First Bank of the Lake: October 2015

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100

Osage Beach, MO 65065

(573) 348-2265

Wednesday, October 21, 2015

Check Out Our New Website!

At First Bank of the Lake, it is our mission to help our clients financially in any way we can. Outstanding customer service is our number one priority; from retirement planning to personal loans to small business loans at the Lake of the Ozarks, we strive to always provide our valued clients with the resources they need to lead financially successful lives.

We are excited to announce that we have recently extended our customer service efforts by having a brand-new website designed for our bank at the Lake of the Ozarks. This week, we're dedicating our blog to providing a quick tour of our new site. We hope you like it!

First Bank of the Lake's New Website

Home Page
On our home page, we introduce you to First Bank of the Lake and give a quick overview of our philosophy and the different types of services we offer. We promise we will never try to sell you a loan or service you don't need; we are simply here to make sure you are familiar with the resources we have available to you.

Personal Checking
We offer a variety of different checking accounts so you can choose the one that best meets your needs. Whether or you are looking for a simple checking account or an interest-bearing account, we have an option that will work for you.

Business Accounts
Business banking comes with a whole different set of needs and requirements. If you are a business person looking for a strong, solid banking relationship, look no further than First Bank of the Lake!

Savings Accounts
Personal savings accounts are an excellent way for you to protect your finances and earn interest at the same time. Please note that you are not required to have other accounts to earn interest - your savings account alone will suffice.

Loans
People take out loans for a variety of different reasons. Whether you're buying a car, growing your business, or anything in between, our commercial and installment loan specialists will be ready to assist you in any way they can.

CDs
Certificates of Deposit (CDs) are excellent ways to protect your capital and grow your investment. The longer the term, the higher interest rate your account will yield. We are currently offering some outstanding rates on our 9- and 15-month CDs. (See our earlier blog to learn more about these competitive rates.)

IRAs
Individual Retirement Accounts (IRAs) are incredibly valuable retirement planning tools. Each of the four predominant types of IRAs have slightly different requirements and benefits. This page of our website aims to help you identify which type of account will best meet your needs.

Services
In addition to banking and investment accounts, we offer a wide variety of additional services for the convenience of our customers, such as safety deposit boxes, stop payments, wire transfers, and account reconciliation. This page gives a complete overview of these different services and the prices associated with each.

Meet The Team
It is very important to us that our clients feel comfortable with our bank and our staff. For this reason, we have the final page of our website with pictures, names, and job titles of some of the most prominent individuals on our team.

Stop By Our Bank And Introduce Yourself!

If you are looking for a new bank or are looking for extra financial services at the Lake of the Ozarks, we hope you'll consider First Bank of the Lake. Our experienced and dedicated team would be honored to help you works a wealthier future!

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100

Osage Beach, MO 65065

(573) 348-2265

Thursday, October 15, 2015

5 Smart Credit Habits You Should Live By

When is the last time you took a long, hard look at your credit habits? Credit cards, loans, and even your monthly bills can be valuable financial tools or dangerous financial traps - it all depends on how you handle them. In honor of National Get Smart About Credit Day, First Bank of the Lake is here to help you develop smart credit habits.

The Importance Of Good Credit Habits

Good credit habits are essential for a number of reasons. They enable you to...

Boost your credit score
Eliminate extra spending
Get lower interest rates
Save money

The benefits of saving money and eliminating extra spending are obvious - you get to enjoy higher numbers in your bank accounts at the Lake of the Ozarks. The benefits of a good credit score may be quite as direct, but they are equally valuable.

Your credit score is designed to help lenders evaluate your trustworthiness - that is, how likely you are to pay back your loan. If you have a higher score, you are considered less of a risk. As a result, you will likely be able to qualify for lower interest rates, which in turn helps you save more money.

Tips For Developing Smart Credit Habits

No matter how old you are or where you're at in life, the right time to start honing your good credit skills is always right now. Here are a few ideas to help you get started.

1. Pay Your Credit Card Balance In Full Every Month
This is the first and most important rule when it comes to successfully managing your credit card debt. By paying your balance in full every month, you can raise your credit score and avoid having to pay late fees or interest. Making only the minimum payments on your credit card, however, can cause you to rack up significant debts faster than you may realize.

2. Pay All Your Bills On Time
What happens if you fail to pay your bills on time? In addition to being charged late fees, you risk hurting your credit score; late payments are reported to the credit bureau. You can boost your score (and ease the strain on your wallet) by paying all your bills before their due date.

3. Treat Your Credit Card Like Cash
A lot of people use their credit cards for bigger purchases that they might not be able to afford if they used cash or a check, but this can pose a serious problem when they are unable to pay balances in full. Instead of racking up high balances with even higher interest rates, you should only use your card to make purchases you could just as easily make with cash.

4. Keep Your Revolving Debts Low
Think about it: every time you swipe your credit card, you're incurring debt; your credit card company is the one paying for your purchase, with the understanding that you will pay them back when your statement is due. Keeping your credit card balances low can help to boost your score and they are easier to pay off in full. (Treating your credit card like cash is an easy way to keep these numbers down!)

5. Lower Your Interest Rates
Your interest rates do not have to be set in stone. If you bought a house several years ago, you may want to talk to a lender about refinancing your mortgage so you can get a lower interest rate. If you have credit card debt or a car loan with high interest rates, you may want to consider taking out a personal loan at the Lake of the Ozarks to pay off this debt. You can then make payments on your personal loan (with much lower interest rates).

Need Help? Let Us Know!

Finances are such an integral part of our lives - it's so important that we develop smart credit habits and make it a point to incorporate them into our daily lives. Finding a safe place to store and/or invest your funds is also crucial. If you are looking for a trusted local bank at the Lake of the Ozarks, look no further than First Bank of the Lake. We would be honored to help you with your checking account, savings accounts, or investment accounts at the Lake of the Ozarks. Check out our website to learn more about how we may be able to help you: www.FirstBankLake.com

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100

Osage Beach, MO 65065

(573) 348-2265

Wednesday, October 7, 2015

Preparing Your Will - A Quick Overview

According to a survey by AARP, 2 out of 5 Americans over the age of forty-five don't have a will. This statistic does not really come as a surprise; most of us don't want to think about our deaths, even though we realize that none of us are going to live forever. However, establishing a will is the best way to ensure that your heirs can avoid unnecessary hassles and that the assets and possessions you have accumulated throughout your life will end up in the right hands. Keep reading to find a few tips to help simplify your estate planning process, courtesy of the team here at First Bank of the Lake.

Think About The Small Stuff.

There are a lot of little details that need attention when preparing your will. For example, many partners opt to include each other in their wills, but it's also helpful to prepare for a situation in which you and your partner pass away at the same time, such as a car accident. As another example, retirement accounts and life insurance policies generally aren't included in wills, but their policies contain a place to name a beneficiaries. Also, if you want to leave sentimental items to specific family members, you should say so in your will. If you are a small business owner, it will be important to dedicate some extra attention to what will happen to your business after you pass away.

Name A Guardian.

If you are a parent, it is extremely important that you name a guardian for your minor children. If you do not specify a guardian, the court will make this decision for you after your death. It can be an unpleasant topic (for obvious reasons), but it's important that you make this decision, rather than making the court do it for you.

Name An Executor.

Every will needs an executor. This person will be responsible for carrying out all of the wishes described in your will and performing all the necessary tasks associated wrapping up an estate, such as paying off any remaining debts and taxes, distributing the property in your will, closing your accounts, etc.

Update Your Will.

Since your will is such an important document, it's important to make sure that it always represents your current wishes. Various life events (such as having a baby, getting married/divorced, or increased wealth) may impact the designations you have in your will. It is important to view your will periodically and amend it when necessary.

Find A Safe Place To Store Your Will.

As we have said, your will is an important document. It's important to keep it in a safe, secure place. Many attorneys offer to store the wills for their clients, and some people opt to keep their documents in a waterproof and fireproof safe in their homes. Wherever you choose to keep it, remember that your executor needs to be able to access it after your death.

Preparing a will may not be the most enjoyable experience you have ever had, it is an important step in everyone's life. Don't forget to designate some time to getting your estate plan in order!

Your Trusted Bank at the Lake of the Ozarks
At First Bank of the Lake, we pride ourselves on providing trustworthy, reliable banking services at the Lake of the Ozarks. If you have questions about how we can help you, feel free to visit us or give us a call!

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.