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For more than 200 years, banks have provided consumers with the means to fulfill their dreams. Banks today continue to safeguard your savings and provide assistance in managing your finances.
Banks invest millions of dollars annually to protect consumers’ information and defend against fraud. Below are several resources you can use to help protect your financial information.
CBA Launches Radio Advertising Campaign
Ad Focuses on Banks Ongoing Investment in Technology and Keeping Customer Information Secure
This two-week public awareness and education campaign will focus on the following timely themes: California banks’ ongoing investments in technology to make banking safer and more convenient for customers, including the deployment of chip-based credit cards; their ongoing commitment to protecting customers’ financial information and ensuring their customers are made whole financially in the event of a data breach at a retailer.
The CBA has partnered with the Financial Services Information Sharing and Analysis Center (FSISAC) and the American Bankers Association to provide the 2017 Incident Response Playbook, which delivers guidance to banks in California on actions to consider taking before a cybersecurity incident as well as needs and information-sharing protocols in response to and during recovery from a cybersecurity incident as well as recommendations for actions to take following a cybersecurity incident.
With consumer sentiment the highest it’s been since the recession, shoppers are expected to open their wallets a bit wider this year. Will holiday spending leave shoppers in the red? Not if you plan wisely and spend within your means to enjoy a financially happy New Year with our following tips:
Do you have questions about things like mortgages, credit cards, fighting fraud or saving for college? Our Consumer Center offers resources for consumers to learn about these topics (and more) so that you can make knowledgeable financial decisions.
When it comes to talking to your kids about money, the sooner the better. There are opportunities at every age to teach your child the importance of handling money responsibly to ensure they live financially smart lives.
Borrowers have lots of choices among types of loans and lenders. Choosing wisely can save you a lot of money. Protect yourself from paying more for credit than you need to by understanding the different types of loans and lenders. Remember, if you borrow money that you cannot repay, you can lose your home, your car, your savings and your investments. Also, a court can order that your employer “garnish” your earnings, that is, withhold some of your pay on behalf of a creditor.
For some loans, called “secure loans,” you must put up “collateral” – something you own that the lender can take if you don’t repay the loan. Cars, homes and savings and investment accounts are common types of collateral. “Unsecured” loan, like credit cards, do not require collateral.
Borrowing money can be intimidating, whether it is to purchase a home or using your first credit card. Defining your needs and finding the right solution can be a timely process but is worth the effort. Below are some tips on how to better understand your borrowing options.
With a better understanding of what you need from a bank, finding the right one for you should be easy. Below are some important tips to help you decide what your needs are.
Banks are national leaders in preserving the security of customer data. The industry dedicates hundreds of millions of dollars annually to data security, and adheres to strict regulatory and network requirements. The banking industry’s first priority is to protect consumers and make them whole.
In the event of a data breach:
The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It’s important to keep accurate records of your spending so you’ll spot places where you can save money and know how much you can reasonably spend.
Credit cards have become an everyday tool for people to make purchases and manage their personal finances. Access to credit enables families to purchase homes, deal with emergencies, obtain goods and services and build a credit history for larger purchases such as a car or home. Today, roughly 73 percent of all families have at least one credit card. About 60 percent of cardholders are “convenience users” – they avoid interest charges by paying balances in full each month.
Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. The following tips include ways to keep your information – and your money – safe.
Though the internet has many advantages, it can also make users vulnerable to fraud, identity theft and other scams. According to a Norton Cybercrime Report, 556 million adults worldwide were victims of cybercrime in 2012. The California Bankers Association recommends the following tips to keep you safe online:
Identity theft continues to be one of the fastest growing crimes in the United States. In the U.S., 12.6 million people – or 1 out of every 20 consumers – were victims of identity fraud last year. The California Bankers Association recommends following these tips to keep your information – and your money – safe.
They understand GPAs and test scores but how can we help them better understand their credit score or the value of saving? These top 10 tips are designed to give students an edge on mastering personal finance.
Anytime is the right time to begin teaching children about money, and the California Bankers Association has tips that can help parents teach money at home.
How soon is too soon to talk to your kids or grandkids about money?
If they are old enough to ask for a toy or a bike, they are old enough to start learning financial lessons that will last a lifetime.
The best financial lessons are part of everyday experience. Look for opportunities to talk about money, read books aloud and play games that center around spending money wisely. Be open and honest when you discuss your financial experiences—good or bad.
Here are some examples of teachable moments to help you get started:
DO know the power of credit. Banks look at your credit history as an indication of your future financial behavior. By using credit wisely, you can build a good credit history making it easier to get loans with low interest rates, rent an apartment, purchase a car or home, and may even help you get a job.
Buying a home may seem complicated, but it’s easy to find the help you need.
- A bank or other mortgage lender will help you determine what size mortgage loan you can afford and what special programs are available to help you finance a home purchase.
- A real estate agent can help you find a home you like and can afford.
- A title company can organize the paperwork and make sure your loan “closes” (the transaction is completed) as scheduled.
- A community group in your area may offer home ownership counseling programs to help you understand the details of the home buying process and the responsibilities of homeownership.
In most cases, you will contribute a “down payment” from your own funds and you will finance the rest of the purchase price with a mortgage loan. Depending on your income, assets like savings and investments, debts, employment and credit history, you may be eligible for special programs designed for first-time homebuyers by the government, the lender, a non-profit organization or a community group.
The “equity” in your home is the difference between the market value of your home and the balance you owe on your mortgage loan(s). Many lenders will loan you up to 85 percent of your equity, but your home is collateral, so if you fail to make payments on time, you can lose your home.
Pay yourself first
If you wait to see what’s left over, you are less likely to save. Determine in advance how much money you plan to keep on deposit each month. If you receive a raise, increase the amount of money deposited into your savings account.
Take advantage of bank technology
Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period.
Money is a necessity of life. This is why it is so important to manage your money wisely and start saving early. Making smart decisions now will prepare you for the future and will make your financial dreams come true.
Protecting Your ATM Card
- Always protect your ATM card and keep it in a safe place, just like you would cash, credit cards or checks.
- Do not leave your ATM card lying around the house or on your desk at work. No one should have access to the card but you. Immediately notify your bank if it is lost or stolen.
- Keep your Personal Identification Number (PIN) a secret. Never write it down anywhere, especially on your ATM card.
- Never give any information about your ATM card or PIN over the telephone.