Tuesday, September 28, 2021

5 Ways Business Mobile Banking Gives You Flexibility AND Security!

Business doesn’t stop because you are away from the office, and some of those financial decisions can’t just wait until you get back.  No matter what time of the day or night, as a business owner, First Bank of the Lake understands you need access to your banking.  We also know that running a business means you probably wear a lot of hats and need to work efficiently in order to accomplish everything that needs to be done in a day.  

That is why Business Mobile Banking was created.  You work on the go and it only makes sense that your business bank account at the Lake of the Ozarks would too.  What if you never had to drive to the bank to deposit a check?  How convenient would it be to always know the balance of your account without having to log into it?  That is the power and convenience of Business Mobile Banking.  If you are interested in learning more about how Business Mobile Banking puts the power of financial management and supervision right into your hands … keep reading today’s blog!

1) Mobile Deposit

We make it as easy as taking a picture of your check with your phone or tablet and securely submitting your deposit to be processed.  Imagine having your bank at your fingertips 24/7 … anytime, anywhere … for no added charge.  The payment you receive from your client can literally be in your bank account by the time you get back to your truck.

2) Payments and Transfers

Business Mobile Banking also allows convenient online Bill Pay and Transfers options.  It is not only hassle-free but completely flexible.  You can schedule a one-time payment to a person or a company, or you can set up recurring payments, so you don’t have to manually enter the data each time.  Even one less thing that you have to do or think about can help. You also have the convenience of transferring money between accounts to manage who has access to what.

3) Balances and Transactions

Of course, as a business owner, you always want to be aware of how much is in your account(s) and exactly what activity is occurring in real-time.  With Business Mobile Banking you can have a look at all your accounts, their balances, the transaction history, as well as recent and pending transactions.  Do you regularly need to know your balance instantly at a glance?  You have the option of enabling Instant Balance to preview your balance securely without logging in.

4) Approvals

Approvals are a powerful feature of the Mobile Business Banking App to help protect your business from fraud.  With Approvals, you are able to require your approval for payments and ACH transactions as they come in, from wherever you are whenever it is convenient.  This means you will always be able to supervise the transfers of large amounts of money and notice any suspicious requests or activity.  This can help you stop fraud before it happens, and you can even get push alerts on your phone to let you know when you have a transaction waiting on your approval.  Now that is total control coupled with convenience!

5) Secure Login



All of these handy features are accessed through the app which is available in Google Play or the Apple App Store.  The mobile login for the app uses the same multi-layer security that is used when you log in from your desktop.  We will make sure the credentials and devices you are logging in with match and are correct.  For an added layer you can also use Touch ID and Fingerprint Authentication to log in.

With all you have to take care of, First Bank of the Lake wants to make it as easy for you as possible with Business Mobile Banking. If you are ready for the convenience, control, and security of business banking at your fingertips, contact us today!  We are happy to answer any of your questions and help you get set up with ease.  Be sure to follow us on our social media channels listed below for more news and tips about banking at the Lake of the Ozarks.



First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, September 21, 2021

3 Ways to Control Exactly What Your Debit and Credit Cards Can Be Used For, with the CardValet App!

Control and convenience from an app on your phone, for the cards in your wallet – that is what it is all about. CardValet is a powerful app offered at First Bank of the Lake that gives you extensive access and control of your debit and credit cards. We have all had that moment when we can’t find one of our cards.  You remember the last time you used it, but you aren’t sure if you misplaced it or have lost it … or worse, maybe someone else “found” it. 

At that point you may wonder if you should you call the bank and close the card before someone empties your account.  What about all your automatic bill payments that are attached to that card?  Is it safe to wait and see it you can find it? Maybe it is a false alarm, and the card is in the pocket of the jacket you were wearing when you used it last. This is a terrible feeling, and it is all alleviated with the CardValet App from First Bank of the Lake. The CardValet App has so many wonderful features that allow you to monitor and control your cards. If that sounds like something you need, keep reading!

1) Lock and Unlock Cards

With the Card Valet App you have the ability to lock and unlock your card at any time.  When you lock your card, all transactions are blocked except your regularly recurring payments.  This is a useful feature when you want to give someone access to your card but only when and for how long you say so.  This is also great way to disable a lost or stolen card and prevent fraudulent activity.  Even better, it brings instant peace of mind anytime you “misplace” your card knowing that all transactions will be declined until you choose to unlock the card.

2) Monitor Spending

With the CardValet App, you will be able to see the details of each of your cards including a real time list of all your recent transactions. You also can set each card to send you alerts or notifications based on the criteria you set.  You can set each differently based on your needs, with the option to be notified based on transaction types, merchant types, location and spending limits.  That way even without checking the app regularly, you can be assured that if something unusual is happening, you will be informed immediately.

3) Limit Spending

In the same way as you specify your notifications, you can set up controls on each card to limit how it is used.  So, you input what transaction types, merchant types, locations and spending limits are acceptable for each card. If a purchase does not meet your criteria, it is declined.  This is the answer to so many situations!  Parents who want their kids to have an emergency card but only to use when you decide.  Or maybe you want your kids to be able to buy gas but not entertainment with your card.  Perhaps you need a debit or credit card for your business but feel uneasy about operating on just a trust system when it comes to giving your employees access to it.  With total control, you have the ease of giving access to your cards, with the peace of mind in knowing they will only be used for what is approved.

The best part is you have the power to do all this in real time with your fingertips!  If your employee has a flat tire in a company vehicle, you can immediately change the criteria and allow him or her to access your business bank account at the Lake of the Ozarks and make an emergency purchase.  Then as soon as the purchase is made, you can restrict the card again.  You can have a card that you only turn on when you make an online purchase and stays locked otherwise.  You can know exactly what you, your employees, or your kids are spending money on, as well as when, where, and how much. 

If having that kind of control and convenience over your banking at the Lake of the Ozarks is important to you, First Bank of the Lake is here to help! Find out more about the CardValet App on our website. To get the latest news and helpful tips, feel free to follow us on social media using the links below!




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, September 14, 2021

Recreational Vehicle Loans: We can help fuel your adventure!

People across the nation are embracing the RVing lifestyle like never before.  It is easy to understand, having an RV allows you the freedom to go where you want when you want, AND the convenience of having all your own things with you.  Plus, the RV lifestyle allows people to experience the places they visit more deeply as they tend to spend more time in one place and take in all it has to offer.  The relationships people are able to nurture are also pretty amazing.  Getting to hang out with other people, of diverse ages and backgrounds, who all have one thing in common … they love what the RVing lifestyle has to offer … is a huge part of the draw.

At First Bank of the Lake, we are here to help you fuel your adventure with great financing options for recreational vehicles at the Lake of the Ozarks.  So, you don’t just get to dream about having your own RV, we can help you make it happen!  If you are interested in joining the millions of Americans enjoying this way of life, read on to learn about all the perks of the RV life, and how getting a loan for a recreational vehicle at the Lake of the Ozarks can be easy and affordable.

Freedom.

With an RV, YOU get to choose.  Choose your view, choose your location, choose your neighbors … and if you don’t like your neighbors, you can easily move.  You are able to bring your pets with you, and you have the freedom to stop and hang out anytime along the way.  You are not limited to camping only when the weather is temperate, either.  Being able to decide your own destiny and change your mind at any moment … this is what appeals to so many RVers.

Experience.

People who embrace the RV lifestyle feel it allows them to see new places and experience things they would not have otherwise been able to.  There is a big difference between driving past a beautiful mountain and waking up at the base of it each morning in the comfort of your own RV!  You are not just visiting different places; you are experiencing them. Stay as little or as long as you like, it is up to you.  You will also find there is an entire community of like-minded people who enjoy meeting each other and sharing common interests – like the great outdoors.  In addition, families feel they spend a lot more time outside doing things rather than being couch potatoes. 

Convenience.

Owning an RV is not just about long distance or long-term travelling.  Many of our parents enjoy their RVs at sporting events, kids’ games, and other social events. Other people enjoy hunting or off roading or water sports and find having a RV makes it SO much easier to get out and do things comfortably – even if you only have the weekend.  After all, you don’t have to pack your gear.  It is always ready and waiting for you.

The convenience starts during the purchasing process, too!  Our clients have been so happy to find out that our loan process is easier than they expected.  We have great loan rates, affordable monthly payments, low origination fees, and discounts on your interest rate for signing up for automatic payments.  We are also proud to offer local decision-making from our experienced bankers!  We even help you with pre-approval to give you more bargaining power when you are ready to buy.


How to Get Started. 


First, find out how much of a loan you can afford with our handy loan calculators below.

Click here for the Enhanced Load Calculator.

Click here for the Payment Frequency Calculator.

 

Second, get started with your application online.

Click here for your Application Form.

 

Or come on in to meet the team and let us walk you through the process.

Click here to reach out to a loan officer.

 

At First Bank of the Lake, we are proud to be your partner it the dream of buying an RV at the Lake of the Ozarks.  Whenever you are ready, we are here for you.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Wednesday, September 8, 2021

Did You Know Contributing to a Traditional IRA Can Create a Current Tax Deduction?

What's your plan for retirement? You know the earlier you start planning the better off you are! On that note, our bank at the Lake of the Ozarks is here to give you a few helpful retirement terms in this week's blog. If you have any questions, please call First Bank of the Lake today at (573) 348-2265.



Did You Know Contributing to a Traditional IRA Can Create a Current Tax Deduction?


Contributing to a traditional IRA can create a current tax deduction, plus it provides for tax-deferred growth. While long term savings in a Roth IRA may produce better after-tax returns, a Traditional IRA may be an excellent alternative if you qualify for the tax deduction.


CALCULATE HERE


Definitions

Starting balance

The current balance of your traditional IRA.


Annual contribution

The amount you will contribute to your IRA each year. This calculator assumes that you make your contribution at the beginning of each year. For 2021 the maximum annual IRA contribution of $6,000 is an unchanged from 2020. It is important to note that this is the maximum total contributed to all of your IRA accounts. The contribution limit increases with inflation in $500 increments. An annual change to the contribution limit only occurs if the cumulative effect of inflation since the last adjustment is $500 or more.


If you are 50 or older you can make an additional 'catch-up' contribution of $1,000. The 'catch-up' contribution amount of $1,000 remains unchanged for 2021. In order to qualify for the 'catch-up' contribution, you must turn 50 by the end of the year in which you are making the contribution.


Current age

This current age of the account owner must 71 or less for this calculator. Although it is possible to make contributions to an IRA at any age when you have eligible income, this calculator does not take Required Minimum Distributions (RMD) into account, which begin at age 72 (or 70 1/2 if you were born before 7/1/1949) and is not designed for individuals that are required to make these distributions.


Age at retirement

Age at which you plan to retire. The age at retirement of the account owner must 72 or less for this calculator. Although it is possible to make contributions to an IRA at any age when you have eligible income, this calculator does not take Required Minimum Distributions (RMD) into account, which begin at age 72 (or 70 1/2 if you were born before 7/1/1949) and is not designed for individuals that are required to make these distributions.


This calculator assumes that the year you retire, you do not make any contributions to your IRA. For example, if you retire at age 65, your last contribution occurs when you are actually age 64.


Adjusted gross income

What you anticipate your income to be. This is used to calculate whether you are able to deduct your annual contributions from your taxes. It is important to note that there are no income limits preventing you from contributing to a traditional IRA. Annual income only affects your ability to make a tax-deductible contribution.


Maximize contributions

Check this box to contribute the maximum allowed to your account each year. This includes the additional catch-up contribution available when you are age 50 or over.


Total non-deductible contributions

The total of your traditional IRA contributions that were made without a tax deduction. Traditional IRA contributions are often tax-deductible. However, if you have an employer-sponsored retirement plan at work, such as a 401(k), your tax deduction is limited based on your income. This calculator automatically determines if your tax deduction is limited by your income.


Total contributions

The total amount contributed to this IRA.


IRA total before taxes

Total value of your IRA at retirement before taxes.


IRA total after taxes

Total value of your IRA at retirement after taxes are paid.


Total taxable account

Total value of your savings, at retirement, if the after-tax contribution amount is deposited into a taxable account. This value, which we call your 'Taxable Account Deposit' is calculated by assuming you could save an amount equal to the after-tax cost of contributing to a traditional IRA. Your 'Taxable Account Deposit' is equal to your traditional IRA contribution minus any tax savings. For example, assume you have a 30% combined state and federal tax rate. If you contribute $2,000 to a traditional IRA and qualify for the full $2000 tax deduction, the value of your tax deduction is $2,000 X 30% or $600. The after-tax cost of contributing to your traditional IRA would then be $2,000 minus $600 or $1,400. If you do not qualify for tax-deductible traditional IRA contributions, your 'Taxable Account Deposit' will be the same as your traditional IRA contribution.


In addition, all earnings in your taxable account are assumed to be taxable in the year they are earned.


Expected rate of return

The annual rate of return for your IRA. This calculator assumes that your return is compounded annually and your contributions are made at the beginning of each year. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2020, had an annual compounded rate of return of 13.8%, including reinvestment of dividends. From January 1, 1971 to December 31st 2020, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.8% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.


It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.


Current tax rate

Your current marginal tax rate you expect to pay on your taxable investments.


Retirement tax rate

The marginal tax rate you expect to pay on your investments at retirement.


Married

Check the box if you are married. Uncheck this box if you are unmarried or you are "Married filing separately". This is used to determine whether or not your annual contributions are tax-deductible.


This calculator assumes that if you are "Married filing separately" you have not lived with your spouse anytime during the last year. This qualifies you to use the "Single" deduction phase-out range instead of the much lower "Married filing separately" phase-out range when calculating your traditional IRA tax deduction.


Employer plan

Check the box if you have an employer-sponsored retirement plan, such as a 401(k) or pension. This is used to determine if you can deduct your annual contributions from your taxes. For more information on how an employer plan can affect your IRA tax deduction, see the definition for non-deductible contributions.



Ready To Retire?

Start planning for it as early as possible! We can help. First Bank of the Lake puts YOU first! To learn more about our retirement options, please visit our website listed below. You can also stay up to date on our latest helpful financial products we offer by following us on our social media channels listed below.





First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Friday, September 3, 2021

Let Us Help You Balance Your Checkbook!

Does balancing your checkbook sound like a daunting task? If so, then this is the blog for you! Many people probably think balancing their checkbook just sounds boring and stressful. Our bank at the Lake of the Ozarks is here to give you the tools you need to balance your checkbook STRESS- FREE, in this week's blog. If you have any questions, please call First Bank of the Lake today at 573-348-2265.



Let Us Help You Balance Your Checkbook!


Let us help you balance your checkbook. First, tell us the ending balance on your statement, then enter all of your outstanding checks and deposits. If your checkbook register matches our calculated amount, your checkbook is balanced! If not, you may need to verify that all of your withdrawals and deposits are correct and accounted for.


CHECK OUT OUR CALCULATOR HERE.


Definitions

Balance on statement

Your ending account balance as it appears on your statement.


Checks

Up to 10 checks written or other withdrawals you have made that do not yet appear on your statement. Be sure to include your ATM withdrawals.


Deposits

Up to five deposits made that do not yet appear on your statement. Be sure to include your ATM deposits.


Other checks

Total of all other checks you have written that do not appear on your statement.


Other deposits

Total of all other deposits you have made that do not appear in your statement.


Total checks outstanding

Total amount of all checks not included on your statement.


Total deposits outstanding

Total amount of all deposits not included on your statement.



Balance Your Checkbook Stress-FREE With First Bank of the Lake Today!

All of us here at First Bank of the Lake hope you found this blog enlightening. We understand how daunting balancing your checkbook can be, especially if you have made a ton of purchases lately. That doesn't mean it can't be done gracefully with the right tools! That's where we come in. Give us a call today to learn more about our financial tools that can help make your life easier. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.





First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265