Community & EducationStay up-to-date on the latest news and events happening at First Federal Savings Bank and in our communities.
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Education
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Does My Teenager Need a Checking Account?You might be wondering if it is a good idea to open a checking account for your teen. Maybe they have asked or maybe you want to start teaching them about managing their money. Many people in the Gen X and Gen Z groups lament their financial mishaps and mistakes. Personal finance just wasn’t taught to a lot of kids falling into these generations, and in many schools, it still isn’t taught. So, what’s a parent to do? Why should your teen have a checking account? It’s all about showing your teen how to manage money, set financial goals, and budget. Opening a student checking account with your child can be a great “first step” in helping them learn good money management skills. They can use the account to manage the allowance they earn, monetary gifts they receive, or they can use it to learn how to manage money earned from their first job. Choosing the right account is critical! Before you open a checking account for your teenager, you’ll want to consider which features are most important for you and your child. Managing a checking account comes with responsibility, so you’ll want your teen’s checking account to have features that set them up for success. After all, we still call it a checking account, but it is possible your teen will never even write a “check”. Consider things like: • Low minimum balance requirements Look for “extra” features, like card controls, spending insights, Apple Pay®, and Round Up – where teens can round debit card purchases up to the nearest dollar and have the extra funds transferred into a savings account (we call this a Goal Savings Account). So, what are parental controls? Parental controls can vary by bank or account, so focus on the ones that are a top priority for you. Some examples may include, joint ownership of the funds, shared online banking access, the ability to set specific debit card controls on things like spending limits, merchant types, location and so on. Get account specific alerts you create on things like balance and account activity. A path to a responsible financial foundation. Teaching your child to manage their own money via a checking account is just one more way to usher in the responsibility that your child will need to have when they venture out on their own. By the time they’re 18 they’ll be set up to have a good handle on money management skills, and that can lead them to greater financial success as an adult. If you’re interested in showing your teen how to manage money, set financial goals, and budget. Learn more about our Student Checking Account. |
Life Insurance: For Anyone Who Loves
Do you love someone? If the answer is clear, then so is the answer to whether you need life insurance. Because the truth is, life insurance ....
Life Insurance: For Anyone Who LovesDo you love someone? If the answer is clear, then so is the answer to whether you need life insurance. Because the truth is, life insurance is for anyone who loves. Whether you love your spouse or partner, your children or grandchildren, your parents or a favorite charity, life insurance means they're protected financially if something happens to you. Getting life insurance is a simple and affordable way for consumers to protect the ones they love, financially. For Love and Money Did you know that financial security is one of the most attractive traits to have in a partner. The way American couples look at finances in their relationships is changing. A 2022 consumer survey by Life Happens, included these key findings:
Real Reasons to Consider Life Insurance To most people, life insurance is a scary and intimidating thing. Life insurance covers more than the inevitable (to help pay for funeral and other end-of-life expenses). It is designed to provide the ultimate peace of mind to those you love, if something unexpected happens. Here are some real reasons to consider buying life insurance.
Next Steps to Getting Insured The next step involves the critical part of deciding which life insurance product provides the best solution for you and your family. A common misconception is that if your employer offers a Group Life Insurance Plan you are adequately covered. This may only be a portion of what is needed. It is usually not portable – meaning if you are no longer an employee you are no longer covered under a group plan. Here are 3 things you should consider:
Contact First Fed Insurance Agency today to speak with one of our knowledgeable and professional Agents. After all, the basic motivation behind buying life insurance is love. INSURANCE PRODUCTS AND SERVICES OFFERED THROUGH FIRST FED INSURANCE AGENCY, INC. are not insured by the FDIC *are not a deposit or other obligation of, or guaranteed by, the bank *are subject to Investment risks, including possible loss of the principal amount invested. |

FFSB Announces Promotions
February 8, 2023
First Federal Savings Bank is pleased to announce the promotion of ....
FFSB Announces PromotionsFebruary 8, 2023 First Federal Savings Bank is pleased to announce the promotion of Krista Appleman to Vice President, Agency Manager, Erin Trader to Assistant Vice President Branch Operations and Matt Mooneyham to Assistant Vice President Commercial Loans. Appleman has been with the bank since 1997, holding positions in training, branch supervision, sales, and management. Trader has been with the bank since 1998, holding positions in management training, branch management, and as an assistance branch coordinator. Mooneyham has been with the bank since 2012, holding positions as a mortgage loan processor and mortgage loan officer prior to transferring to the commercial loan department. |
What to do if you receive a scam, email or text.
Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank.
What to do if you receive a scam, email or text.Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And in this time of expanded use of online banking and mobile payment services, the problem is only growing worse. In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $3.3 billion to phishing schemes and other fraud in 2020. That’s nearly double what was lost in 2019, which means it’s time to put scammers in their place! At First Federal Savings Bank, we’re committed to helping our customers protect their financial information and identity, which is why we partnered with the American Bankers Association (ABA) and other banks across the country in nationwide effort to fight phishing—one scam at a time. • Do not reply to the sender. Ignore any requests from the sender and do not call any phone numbers provided in the message.
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4 Tips to Reach Your Financial Goals
Setting attainable and realistic financial goals is key to reaching success, however knowing how to reach them and which to prioritize can be tricky.
4 Tips to Reach Your Financial GoalsHow to set achievable financial goals Setting attainable and realistic financial goals is key to reaching success, however knowing how to reach them and which to prioritize can be tricky. Whether you decide on a money-related goal because of a substantial change happening soon, such as buying a car, making major renovations, or just to improve your financial wellbeing, it is important to consider your priorities and make sure your financial goals are clear and concise. Here are four realistic financial goals that can help improve your financial health, as well as tactics you can use to help achieve these objectives.
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Insure Your Love
Each person has a unique reason for getting life insurance, but those reasons can be distilled into one: we love someone and want ....
Insure Your LoveEach person has a unique reason for getting life insurance, but those reasons can be distilled into one: we love someone and want to make sure they are protected financially. That’s why Life Happens created and coordinates the Insure Your Love campaign. Whether through words or actions, love can be expressed in many ways, and the way we express love each day strengthens our relationships and makes those close to us feel valued. Getting life insurance is an expression of love that goes beyond words. It shows loved ones—with certainty—that we care about protecting their future. Not only can life insurance help cover final expenses, but also it can be used cover daily living expenses, mortgage or rent payments, outstanding loans, college tuition and more. If you haven’t taken that step to get life insurance yet, there’s no better time than now to get started. Whether you're a newly wed, have a growing family or an empty nest, our experienced professionals at First Fed Insurance Agency can customize an insurance policy that is tailored to meet your specific needs. Our goal is to ensure that you and your family are prepared at every stage of life. When you're ready to discuss the policies available to you, give us a call at (815)434-2699. INSURANCE PRODUCTS AND SERVICES OFFERED THROUGH FIRST FED INSURANCE AGENCY, INC. are not insured by the FDIC *are not a deposit or other obligation of, or guaranteed by, the bank *are subject to Investment risks, including possible loss of the principal amount invested. |
Keep Your Data Safe in the New Year
New year, new scams! Scammers are always looking for new ways to steal data online, which is why it's important to know how to lock down your devices ....
Keep Your Data Safe in the New YearNew year, new scams! Scammers are always looking for new ways to steal data online, which is why it's important to know how to lock down your devices, network and personal information. As the year winds down, lots of us are making resolutions for a fresh start in the New Year — maybe to exercise regularly, get our finances in order, or spend more time with friends. But your list isn’t complete until you add “update my security software” and “protect my personal information” to the mix. Here are some steps you can take to help protect yourself and your information: • Secure Your Devices: Criminals look for week points to exploit before software companies can fix them, which is why it is important to update your security software, internet browser, operating system regularly – as soon as a newer version comes out. This helps make sure you have critical patches and protections against security threats. If possible, set your devices to update automatically. |
Can You Spot a Phishing Scam?
Each October is Cybersecurity Awareness month. It’s time to put scammers in their place!
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Podcasts
We are excited to begin providing fun and educational podcast starting in March, 2023! Stay tuned!
Upcoming Events
May 5th: Coin and Currency Appraisal with Ron Beckstrom (Rock Falls 9am - 12pm) | Learn More |
May 5th: Coin and Currency Appraisal with Ron Beckstrom (Walnut 1pm - 4pm) | Learn More |
Community Involvement
First Federal Savings and FHLB Chicago Award
We were proud to join FHLB Chicago to award $13,000 in Partnership Grant Program funds to Precision K9 Training of Ottawa, IL. “Our customers are pet dog owners seeking guidance and direction on what is best for their dog, so they can have a sound relationship. We will use the grant funds to support our employees with advanced training in our industry as well as making much-needed improvements to our facility,” said President Bob Burkhead. Precision K9 was one of 32 small businesses selected from over 160 applicants.
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Labor of Love 2022Every year FFSB participates in United Way’s Labor of Love event. Our employees volunteer their time by providing home improvements to local families living with disabilities, fighting illness or single parents and grandparents. The repairs can range from outdoor clean up and landscaping to drywall work and painting. |
FFSB host Ottawa YMCA Summer Camp Kids
On Thursday June 30th, First Federal Savings Bank in Ottawa hosted Ottawa YMCA summer camp kids for a fun-filled day of sidewalk chalk, financial bingo, and a tour of the bank! Thank you to all the First Federal and YMCA staff who helped make this day such a hit. |
Freezin' for a Reezin'Freezin’ for a Reezin’ is an annual fundraising event hosted by WCMY for the Community Food Basket of Ottawa, which serves five zip codes in LaSalle County. Food pantry officials estimate that every $1 donated is equal to 1lb. of food, so every winter we look forward to raising funds and participating in the 500lb. challenge. With the help of our employees, First Federal Savings Bank has surpassed the 500lb. goal every year we participated. |
The Salvation Army Angel Tree ProgramEach year, families struggle to enjoy Christmas the way others do, which is why we participate in the Salvation Army’s Angel Tree program. The Angel Tree program helps make the holidays a little brighter for less fortunate families in our communities by providing them with gifts to put under their tree. Every child deserves to experience the joy of Christmas morning, so we’re more than happy to help in any way we can. |
Bartlett Chamber ChallengeFirst Federal Savings Bank is a member of multiple Chambers of Commerce in the communities we serve, including the Bartlett Area. This year, Emmett Higgin volunteered at Good Will® for the Chamber Challenge to help participants through a series of puzzles and advance to the next location. It's always exciting to see organizations host innovative events that bring people together, and we look forward to all the other community events in store! |