Personal Finances

From savings to credit, become an expert on your personal finances. Check out these educational resources to learn how.

How eStatements help protect you from fraud

Are you leaving an unwanted paper trail? Fraud can come from unexpected places — it can even start right in your mailbox. When paper bank statements travel through the mail, they’re vulnerable to prying eyes. And with mail theft on the rise, financial documents are a common target for identity thieves. Choosing eStatements is a simple way to reduce that risk. Not only do they help you protect sensitive information, but they also make it more convenient to see your account activity. The hidden risks of paper statements Even after delivery, paper statements can pose a risk. Statements left in a box, misplaced at home, or tossed without shredding can be retrieved and misused. A typical bank statement includes your name, address, partial account number, and a detailed record of your transactions. That information is essential for managing your money, but it can also be used by a bad actor to impersonate you or misuse your account. That’s why we encourage all our customers to opt in to eStatements. Your statements are stored securely online rather than traveling through the mail or sitting around the house. Why eStatements are a safer option eStatements help remove many of the risks and inconveniences that come with paper mail: No paper mail. eStatements never pass through the postal system, so there’s no chance of them being misplaced, intercepted, or pulled out of the trash. Secure access. First Bank uses encryption and authentication measures to protect our online banking platform, adding layers of security that paper simply can’t provide. Faster visibility. eStatements are typically available sooner than mailed statements, giving you the chance to review activity quickly and spot anything that doesn’t look right. As a best practice, the FDIC encourages consumers to regularly monitor their accounts and take advantage of digital banking tools. eStatements make both habits easier. A small change that makes a meaningful difference Switching to eStatements isn’t a guarantee of fraud prevention, but it will lower your risk. With a strong password, account alerts, and a little vigilance, you can stay one step ahead. It only takes a few clicks to get started. Go to our online banking platform and select eStatements from the menu to opt in. Or if you’d rather talk it through, our Customer Support team is always happy to help. Remember: While eStatements help reduce certain risks, customers should continue to monitor their accounts regularly and report any suspicious activity right away.

3 min read

Credit Scores 101: Why They Matter and How to Improve Yours

Why Does Your Credit Score Matter? A strong credit score opens up more opportunities — you can get a loan to help you buy a new car or purchase a home — and it helps you pay less by reducing the interest rate you pay when you do borrow money. When it comes to big purchases, a lower rate can save you hundreds or even thousands of dollars over time On the other hand, a poor credit score can lead to higher interest rates, increased insurance premiums, and limited access to credit, making it more expensive to achieve financial goals. Here are some of the biggest benefits of having a high credit score: Lower Interest Rates: With a higher credit score, you’re likely to qualify for lower interest rates on mortgages, auto loans, and personal loans. Lower interest rates save you money over time, making large purchases more affordable. Better Loan Approval Odds: A strong credit score boosts your chances of approval when applying for new credit, such as a car loan or mortgage, which makes major milestones more achievable. More Favorable Credit Card Offers: Many of the best credit cards, with valuable rewards programs that offer cash back on purchases and perks like travel insurance, require good to excellent credit. Reduced Insurance Premiums: Some insurance companies consider credit scores when determining premiums for car and home insurance. A good score means you could save money every month. Learning to manage your money? Explore our library of helpful guides, financial tips, and more. Dive in 7 Ways to Improve Your Credit Score Improving your credit score isn’t a quick fix, but with consistency and smart financial practices, you can build a solid score over time. Here are seven strategies to help you improve your credit score: 1. Pay Your Bills on Time Payment history is one of the most important factors in your credit score. If lenders know you routinely make payments on time, they’ll be more willing to lend you money and give you a better deal. If you have a hard time remembering to pay your bills before they’re due, consider setting up automatic payments or calendar reminders to stay on track. 2. Reduce Your Credit Card Balance Aim to keep your credit utilization ratio — or the amount of credit you’re currently using compared to your total credit limit—below 30%. That means that if your total credit limit is $10,000, your balance should ideally be under $3,000 to avoid a negative impact to your credit score. Whenever possible remember to pay off your full credit card balance each month. Not only is it great for your credit, but it also helps prevent you from accruing additional charges like interest or late fees. 3. Only Apply For Credit When You Need It Each time you apply for new credit, like a credit card or a personal loan, a hard inquiry is recorded on your report. Although a single application isn’t hugely impactful, it can temporarily lower your score — and multiple applications add up. Applying for credit sparingly can help you maintain your score or avoid a negative impact. Only apply for credit you truly need to, and try to limit applications within a short time frame if you’re applying to multiple lenders for a loan. Typically, applications for credit made within a 14-day period are all treated as one, so you can safely reach out to a few prospective lenders without fear of damaging your score. 4. Increase Your Credit Limit (But Be Cautious) Asking your card servicer for a higher credit limit can reduce your credit utilization ratio, even if your spending habits don’t change. Dropping below the 30% threshold is a step in the right direction for improving your credit score — however, it’s important that the higher limit doesn’t tempt you to spend above your means. Remember that you should treat your credit card spending the same as you would treat cash in your wallet. While credit cards have the advantage of being flexible in an emergency, it’s easy to rack up debt if you aren’t careful. 5. Diversify Your Credit While it may seem fiscally responsible to have only a single credit card that you routinely pay down, lenders like to see a mix of credit types. Multiple credit cards, auto loans, and mortgages all factor into the mix. Some apartment complexes and utility providers also report on-time payments to credit bureaus. Having a diverse credit profile demonstrates your ability to manage different types of credit responsibly. Of course, you also shouldn’t take on debt simply to prove a point! Don’t open new accounts solely for the sake of credit diversity, as it’s only a small piece of your overall score. 6. Keep Your Old Accounts Open The length of your credit history plays a role in your score. Keeping older accounts open, even if you no longer use them regularly, helps increase the average age of your accounts. Closing old accounts can reduce your available credit — which increases your credit utilization ratio — and shorten your credit history. Depending on the type of account, it may also reduce the diversity of your credit mix. All of that comes together to potentially lower your credit score. 7. Regularly Check Your Credit Report It’s important to know what’s helping and hurting your credit score. By understanding what’s dragging your score down, you can come up with a plan to improve your credit over time — and by keeping an eye on your report, you’ll know if any fraudulent accounts or collections appear. If you do have a collection on your account, remember that you can always dispute it. By law, you can get a free copy of your credit report every 12 months from each of the three major credit bureaus through AnnualCreditReport.com. Put some time on your calendar each year (or more often!) to review your credit reports and come up with a plan. Need Help Building or Rebuilding Your Credit? Good credit can save you thousands of dollars over time. If you’re working to establish or rebuild your credit, a secured credit card can be an excellent tool to achieve your financial goals. That’s why we offer the First Bank Platinum Secured Credit Card, which is designed specifically for those with a lower credit score or no credit history. Accepted worldwide, equipped with fraud protection, and easy to manage through our online portal, this card gives you the flexibility and security you need to develop a strong credit profile. By consistently making on-time payments and keeping balances low, you can use this card to strengthen your credit and create new opportunities for yourself in the future.

6 min read

a wolf in sheep's clothing works at a scam

Can You Spot a Scam?

Can you spot a scam? Most people are confident that they can tell the difference between fact and fiction, but the truth is that it isn’t always easy to fend off fraud. Want to test your knowledge? Click through the scenario below and think about whether it’s a helpful notice from your bank or if it might be a scam. Read on to find out the answer! Is this your bank… or is it fraud? 1) Your phone rings. Caller ID shows the number as your local bank. 2) You pick up the phone. The caller addresses you by name and seems to be familiar with your bank account number, address, and transaction history. 3) They warn you of possible fraud on your account. The caller asks if you’re familiar with several recent transactions and reassures you that they’ll help you protect your account. 4) They ask you to confirm your identity. Before the caller can help, they ask you to verify your identity by sharing the last 4 digits of your debit card or a one-time passcode. So… what do you think? Is the person on the phone a cunning fraudster or an honest banker? How to fight fraud and find red flags In the scenario above, the call is probably a scam. But the caller’s familiarity with your personal details may cause you to drop your guard long enough for them to retrieve your Secure Access Code (SAC) or a one-time code texted to your phone. They may use that code to change the password of your bank account, letting them in and locking you out, or to add your card to their digital wallet, which lets them use your card to make unauthorized purchases. It’s important to know that First Bank will never ask you for information like a one-time passcode if we’re the ones reaching out to you. Here are some other common red flags to look out for… Keep an eye out for these common tricks: Unexpected calls or messages, even if they look official. If you get any kind of communication claiming to be from First Bank — or another trusted source — stop and think about whether it might be fraud before responding. Caller ID and emails are easily faked. Pressure to act fast. Scammers often create a false sense of urgency to keep you from calmly thinking things through. They may claim that your account is at risk or that you owe money on a debt. Remember that legitimate businesses are unlikely to rush you. Requests for sensitive information. While we may send you a one-time code to verify your identity after you call us, remember that a First Bank employee will never reach out to you and then ask for your one-time passcode, PIN, or password. ` Being told not to contact your bank. Fraudsters may say that your local branch is under investigation for misconduct or that your usual banker isn’t available. Don’t be afraid to hang up and call a trusted number to confirm whether there’s really a problem. Unusual payment methods. If you’re ever asked to pay with a gift card, wire money to a specific account, or use a payment app, stop and call your local bank. Cryptocurrency and large cash withdrawals are also common. Scammers prefer payments like these because they’re hard to trace, and it’s often impossible to recover stolen funds. Learn more about financial fraud If you suspect a scam, here’s what to do. Need to make a quick decision in the heat of the moment? Remember these important fraud protection tips: ✅ Always double-check the details ✅ Stop and think through the situation ✅ Keep your private information secure ✅ Talk to someone you trust — like your local bank ✅ Only make payments through familiar platforms ✅ Don’t be afraid to trust your intuition And remember — fraudsters don’t only go after regular folks. They target business accountholders, too. Keep an eye out for invoices from unfamiliar vendors, urgent payment requests, unusual payroll changes, and spoofed emails. Some business accounts, like First Bank’s Business Elite, offer built-in treasury tools and fraud protection.

5 min read

What is Financial Abuse?

Key Aspects of Financial Abuse Financial abuse is a hidden but devastating form of control that often leaves victims economically trapped and vulnerable. It can happen in any type of relationship, whether it’s between partners, family members, or caregivers and their dependents. By understanding the tactics used by abusers and the steps to regain financial independence, victims and their supporters can take meaningful action to break free and rebuild their lives. Control and Restriction One of the primary tactics of financial abuse is restricting the victim’s access to financial resources. The abuser may withhold money or enforce a strict allowance, limiting the victim’s ability to spend freely. They might restrict access to bank accounts, credit cards, or cash, ensuring complete financial dependency. In many cases, victims are required to justify every expense, creating a climate of fear and uncertainty around financial decisions. Additionally, abusers may steal or control their victim’s identification documents like their driver’s license and social security card as well as important papers like marriage and divorce documents, birth certificates, and mortgage or property documents—with the goal of opening accounts in the victims name without their knowledge. By controlling their victim’s financial access and identification, the abuser reinforces their dominance, making it increasingly difficult for the victim to assert independence. This lack of financial freedom can leave victims feeling trapped, with few options to break free from the abuse. Exploitation of Resources Financial abuse often involves the direct exploitation of their victim’s financial resources for the abuser’s personal gain. This can include unauthorized use of the victim’s credit cards or assets, leading to mounting debt in their name. Some abusers force their partners to cover all household expenses while contributing little or nothing themselves. In more severe cases, victims may be coerced into accumulating debt under their own name, leaving them financially burdened long after the relationship ends. These tactics create significant financial hardship, making it even more difficult for victims to escape the abusive situation. Sabotage of Economic Independence Many abusers deliberately work to prevent their victims from achieving financial independence. They may prohibit them from working or pursuing educational opportunities, limiting career advancement and personal growth. Even when victims manage to secure employment, abusers often sabotage their job performance by causing disruptions, harassing them at work, or withholding essential resources such as transportation or childcare. In some cases, abusers also hide or misrepresent joint assets, ensuring that their victims remain unaware of their true financial standing. By keeping their victim economically dependent, the abuser strengthens their control, reducing the victim’s ability to leave the relationship and start anew. Financial Secrecy and Isolation Secrecy and economic isolation are also common tactics in financial abuse. Abusers may conceal important financial information, such as income, debts, or household expenses, leaving the victim completely in the dark about their financial situation. In addition to withholding financial knowledge, abusers often restrict interactions with family and friends who could provide financial assistance or guidance. This isolation ensures that the victim has no financial safety net, making it even harder to seek help or escape the abusive situation. Post-Separation Abuse In relationships, financial abuse does not always end when the relationship does. Many abusers continue using financial tactics to exert control over their victims even after separation. They may prolong divorce proceedings to increase legal costs and drain the victim’s resources. Refusing to pay child support or alimony is another way abusers cause financial distress, making it difficult for survivors to maintain stability. Some even manipulate shared assets or debts to create ongoing financial hardship. These post-separation struggles can make it incredibly challenging for survivors to rebuild their lives. Recognizing and Addressing Financial Abuse Financial abuse is often an invisible form of control that can have long-term effects on a victim’s financial stability and emotional well-being. Recognizing the signs and taking action is essential. Here are some steps that can help: Educate yourself and others: Awareness is the first step toward addressing financial abuse. Learning about its signs can help victims recognize when they are being manipulated. Reach out for support: Support networks, including friends, family, and domestic violence organizations, can offer critical assistance in navigating financial abuse. The National Domestic Violence Hotline is a free, confidential and 24/7 resource that offers tools and support to help survivors of domestic violence. Seek professional advice: Financial counselors, domestic violence advocates, and legal professionals can provide guidance on regaining financial control. Open a separate bank account: If possible, setting up an independent bank account can help create a financial escape plan. Document financial abuse: Keeping records of financial transactions, unauthorized debts, and hidden assets can be valuable in legal proceedings. Breaking the Cycle of Financial Abuse By understanding its various forms, recognizing its signs, and taking proactive steps, survivors of financial abuse can regain financial independence and break free from abusive relationships. It is essential to continue raising awareness and advocating for stronger protections against financial abuse to support those affected and prevent further harm.

5 min read

Courses

Strengthen your financial future with First Bank’s educational courses. From starting out to taking care of a loved one’s financial well-being, there is a course for your everyday finances.

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