This guide was published by the Consumer Financial Protection Bureau. We’ve all experienced unexpected financial emergencies—a fender bender, an unexpected medical bill, a broken appliance, a loss of income, or even a damaged cell phone. Large or small, these unplanned expenses often feel like they hit at the worst times. Setting up a dedicated savings or emergency fund is one essential way to protect yourself, and it’s one of the first steps you can take to start saving.
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Beecher, IL (Sept. 7, 2023)—Weather and health-related natural disasters can cause extensive property damage and wreak financial havoc on families and communities. In recognition of National Preparedness Month, First Community Bank and Trust and the Independent Community Bankers of America (ICBA) are advocating simple measures to help consumers with preparation and recovery to reduce their financial impact. “While we can’t avert natural disasters, we can help our customers minimize
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The Internet is much more than a tool for casual browsing. It’s ingrained in everything we do—from paying bills to shopping for a home. Among all generations of home buyers, the first step taken in the home search process was to look online for properties, according to the National Association of Realtors’ 2022 Home Buyer and Seller Generation Trends report. With so much information available at your fingertips, it can be hard to make sense of it all, especially for a process
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Beecher, IL (July 12, 2023)—As Americans take off for summer, First Community Bank and Trust (FCBT) and the Independent Community Bankers of America (ICBA) are providing advanced planning tips for consumers that can take the financial sting out of unwanted surprises during travel to maximize their enjoyment regardless of how long or how far they venture. “Planning for the unexpected—including trip delays, lost or damaged merchandise, and last-minute expenditures can offer greater
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This article was published on June 12, 2023 by Steven Estep from the Independent Community Bankers of America.  In recent years, community banks across the nation have seen a drastic rise in check fraud. To compound the issue, many community banks are faced with challenges getting funds reimbursed from the banks of first deposit and are left to reimburse affected customers even when the community banks aren’t liable for the fraud. The following post will discuss why this sudden
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Beecher, IL (June 29, 2023) - Roughly 20 percent of older Americans fall prey to financial exploitation totaling $3 billion annually or an average of $120,000 per elderly victim, according to a study from the AARP Public Policy Institute. And given that only one out of every 44 financial abuse cases are reported, according to the National Adult Protective Services Association, true losses from elder financial abuse could be north of $35 billion annually. As relationship lenders
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Beecher, IL (June 15, 2023)–First Community Bank and Trust (FCBT) and the Independent Community Bankers of America (ICBA) are providing tips for preventing elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15. Older Americans lose roughly $3 billion to a growing number of scams each year, according to the United States Senate Special Committee on Aging. But only one in 44 cases get reported, according to the National Adult Protective Services Association, putting
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Agency issues notice to consumers advising them to transfer balances to insured banks. This article was published on June 01, 2023 by the Consumer Financial Protection Bureau. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts
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Beecher, IL (June 1, 2023)—In recognition of National Homeownership Month, First Community Bank and Trust (FCBT) and the Independent Community Bankers of America (ICBA) are encouraging current and prospective homeowners to consult their trusted local community banker about how to make the homebuying process easier and more affordable. “Owning a home is a major financial undertaking and can be an important component in building generational wealth,” said Steve Koehn, Senior Vice
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Beecher, IL (May 10, 2023) — As college graduates enter the workforce, First Community Bank and Trust and the Independent Community Bankers of America (ICBA) are providing tips to help graduates start planning now for their financial future. “Transitioning to the workforce can be challenging for new graduates assuming more financial responsibilities while coping with current economic realities,” said Steve Koehn, Senior Vice President. “As your trusted financial
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