More Learn More at First Bank As you can see, there’s something for everyone at First Bank. We even have accounts catered specifically for college students and senior citizens along with a wide selection of business checking accounts. Learn more about First Bank’s accounts and perform your own checking account comparison to find the one that’s right for you. Come by your local branch today. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch. Eligible personal deposits include checking, savings, Money Market, CD, or IRA. Eligible personal loans do not include residential mortgage loans. Direct deposit defined as external ACH credit. Transfers from other First Bank accounts or deposits made at a branch do not apply. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read

Savings Account – South Carolina If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated to helping you find the best way to save. Savings Accounts from First Bank in South Carolina First Bank offers a variety of savings accounts, including: Everywhere Savings MyFirst Savings Money Market CDs IRAs Health Savings Accounts Use our Savings Account Comparison Tool to compare accounts and see which one is right for you. Looking for a business savings account? First Bank can help with that too. Learn more about our Business Savings accounts. Tips for Growing Your Savings Savings accounts are a great way to cover unexpected costs in the future, or just have a little extra money when you need it. If you have a hard time saving, consider these money saving tips from Practicalmoneyskills.com. Make Saving a Priority – It is easy to lose track of resolutions, but if you make a plan, you can avoid falling behind. Determine what you want to save for, and be as vigilant about it as you are about paying rent or buying groceries. Find Money to Save – After paying the bills and buying what you need it might seem like you don’t have any money left to save. Chances are you can find extra money you didn’t even know you had just by keeping track of your spending and cutting back on buying things you don’t need. Get a jumpstart on saving by opening a savings account at First Bank in South Carolina. We have 6 savings account options that are designed to meet the needs of our individual customers. To open an account or learn more about our savings account options, visit one of our South Carolina branches today. 2 min read

Personal Finance Articles & Advice Looking for advice on how to better manage your finances? First Bank’s* collection of personal finance articles can help you with every aspect of managing your funds, from saving money to investing or buying a house. Personal Finance Advice Articles 5 Tips for Safely Managing Your Finances Online Keeping track of your finances is easy when you create an online account with your bank. And while managing personal financial information online may seem dangerous, there are ways to do it safely. These 5 tips will help you safely manage your finances online. Buying Your First New Car: What to Know Buying your first car should be a fun and exciting experience, not a stressful one. Before you take a test drive, consider these tips on buying your first new car. How to Avoid Paying Too Much for a House You’ve finally found your dream home, but it seems a little overpriced. You don’t want to give it up, but you can’t pay that much. So what do you do? This article features tips from real estate agents that can help you avoid paying too much for the house of your dreams. How to Get Help Paying for College College is expensive, and it is only getting more expensive each year. But that doesn’t mean getting a college education is unattainable. This article highlights just a few of the many organizations that are stepping up and offering to help students pay for college. 10 “Life Hacks” That Will Save You Money Sometimes saving money can seem like an impossible task. When creating a budget, you might be tempted to cut the big things first, but it’s actually the little expenses that can save you the most money in the long run. Use these 10 “life hacks” to start saving today. For more articles on personal finance, visit First Bank’s Financial Education Center. ——— Source: CNBC: http://www.cnbc.com/2015/06/16/why-college-costs-are-so-high-and-rising.html 2 min read

Best Personal Loan Rates in North Carolina If you live in North Carolina and are looking for a personal loan, your local First Bank can help. We have over 100 locations in North Carolina that offer highly competitive personal loan rates. We make choosing a personal loan easy with flexible terms and personalized service. Personal Loans from First Bank Just as personal loan rates can vary, so can the options associated with the loan. First Bank is proud to offer a variety of personal loan options with competitive rates, such as: Personal line of credit Home equity lines of credit (HELOC) Personal credit card with rewards Auto loan Boat loans Learn more about First Bank’s personal loan options. How are Personal Loan Rates Determined? As you shop around for the best personal loan rates in North Carolina, you might begin to wonder why the rates can vary from one place to the next. So what gives? As illustrated by Loan.com, there are four primary factors that affect personal loan rates. In North Carolina, there are scores of First Bank locations that offer personal loans so your options are plentiful. Here are three things that affect personal loan rates. Credit score. Simply put, the better your credit score, the better personal loan rate you are likely to get. Loan options. There are a number of different types of personal loans and each come with their own factors of interest rates. National prime rate. Set by the Federal Reserve to control the supply of money in the economy, this rate can have a direct affect on your personal loan rate. The best way to find the most competitive personal loan rates with some of the most flexible loan options is to simply locate your nearest First Bank and speak to one of our friendly loan representatives. Loans subject to credit approval. 2 min read

First Bank Credit Card There are many benefits to having a First Bank credit card. Perhaps you’ve encountered unexpected expenses like a medical bill or car repair. Or maybe you don’t want to front a large down payment for an item and would prefer to pay in smaller installments. If you’re a small business owner, you could use some help managing day‑to‑day purchases. 3 min read