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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Adulting After Graduation - Part 2As a new graduate embarking on the next chapter in life, managing your money can be a daunting task. However, it's important to remember that good money management is crucial for your future financial stability. To begin, it is vital you have certain accounts established and are aware of the tools built into each one and this is why most students or new graduates will need to establish a checking and/or savings account. Often you can start a savings account with a low opening amount. This will help you set aside some money each week or month, so you aren’t spending all you earn. A checking account along with a debit card will also be critically important. These accounts also have many features built into them, to make it a convenient and efficient way to bank. Alerts are a wonderful feature that alert you if your balance is getting low. Also, it’s important to download your bank’s mobile app. From the app you can check your balance, make transfers, deposit checks with mobile deposit, and control your debit card. Many debit cards have a feature where you can turn off your debit card in case it is stolen or misplaced. Some other tips include the availability to view recent transactions, set limits, set locations if traveling, as well as the ability to see what subscriptions or apps you have linked to your card. Many banks encourage overdraft protection which transfers funds from your Savings Account or another donor account if your Checking Account becomes overdrawn. |
"Banking" on The American Dream
June is National Homeownership Month. National Homeownership Week began in 1995, which was the strategy of the administration under....
"Banking" on The American DreamJune is National Homeownership Month. National Homeownership Week began in 1995, which was the strategy of the administration under President Bill Clinton, to increase homeownership across America. Later, in 2002, President George W. Bush expanded the period of observation from a week to the entire month of June. National Homeownership Month reinforces the belief that owning a home is one of the steps towards achieving the American dream! What is National Homeownership month? National Homeownership month is celebrated in the United States every June to raise awareness about the benefits of owing a home, and the importance of making homeownership more attainable for all Americans. How did National Homeownership month start? National Homeownership Month started as just a week-long celebration. It began in 1995 when President Bill Clinton saw it as a strategy to increase homeownership in the US. Later, in 2002, President George W Bush expanded the period of observance from a week to the entire month of June. National Homeownership Month reinforces the belief that owning a home is one of the steps toward achieving the America dream. There are so many benefits to owning a home, here are some reasons why homeownership is important: • Homeownership provides an opportunity to build equity and wealth over time. As you pay off your mortgage and property values appreciate you can accumulate financial assets and create a stable foundation for your future. • Owning a home offers stability and a sense of belonging. It provides a safe and comfortable environment for you and your family- take pride in homeownership. • Homeowners have vested interest in their communities. Homeownership helps create strong and vibrant communities. • Research shows homeownership positively impacts educational outcomes, especially for children. Stable housing can lead to improved academic performance and increased educational attainment. 66% of American’s own a home. First Federal is here to help on your journey to homeownership. We strive to help the buyer understand every facet of the buying process. If you are ready to start your homeownership journey meet with one of our loan officers to get pre-qualified. We will make the process simple and will find the best mortgage program to fit your needs. First Federal offers a variety of mortgage products to fit everyone’s needs. We are a one stop shop! Mortgage fun facts • Mortgage is a French term for “death pledge, with the intention that the pledge (obligation) dies when the debit is fully paid off. • In the early days of the mortgage, interest rates were pretty high (sometimes up to 15% or 20%), This made paying off a mortgage an even more momentous occasion, and homeowners would celebrate by throwing a big party and burning their mortgage documents. Calling it a mortgage burn party -Guests would bring gifts to help commemorate the home being owned free and clear, and this tradition has since evolved into what we now know as the housewarming party. • Sears used to sell mail-order houses. From 1908-1940 Sears took DIY to a whole new level. As many as 75,000 kits were sold in hundreds of styles, some of which are still in existence. |
Careers In Banking
The banking industry offers a wide variety of rewarding career opportunities, whether someone is looking to enter the workforce for the first time or to advance.....
Careers in Banking!The banking industry offers a wide variety of rewarding career opportunities, whether someone is looking to enter the workforce for the first time or to advance their current career. Customers may identify with tellers or loan officers as the face of the bank, but as we will see, there are so many more employment options available in banking! What is it like to work for a bank? Most banks have a professional setting, after all, customers are entrusting us with their finances. However, you may be surprised to learn that banks aren’t as stuffy as one might think. From casual days and community events to electronic services and fun marketing (tik tok anyone?) banks today are keeping up with trends. What education and skills do I need to work at a bank? The minimum education level for most banking jobs is a high school diploma or equivalent. Other specific education or degree requirements should be noted in a job listing. Although specific skills needed may vary by position, trustworthiness, honesty, integrity, professionalism, and an excellent work ethic are core values for any banking career. What types of jobs are available? Wow! So many! Customer facing positions include tellers, personal bankers, branch managers, loan officers, financial advisors and even insurance agents. Lending, both mortgage and commercial, offers an array of opportunities such as loan processor, loan servicer, and underwriter/credit analyst. There are many supporting departments, all offering diverse opportunities. Marketing may appeal to creative minds while accounting, internal audit and compliance are more analytical. Operations, Human Resources, and Information Technology provide other unique professions. What are some perks of working at a bank? I am glad you asked! Banks are a great place to work! In general, banks provide employees with good working conditions, reliable hours, a host of different positions, competitive salaries, and a comprehensive benefit package including things like paid time off, group insurance and 401k retirement plans. Career development and advancements opportunities are available for individuals who have proven to be motivated, responsible, dedicated, and productive in their current role. Where can I learn more? Here are some great links to explore more: 17 Career Paths in Banking (Plus Tips for Choosing) | Indeed.com Careers in Banking | American Bankers Association (aba.com) Bank Teller Skills: Definition and Examples - Glassdoor Career Guides Top 10 Skills Needed for a Job in Banking (careeraddict.com) Visit First Federal Savings Bank’s career site to explore our current employment opportunities and apply online. |
5 Things You Should Know Before Your Home Purchase
The market is hot, and you’re ready to buy. The first step is getting prequalified for your loan.....
5 Things You Should Know Before Your Home PurchaseGet prequalified with a local lender. The market is hot, and you’re ready to buy. The first step is getting prequalified for your loan. But which lender should you use? The promise of quick approval through internet-based providers is tempting, so why use a local lender? Buying a home will likely be the biggest purchase you will ever make in your life. Finally moving into your new home will be a joyous occasion. A letter you receive instantly online may be meaningless. Local lenders are well known and respected by the realtors and can give your purchase offers more credibility. Local lenders are knowledgeable, industry experts who will find the best product to fit your needs. Local lenders should discuss your income, assets, and credit score in detail, and provide you with a legitimate home prequalification. Mind your credit use. Once you are serious about a home purchase, pay all your debts on time and don’t open any new accounts. Also, don’t close any active revolving accounts and strive to pay down your credit balances to 30% of your credit limit or less. Credit inquiries, new accounts, and late payments will impact your credit score and could change your prequalification status. Get all your assets in order. Whether your down payment is $1,000 or $100,000, know where it is coming from and get your account statements in order. Transferring assets or accumulating money after application will trigger more required documentation. Avoid a job change if possible. Demonstrating consistent employment is essential when applying and getting approved for a mortgage loan. If you want to explore new employment, try to wait until you have completed your home purchase. If it can’t wait, let your loan officer know, so that they can obtain new employment verification prior to the loan closing. Prequalification is based on estimates. Once you have a home in mind, discuss specifics with your loan officer. Things like real estate taxes and homeowners association dues can vary and may impact your qualification. Please click here to start your prequalification. |
The Feeling is Mutual
Thrift, Savings and Loan, Mutual Savings Bank – these terms have been used over the years to identify the type of charter held by First Federal Savings Bank.....
The Feeling is MutualThrift, Savings and Loan, Mutual Savings Bank – these terms have been used over the years to identify the type of charter held by First Federal Savings Bank. But what does that mean? What is a Mutual Savings Bank? Mutuals were created in the early 1800s specifically to provide a safe place for depositors to save and to invest in mortgages and other loans in their communities. The early mutuals were philanthropic, designed to uplift their communities without focus on profits or shareholders. That original essence of mutuality remains today, and our Savings Bank charter requires that the majority of our assets be held in residential home loans, small business loans, and other community related investments. Why should that matter to our customers? First Federal Savings Bank, and other Mutual Savings Banks, can be compared to a locally owned restaurant, versus a large national chain. Our employees, leaders, and executives live in the communities where we operate. Our policies, practices, and decisions are made within a core group of leaders who are local and accessible to our customers. Our goals are focused on traditional core banking activities. Gathering deposits and making loans in our community, by offering a robust and competitive product menu. Just take a look around our website to see all we have to offer. Do Mutual Savings Banks lack the technology of ‘big banks’? First Federal Savings Bank has a strong commitment to offering all the online and mobile features, as well as payment methods you need. We know our customers expect those services. But we also know that our technology will never be a replacement for personal service. We serve our customers where they want to be served, whether they are on the go with their mobile device, home on their laptop, or in our lobbies or drive-thrus. We have all the latest technology, without giving up the personal service you need. What is one thing a prospective customer should know about the Bank? When you bank with us, you are supporting your community. Your deposits will in turn be used to make loans-home, business, and personal loans. We are going to offer you competitive interest rates and reasonable fees. But the one thing you should know is that we value each and every individual customer. We are going to get to know you, support your financial needs, and do our best to make you a customer for life. If this sounds like the type of bank you are looking for, we want you to know: The Feeling is Mutual. |
Check Fraud: What’s old is new again!
Like some of those 80’s fashion ‘fads’, some things should be left in the past. Unfortunately, it appears that good old-fashioned check fraud....
Check Fraud: What’s old is new again….and not in a good way!Like some of those 80’s fashion ‘fads’, some things should be left in the past. Unfortunately, it appears that good old-fashioned check fraud is on the rise again! How does check fraud happen? Recently, criminals committing mail theft-related check fraud have been targeting the U.S. Mail in order to steal personal checks, business checks, tax refund checks, and checks related to government assistance programs, such as Social Security payments and unemployment benefits. Criminals will generally steal all types of checks in the U.S. Mail as part of a mail theft scheme, but business checks are more enticing because business accounts are often well-funded. What are some types of check fraud that we are seeing? Forgery – signing a check without authorization or endorsing a check not payable to the endorser. Theft – stealing checks to use for fraudulent purposes. Paper hanging – writing checks on closed accounts or ordering and, then, writing checks on closed accounts. Washing – using chemicals to remove information from a check. Counterfeiting – illegally printing checks using information from the victim’s account. How can check fraud affect me? Of course, the most common concern related to check fraud tends to be loss of funds. Even if those funds are returned, there can be other problems or hassles. In most cases it is best to close the defrauded checking account and open a new account. This often times means changing payment account information for vendors, and usually means ordering a brand-new debit card at the same time. For businesses, one incident of check fraud could easily be detrimental to customer and vendor relationships and cause reputational damage. For individuals, unchecked occurrences of fraud could cause long-term damage to your credit score and leave other finances at risk. How can I prevent check fraud? Unfortunately, check fraud can happen to anyone…whether it is a stolen blank check, stolen mail, or looking through garbage to find cancelled checks. Here are some ways that you can help prevent, or quickly report, check fraud: 1. If you have to write a check: a. Reconcile your checking account (or at least review your transaction activity) every month. Keep check images or cancelled checks in a secure locations and destroy those checks once they are no longer needed for tax purposes. 2. Ways to avoid writing checks: a. Pay bills online, preferably using your bank’s Bill Payment service. You won’t need to write a check, pay for postage, or send a check in the mail. What do I do if I have been a victim of check fraud? If you think you’ve been targeted, or are a victim of check fraud, reach out to the bank where your checking account is located. They may suggest you place additional stop payments on other checks or check ranges. You may also be directed to close the affected account and open a new account. You should also contact any of your creditors that may have been impacted by the fraud. Lastly, file a police report, and monitor your credit. |
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 ....
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. |
Podcasts
Community Involvement
FFSB Employees Involved in the Community
Employees giving back to their communities is a powerful way to make a positive impact. Not only does it promote a sense of teamwork and camaraderie among employees, but it also helps build stronger communities. There are many ways in which employees can give back, such as volunteering their time, donating money or resources, or organizing fundraising events. By participating in these activities, employees can make a difference in the lives of others while also building their own personal and professional skills. Overall, employees giving back to their communities is a win-win situation for everyone involved. It strengthens communities, builds teamwork and camaraderie among employees, and benefits the companies that encourage and support these efforts. Pictured above: Jamie Herzog, Carolyn Buckingham and Jamie Giberson from our Accounting Department, Tracy Bedeker, VP of Marketing and Matt Mooneyham, AVP of Commercial Loans.
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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! |