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Check out helpful tips and highlights from our community involvement.

Your New-and-Improved Banking Experience

Resource Center

On September 24, 2018, we completed an upgrade to our banking platform, which introduced a number of changes. These changes are detailed in the "Important Dates & Transition Information" booklet distributed in August:

View the "Important Dates & Transition Information" booklet here.

Please find important resources below to help you quickly take advantage of all the new tools available.

Online Banking

Personal and business accounts are now separated to offer specialized functionality for each group. If you have only accessed personal accounts through Online Banking in the past, please log in to Personal Online Banking. If you have access to both business and personal accounts under a single username, please log in to Business Online Banking.

When logging in to Online Banking at www.tworiver.bank for the first time using an existing username, please follow the instructions below.

Personal Online Banking

Enter your existing username in all lowercase letters (please note this field is case sensitive).
Enter the last four digits of your Social Security number as the Password/PIN.

Business Online Banking

Enter your existing username in all lowercase letters (please note this field is case sensitive).
Repeat your existing username in all lowercase letters as the Password/PIN (please note this field is case sensitive).

Mobile Banking

After logging in to the new Online Banking system, you can access your accounts in the new Two River Community Bank mobile apps.

If you have only accessed personal accounts through Online Banking in the past, please download and log in to Two River Bank Mobile.

Download Two River Bank Mobile on the App Store.

Download Two River Bank Mobile on Google Play.

If you have access to both business and personal accounts under a single username, please download and log in to Two River Bank Business.

Download Two River Bank Business Mobile on the App Store.

Download Two River Bank Business Mobile on Google Play.

Cards

As a reminder, all debit card PINs expired on September 24, 2018, and are reset by calling 1.800.992.3808.

All ATM cards expired on September 24, 2018. If you would like to order a new ATM card, please contact your local branch.

Business Tokens

To establish a new soft token for access to ACH or wire transfers in the new Online Banking and Mobile Banking systems, please follow the activation instructions on or after September 24, 2018.

View Soft Token Activation Instructions.

If you will be using a hard token, please contact your local branch for an additional copy of the Hard Token Activation Instructions.

Telephone Voice Banking

The telephone number for Telephone Voice Banking changed on September 24, 2018. The new telephone number is 1.877.511.TRCB (1.877.511.8722).

Web Connect

If you have used Direct Connect or Web Connect with Quicken or QuickBooks, please follow the instructions below to establish your connection via Web Connect or Express Web Connect through the new Online Banking system.

Additional Resources

Learn about all of the benefits available to you in Online Banking and Mobile Banking by viewing our Online Tutorials.

View Online Tutorials.

Questions

If you have any additional questions, please do not hesitate to contact us.

Protecting Yourself Online during the Holiday Season

'Tis the season for online shopping. While there can be many advantages to using the internet for holiday shopping, it can also make users vulnerable to fraud, identity theft and other scams. December is Identity Theft Prevention and Awareness Month, and we are providing tips (courtesy of American Bankers Association) that can help you stay safe online this holiday season:

Keep your computers and mobile devices up to date. Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
Set strong passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from unfamiliar sources. Click here for more information on the latest scams.
- If you suspect that you received a phishing email, please forward that email to the Federal Trade Commission (FTC) at spam@uce.gov – and to the company, bank or organization impersonated in the email.
Recognize and avoid phony website links. Cybercriminals embed malicious links to download malware onto devices and/or route users to phony websites. Hover over suspicious links to view the actual URL that you are being routed to. Fraudulent links are often disguised by simple changes in the URL.
Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security questions in the password reset tools. Lock down your privacy settings and avoid posting things like birthdays, addresses, mother’s maiden name, etc. Be wary of requests to connect from people you do not know.
Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network. For more information, please see the Federal Trade Commission’s tips for selecting a VPN app.
Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider doing business elsewhere.

Disclaimer: The information provided in this article is for general informational purposes only, and Two River Community Bank makes no representation whatsoever as to its accuracy or completeness. It should not be either construed as, or relied upon as, advice or an opinion. Before making any decision which relates to the subject matter of this article, seek the advice of a knowledgeable professional. Two River Community Bank will not be responsible for any errors or omissions in this article, or for any expenses, loss or damages which may be attributable to the use of the information contained in this article.

Tips to Help Avoid Holiday Spending Headaches

Holiday Shopping Debt Searching for the perfect gift for a loved one this holiday season? Gifts come in all shapes, sizes and prices. It is important to have a spending plan to avoid stressful debt that can cause headaches this holiday season and beyond. Here are six tips to help avoid holiday spending headaches this year:

Plan ahead. Before you start shopping, develop a realistic budget for holiday expenses. Figure out your bottom-line number and set aside holiday cash in increments. If you need to use your credit card, think about what you can afford to pay back.
Keep track of other costs. Don’t forget costs beyond gifts, like postage, gift wrap, decorations, greeting cards, food, and travel. Keep in mind the end of the year is a time when large annual or semi-annual costs like car insurance, life insurance and property taxes arise.
Make a list and check it twice. Try to be as accurate as possible, noting how much you want to spend on each. If you’re thinking about donating to charities, factor in the total amount you plan to donate and how much each charity will receive.
Shop early and space out purchases. Avoid shopping while rushed or under pressure, as that can lead to overspending. Consider comparing prices online; you can even download an app that lets you compare prices before you buy anything in a store. Before you head to the cashier or online checkout, make sure your purchase is within the budget you set.
Avoid impulsive spending decisions. Finding a great sale on something you’ve been wanting can easily throw your budget off course. It is important to stay strong and stick to your budget. Don’t be blinded by limited-time incentives geared toward getting you to spend more.
Save your receipts and get acknowledgements for charitable donations. Not only will you need receipts for possible returns, but you’ll also need them to keep track of what you’ve spent this holiday season. Knowing how much you spent can help you plan for next year. If you have made a donation to charity it is important to keep the acknowledgement letter for charitable donations so you can receive a tax deduction in the spring.

Card Fraud Monitoring Service Message - November 6, 2018

As part of Two River Community Bank’s transition to its new banking platform in September 2018, debit card fraud monitoring also transitioned to a new provider.

If fraudulent activity is suspected on your Two River Community Bank debit card, you will continue to be alerted by phone. If you wish to receive suspected fraud notifications via text message, you must enroll in text message notifications. Please note that enrollment is required even if you have enrolled prior to September 2018.

Between November 6 and November 8, 2018, all debit card holders who have a mobile phone number on file with Two River Community Bank will receive a text message from Two River Community Bk offering the ability to opt in for card fraud monitoring alerts via text message.

If you do not wish to enroll in text message notifications of suspected debit card fraudulent activity, you can follow the instructions in the enrollment text message to opt out of the service. If you do not respond to the enrollment text message within seven days, you will automatically be opted out of text message notifications.

If you have any questions about debit card fraud monitoring, please do not hesitate to contact your local branch.

Shred Day 2018!

Join Us at Our Free Shred Day!

Saturday, November 3
9am - 12pm

Sea Girt Branch
1314 Sea Girt Avenue
Sea Girt, NJ 08750
732.292.8050

Cranford Branch
245-249 North Avenue West
Cranford, NJ 07016
908.931.0050

Shred It and Forget It.

Protect against fraud and identity theft.
Bring up to 3 medium sized boxes of materials to shred.*
Professional on-site shredding service provided by IntelliShred.

What to Shred:

Bills – Keep receipts for large purchases. Shred only after payments clear and after return or refund periods expire.
Credit Card Statements – If they contain tax related expenses, keep the statements for 7 years in case you’re audited by the Internal Revenue Service. Otherwise, keep them for one year and then shred them.
Credit Card Receipts – Keep them for one year in case you need to return defective goods, and then shred them.
Monthly Banking Statements – Keep monthly statements that contain tax-related expenses for 7 years. Otherwise, keep them for one year and then shred them.
Investment Account Statements – Keep year-end statements for 7 years, but you can shred monthly or quarterly statements as new ones arrive.
Retirement Statements – Keep year-end statements for your 401(k), individual retirement accounts (IRAs), and Keogh plans until you retire or close the account, and keep Form 8606 if you’ve made nondeductible IRA contributions. Shred quarterly statements after you receive your annual summary and verify that everything is correct.
Paycheck Stubs – Shred the stubs after you receive your annual W-2 and verify that the information is accurate. Keep the last paycheck stub of the year.
Tax Records – Keep a copy of all 1040 tax forms permanently. Remember: The IRS has 3 years to audit your return, but if you under report your gross income by 25% or more, the IRS has 6 years to challenge it. And if you file a fraudulent return or don’t file one at all, the IRS can go after you at any time.

8 Tips to Protect Your Identity

National Cybersecurity Awareness Month According to a recent study, more than 15 million U.S. consumers were victims of identity theft in 2016, up from nearly 2.4 million victims in 2015. As identity theft continues to be a major threat, Two River Community Bank is offering tips to help consumers proactively protect their information from identity thieves. With threats at an all-time high, it is extremely important that consumers take extra precaution, making sure not to share passwords or identifying information with just anyone who contacts you online or over the phone.

In honor of National Cybersecurity Awareness Month, here are some tips to help you protect yourself from becoming a victim of identity theft:

Don’t share your secrets. Don’t provide your Social Security number or account information to anyone who contacts you online or over the phone. Protect your PINs and passwords and do not share them with anyone. Use a combination of letters and numbers for your passwords and change them periodically. Do not reveal sensitive or personal information on social networking sites.
Shred sensitive papers. Shred receipts, banks statements and unused credit card offers before throwing them away. If you want a free professional shredding service done then please join our Cranford or Sea Girt locations for our Shred Day on November 3 from 9 am- 12 pm! More information will be provided at www.tworiver.bank.
Keep an eye out for missing mail. Fraudsters look for monthly bank or credit card statements or other mail containing your financial information. Consider enrolling in our eServices to reduce the likelihood of paper statements being stolen. Mailing your bills from your own mailbox with the flag up could signal for fraudsters. If you are going to mail out your bills then use mailboxes or the letter slots at the post office.
Use online banking to protect yourself. Monitor your financial accounts regularly for fraudulent transactions. Sign up for text or email alerts for certain types of transactions, such as online purchases or transactions exceeding a certain amount.
Monitor your credit report. Make sure to monitor your credit report to catch any possible signs of fraud. You can get started at annualcreditreport.com.
Protect your computer. Make sure the virus protection software on your computer is active and up to date. When conducting business online, make sure your browser’s padlock or key icon is active. Also look for an “s” after the “http” to be sure the website is secure.
Protect your mobile device. Update your smartphone to the latest software and app versions. Use Touch ID, a strong passcode, and utilize the password storage on your smartphone to make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially for senders you don’t know. Also avoid public Wi-Fi. When you go to any place that offers free Wi-Fi, you should only connect if the connection is password-protected. A public Wi-Fi makes it easy for outsiders to view your online activity. If you must use public Wi-Fi, do not check your bank statements, pay your bills, or any other sensitive information.
Report any suspected fraud to your bank immediately.

How to Work With a Financial Advisor

Couple Holding Tablet Reviewing Finances

Your financial advisor is your partner in working toward a sound financial future. Here’s how to get the most from this important relationship.

No matter what your level of investment experience or sophistication, you may benefit from developing a relationship with a financial advisor. Why? Because a qualified financial advisor is trained to analyze your personal financial situation and prepare a program designed to help you address your financial goals and objectives.

Financial advisors are often trained as accountants, lawyers, insurance agents, or stockbrokers — all professions that have a relationship to different aspects of your financial well-being. Because of this association with another profession, a financial advisor frequently will specialize in a specific type of financial planning, such as retirement planning or estate and trust planning. While their experience and qualifications often vary, financial advisors (also called financial planners or financial consultants) can earn various professional designations that can boost their credibility and your confidence.

Most people can benefit from professional guidance when they venture into the complex and confusing world of managing their financial affairs. A financial advisor will be able to assess your risk tolerance, analyze your resources and current asset allocation, take into account your tax liability, and make investment recommendations in the form of a written financial plan that will help you to pursue your goals. The plan may help ensure that your current and future assets are used to their best advantage given your current financial situation and your financial goals.

A flurry of new investment products, the emergence of global investing, the shift from company-funded pension plans to employee-driven retirement plans (like 401(k) plans), and uncertainty about Social Security have all contributed to the increased need for qualified financial advice. No matter what your level of investment experience or sophistication, you may benefit from developing a relationship with a financial advisor.

What Is a Financial Advisor?

A qualified financial advisor is trained to analyze your personal financial situation and prepare a program designed to help you address your financial goals and objectives. It might be helpful to think of your financial advisor as a kind of doctor for your financial health.

Financial advisors (also called financial planners or financial consultants) can earn certifications or designations by completing accredited courses of study. Two of the most common are the Certified Financial PlannerTM (CFP®) certification, which is awarded by the Certified Financial Planner Board of

Standards Inc. and the Chartered Financial Consultant (ChFC) designation, which is awarded by the American College of Financial Services in Bryn Mawr, PA. There is also the Registered Financial Planner, which is a designation awarded by the International Association of Registered Financial Planners.

Financial advisors are often trained as accountants, lawyers, insurance agents, or stockbrokers -- all professions that have a relationship to different aspects of your financial well-being. Because of this association with another profession, a financial advisor frequently will specialize in a specific type of financial planning, such as retirement planning or estate and trust planning. Financial advisors are usually compensated in one of three ways. They may:

Charge a fee for their time and service, but sell nothing.
Give free advice, but charge a commission on transactions involving investment products such as mutual funds, stocks, bonds, and insurance products.
Charge both a fee and commission on transactions.

Although all three methods of compensating financial advisors are popular, some people prefer to simply pay a financial advisor for services provided, in much the same way you would pay an accountant or a lawyer for advice.

Benefits of Working with a Financial Advisor

Building a Good Relationship

Knowing what to expect from your financial advisor can help establish a long and prosperous relationship.

Here are some questions to ask to establish a working relationship with your advisor.

What is your educational background?
What (if anything) did you do before becoming a financial advisor?
Do you offer specific or general recommendations?
Will you help to implement these recommendations?
Do you offer financial advice on noninvestment issues, such as estate law or accounting?
If so, at what point would you bring in someone else to help?
How do you keep in touch with your clients?
Do you initiate annual reviews, or should I?

Building a Relationship

Many events may be catalysts to seek financial help, such as planning for retirement or establishing a college fund or even changing jobs, but once you have established a relationship with a financial advisor, you will probably find a number of other ways you can benefit from working with him/her.

At your first meeting, you and your advisor will identify your financial needs and investment goals. Although it sounds simple, this can be harder than you think. Your advisor will be able to ask you the right questions to help you to determine what your goals are, just in case you aren't sure yourself.

To prepare for your first meeting, call your advisor and ask what specific documents and information you should bring. These may include essential documents such as wills, copies of insurance policies, pension information, and investment account statements. In addition, you should be prepared to answer or at least discuss the following questions:

Retirement- When do you plan to retire? In what style do you expect to retire? Do you have any retirement savings?

Income and Savings- What is your current income and rate of savings? Do you anticipate a change in jobs, leaving a job to stay home with children, or starting your own business?

College- Do you have plans to fund or help fund your children's education?

Disasters- Are you prepared for the unexpected? If you lost your job, had a serious accident, or contracted a serious illness, would you be prepared financially?

Estate Planning- Do you have a will? Have you considered the tax implications of transferring your estate to your heirs?

After you and your financial advisor have established your investment goals and objectives, your advisor will create a plan for you and review this with you. Among the objectives, the plan may include making sure you have sufficient insurance, that you have cash reserves to meet unexpected financial needs, and that specific short- and long-term goals are provided for. The plan may also involve reallocating some or all of your assets into more suitable investments that fit your risk tolerance and your investment goals. In addition, the plan will recommend where to invest future assets (regular savings or lump-sum payments), and how much you will need to save to achieve your financial goals.

After you and your advisor have agreed on a plan of action and implemented it, all you need to do is schedule annual financial reviews to make sure the plan works to your satisfaction and that none of your goals have changed over time. And if you have major changes or events in your life, keep your financial advisor informed of these. Some examples include a change in marital status, the birth of a child, a change in income, or receiving an inheritance.

Taking Charge

To work successfully with a financial advisor, you need to build a solid relationship based on trust and mutual respect. And most important, you need to be involved. Often, the least successful relationships are those in which the client is not very involved.

By deciding to consult a financial advisor, you have begun to take charge of your finances. A professional financial advisor will help you identify your investment goals and create a plan that may help achieve them. In the years to come, your advisor can become a trusted friend and confidant. And together, you will have implemented a strategy to that seeks to maximize the earning power of your assets so that they are working toward creating a more confident financial future for you.

The investment products sold through LPL Financial are not insured Two River Community Bank deposits and are not FDIC insured. These products are not obligations of Two River Community Bank and are not endorsed, recommended or guaranteed by Two River Community Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

Two River Community Bank and Investment Services at Two River Community Bank are not registered broker/dealers and are not affiliated with LPL Financial.

Article courtesy of DST Systems, Inc. Because of the possibility of human or mechanical error by DST Systems, Inc. or its sources, neither DST Systems, Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall DST Systems, Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content.

Tips for Your Back to School Shopping

Blog- Tips for Your Back to School Shopping We are weeks away from back to school! Parents, are you ready? Students, are you ready? Whether preparing for kindergarten or college, here are some tips to save on supplies:

See What You Have Already

To help you prepare for the upcoming school year, see what you have already. Start by rounding up all the office and school supplies you already own around the house. You might be surprised with the supplies lying around. Make sure to check closets, desk drawers, and bins that could hold supplies which could ultimately save you money.

Make a List

Once you have collected all the supplies around the house, make a detailed list of the supplies that are needed. Having a detailed shopping list will help you set a budget for your shopping.

Compare Prices

Before you hit any stores or place any orders, compare prices of the items needed. You may be able to find significant savings on items such as:

Electronics
Dorm furnishings
Food
Personal care items
School supplies

Consider utilizing your local dollar store for bargains on school supplies like notebooks, pencils, tape, and scissors.

Don’t forget to look to your grocery store or neighborhood drugstore for bargains on other school supplies and personal care items. Check local circulars, as you might be surprised to find that some items may be cheaper when they’re on sale at a locally owned store rather than a big-box retailer.

Stick to Your Budget

Having a back-to-school budget is important. It is so easy to spend hundreds of dollars on items that are not needed. Knowing “needs” from “wants” is important to sticking to your budget. If a binder is needed, get the binder that is within the budget. It may be tempting to have that fancy binder with the neat features, but that is a “want” and could quickly derail your budget. Make sure you stay on course with your list and your budget.

Hopefully these tips will help you be prepared for this upcoming school year. This is an exciting time for parents and students, and kicking things off with a smart budget can help set the stage for success all year. Two River Community Bank would like to wish all the students going back to school a great year!

Eighth Annual Women in Banking Conference

Blog - TRCB Group Photo Two River Community Bank was proud to sponsor the 8th Annual Women in Banking Conference, held at The Palace at Somerset Park in Somerset, New Jersey. The proceeds raised help benefit Eva’s Village, a comprehensive anti-poverty organization located in Paterson, New Jersey.

Approximately 430 attendees learned about topics ranging from negotiation and leadership skills to identifying unconscious bias in the workplace to transforming fear into power. Author and inspirational speaker, Dima Ghawi, was the headline speaker who, on an annual basis, ignites the untapped potential in women across the globe, empowering them to shatter limitations and become courageous, purpose-driven leaders. She inspired the attendees to “shatter their own vases” and see that the “the beauty is in the cracks.”

Three breakout sessions were led by Lauren Hammer of Hammer Leadership, “It’s OK to say No!”; Dr. Patti Ippoliti, Assistant Professor of Professional Practice at Rutgers Business School, who lead “Unconscious Bias in the Workplace”; and Susan Mach, owner of Mach Creative Service, “Negotiating While Female: How to Get What you Deserve with your Integrity Intact.”

The event closed with Keynote Speaker, Morris Morrison, who provided the story behind an unforgettable message. The crowd laughed, cried, and were inspired by his message, “When our MINDS are open, or our HEARTS are broken” is when we can change and grow. Check out some of the highlights below:

Blog - Group of Women in Banking

Blog - Check Presentation

Blog - Ball Room

United Way of Monmouth and Ocean Counties Book Drive

Blog - Girl sitting on books

In honor of the United Way’s Day of Action 2018, Two River Community Bank was proud to partner with the United Way of Monmouth and Ocean Counties to collect books for K-3rd grade children in need within our communities. Thanks to generous contributions from participants, the Bank was able to double our total from last year and donate 2,348 books. The donations will help to prevent the “summer slide” and will support early grade literacy through the summer months and beyond. Check out some of the highlights below:

Blog - Women collecting books

Blog - Tinton Falls table with books

Blog - Employee Donating Books

Blog - TRCB employees in front of United Way van

Blog - Back of Van

Five Things Millennials Should Consider Before They Rent or Buy

Blog - Couple looking at house Moving out on your own is an exciting time, but can also be stressful. Before that thought comes to fruition, here are five things you may want to consider:

How much money do you have saved up?
If you have not yet outlined your budget, here is how you can start. Creating a budget can help you figure out how much money you have for a deposit on a rental or a down payment. Be mindful of keeping enough for an emergency fund. Some experts say it is a good idea to have three to six months of living expenses to cover unexpected costs.
How much debt do you have?
Consider all of your current and future financial expenses, including your car payment and insurance, credit card debt, and student loans. Make sure you will be able to make all the payments in addition to the cost of your new home.
What is your credit score?
Once you determine that you are able to cover the expenses of moving out, it is a good idea to check your credit score. Expect to have your credit history examined by a landlord or a lender, as it signifies the likelihood of your paying the rent or mortgage on time.
Have you factored in all the costs?
Find the average cost of utilities in your area, factor in gas, electricity, water and cable. Consider other costs like purchasing furniture, groceries and other daily needs. Renters should consider the cost of rental insurance. If you are planning to buy a home, factor in taxes, mortgage insurance and possibly a homeowner association fee.
How long will you stay?
Generally, the longer you plan to live someplace, the more it might make sense to buy. Over time, you could build equity in your home. On the other hand, renters have greater flexibility to move and generally have fewer maintenance costs. Carefully consider your current life and work situation and think about how long you want to stay in your new home.

Hopefully, after consideration, you are able to say, “I am moving out!” If you are ready to purchase a home, Two River Community Bank can help you get started on the process today!

Two River Community Bank’s Corporate Beach Sweeps 2018

Thank you to Clean Ocean Action for leading our Corporate Beach Sweeps team at Sandy Hook. Together, we collected nearly 1,300 pieces of debris, including 263 caps and lids, 317 plastic pieces, and 234 food/candy wrappers. We even found a lawn gnome! Clean Ocean Action is a leading national and regional voice working to protect waterways using science, law, research, education, and citizen action. It truly was an eye opening experience to see what is in our waterways. Check out some of the highlights below:

Blog - TRCB Group Beach Sweeps

Blog - Woman collecting debris

Blog - People Collecting data

Blog - Men collecting data

Blog - TRCB Group walking back after Beach Sweeps

Blog - Men collecting debris

Balancing Act: Saving for Both Retirement and College

Blog - Funding Saving Benefit Linda and Peter are worried about their financial future. “We want our one-year-old son, Raymond, to go to college, but we’re concerned that in 17 years, the cost might be more than we can afford,” says Peter. “We also need to save for our retirement,” adds Linda. “Can we reach both of these goals?”

Linda and Peter aren’t alone. Millions of Americans are finding it a struggle to balance the high cost of higher education while saving for their own retirement. If you’re one of them or would like to help someone faced with this situation, put your worries aside. Fortunately, there are steps you can take to help overcome this double-sided planning hurdle.

For example, because Linda and Peter won’t need their money for 17 years, they decided to begin investing now and often. Starting a regular investment program long before needing the money can potentially work in their favor. That’s because of compounding – which is what happens when previous earnings from an investment remain invested and, in turn, earn more money.

They also decided to make the most of their contributions by investing in vehicles that would generate important tax benefits. They chose to funnel $100 each month into a 529 College Savings Plan, which would allow their contributions to benefit from tax-deferred growth and tax-free withdrawals. Meanwhile, they also set aside $200 a month into an IRA. When they receive raises, Linda and Peter will increase their contributions to both accounts.

Getting a Late Start

Sandy and Paul have a different issue. “We don’t want to be a financial burden on our kids when we’re older, so we’ve always opted to max out our 401(k)s and IRAs, which limited the amount left to contribute to a college fund,” says Sandy. “Now our twins are 16, and we’ve only managed to save $8,000 for their college expenses.”

“Fortunately, my parents have helped out by investing $22,000 in UGMA custodial accounts,” says Paul. “We should be eligible for loans and maybe the girls will receive scholarships. It won’t be a cake walk, but at least we should be able to get them through college without sacrificing our retirement.”

Planning Is Key

If you’re feeling overwhelmed while investing for long-term financial goals, why not create a workable financial plan and begin to invest regularly? Over time, even small sums of money invested could potentially add up. And by all means, don’t forgo investing for your own Golden Years. After all, there are no retirement scholarships. Investing in an IRA has many benefits. For example, assets held in an IRA will not affect your eligibility for financial aid, and if need be, usually you can make penalty-free withdrawals for qualified higher education expenses.1 With a traditional IRA, you may benefit from a tax deduction now while your earnings grow tax-deferred. With a Roth IRA, you make contributions with after-tax dollars, but qualified withdrawals will be tax-free.

Don’t Go It Alone

These are just some ideas for stashing away money for both college and retirement, but don’t make important financial decisions in a vacuum. Remember the role that your financial consultant can play in helping you solidify your financial future. Get started today by contacting Wealth Advisor Michael Emerson at 732.216.0169 or michael.emerson@lpl.com.²

1 Non-qualified withdrawals may be subject to a 20% withholding and a 10% federal penalty tax in addition to ordinary income tax.
2 Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

The investment products sold through LPL Financial are not insured Two River Community Bank deposits and are not FDIC insured. These products are not obligations of Two River Community Bank and are not endorsed, recommended or guaranteed by Two River Community Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

Two River Community Bank and Investment Services at Two River Community Bank are not registered broker/dealers and are not affiliated with LPL Financial.

Article courtesy of Wealth Management Systems Inc. Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.

©2018 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.

Being a Creature of Habit for Financial Success

Blog - Woman on computer As we wrap up Financial Literacy Month, we hope you enjoyed reading about financial tips as much as we enjoying writing them. Here are some highlights to help you be a creature of habit for financial success:

Be tech savvy by downloading your banks’ mobile app, signing up for eStatements, and setting up automatic bill pay. These are designed to be convenient and safe for you to use. You can truly understand your account by having account balances and transaction history at any time. In addition to knowing your account, you reduce the risk of identity theft by reducing the clutter of sensitive information you have.
Create a budget. Be knowledgeable of what you spend and gain in a month. This will help you better understand if you need to consider cutting back on expenses or if you are comfortable with your savings each month. Creating a budget could lead to you reaching your financial goal.
Make saving easy and a part of your lifestyle. Shop around by choosing the bank that offers the lowest fees, a wide range of services, and the customer service that you deserve. You can make saving easy by setting up an automatic transfer from one account to another by having a specific amount transferred every pay period.

Now that we have highlighted three healthy habits, here are three habits we encourage you to leave behind:

Do not stop! It is so easy to lose focus after a couple of days, but for you to be successful you will need to stick to these habits.
Not taking advantage of financial tools. There are so many options that can give you powerful insight into your finances. Tools like the major credit bureaus that offer free reports and check for any possible errors or fraud, or using apps that track what you are spending in a day can give you that knowledge to help you reach your goals. So, take advantage!
Do not just think small. We can help play a big role in preparing you for major life events such as planning for college, buying a new home, or saving for retirement. Ask a Two River Community Bank Customer Service Representative how we can help you with those decisions.

In conclusion, we want you to have healthier financial habits that can help you reach your goals. Look back at our blog posts and ask yourself this, “What can I do better going forward, to reach my financial goal?”

How to Create a Budget

Blog - Man writing while holding a phone Hopefully, you have been keeping up with us on social media. If you have, then you know that it is Financial Literacy Month! This week we are going to highlight how to make a budget for your financial goals:

The first step is to be knowledgeable of your finances. For one month, track what you spend. Do this by keeping receipts and writing expenses down in a journal or logging them in a budget tracking app. By doing this, you will know what you are spending in a month and where you can cut back.
Now that you know how much money you are spending per month, you will want to determine the total amount of money coming in. To determine this, you are going to track any kind of income you make in a month. Factor in paychecks, social security, tips, and anything in between.
After you have found out what your monthly income is, take that figure and subtract your monthly expenses. Assuming your monthly income and expenses are relatively consistent on a monthly basis, you now know if you are gaining or losing money each month. If you’d like to increase your net savings each month, consider cutting back on expenses where you can (restaurants and coffee shops are usually an easy starting point). If you are comfortable with your savings each month, make sure you are earning on those dollars in a savings account or investing those funds toward long-term goals like college or retirement.
Finally, and most importantly, do not stop. It can be easy to lose focus after a couple of weeks, but for you to be successful in creating a budget that could lead to you reaching your financial goal, you will need to stick to it. Remember that effective budgeting can be rewarding!

Just remember, by keeping track of your spending every month and updating your budget, you can achieve your financial goal. When you succeed, set another goal!

6 Tips for Spring Cleaning Your Finances

Blog - Person holding phone We started this tax season with tips to protect your personal information and worthwhile ways to use your tax refund, but now that tax season is coming to a close it is time to take a look at your budget and bank accounts. April is Financial Literacy Month, and to get you prepared we highlighted 6 tips to help organize your finances:

The first step to help organize your finances is to evaluate your situation. Review any debt you may have and see what you are paying in interest. If you are able to, start chipping away at loans with the highest interest rates or eliminating any smaller debt first.
Review your budget. A lot can change in a year. If you had been promoted at your job, had a child, or even became a new homeowner or renter, be sure to update your budget. For long-term goals, Investment Services at Two River Community Bank is available to help.
Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors or fraud. Catching any kind of error or fraud early enough can help you get that loan you need at the time you need it.
Download our mobile app. From your mobile device you can access convenient and secure services. In addition to displaying account balances and transaction history, enjoy features such as: Snap & Go Mobile Deposits, Person-to-Person Payments, Bill Pay, and more.
Sign up for eStatements. When you choose to have your statements delivered electronically, you are doing more than simplifying your finances. In addition to clearing out the clutter and reducing the risk of identity theft and mail fraud, eStatements are good for the environment.
Set up automatic bill pay. By signing up for automatic bill pay, you will never have to worry about a missed payment.

When you think spring cleaning, many tend to think about cleaning at home. Don’t forget this is a great time to make sure your finances are in order. Hopefully, these 6 tips for spring cleaning your finances are helpful in keeping you on the right track.

Brookdale Learn at Lunch

Recently, Two River Community Bank welcomed Brookdale Community College students and alumni to Learn at Lunch. This event was designed to offer insight from established professionals in support of career development. Students and alumni heard from senior leadership across various departments in the Bank and were given the opportunity to ask questions over lunch. Overall, the event was a success as students and alumni took back with them valuable information on developing and enhancing their careers.

Blog - Brookdale Learn Lunch woman talking to group

Blog - Brookdale Learn Lunch students and alumni launching

Blog - Brookdale Learn Lunch students and alumni listening

Blog - Brookdale Learn Lunch People talking

Blog - Brookdale Learn Lunch woman speaking

Blog - Brookdale Learn Lunch man talking

Worthwhile Ways to Use Your Tax Refund

Blog - Tax Refund Tips Now that you know how to protect your personal information this tax season, it is time to consider how to make the most out of any refund you may receive. Below are six options to help you reach your goals:

Have existing debt? Putting your refund toward high-interest balances can help provide peace of mind. Just remember to understand any potential penalties ahead of time.
Some experts recommend maintaining an emergency fund holding at least two months’ worth of living expenses. If you are interested in establishing or building on your emergency fund, a savings account may be a strong option allowing you to earn interest while maintaining liquidity in case that dreaded expense or hardship does happen to arise.
It is never too early or late to invest in your future. Whether you are planning for retirement or getting a head start on your child’s savings, your tax refund could provide a valuable foundation or contribution. For more information about your options, Investment Services at Two River Community Bank is happy to help.
Another good option may be investing in your home. Getting those cost-effective appliances you have always wanted or making your vision for that room come to life could benefit resale value while making your home more comfortable. If you have more substantial renovations in mind, Two River Community Bank can help with a home equity line of credit.
If you have the flexibility, the money you receive can help you and your family enjoy a little vacation time. It is always a good thing to take your mind off of things and to relax.
Consider paying it forward. There are many worthwhile nonprofit charitable organizations in Monmouth, Ocean, Middlesex and Union Counties that can use support. Plus, your donation may be tax deductible next year.

Hopefully, our worthwhile ways to use your tax refund can help you make the most out of any money you may receive this year.

Protecting Your Personal Information This Tax Season

Only a few weeks into the tax filing season, the IRS has already identified a new scam involving cybercriminals stealing data from tax professionals through phishing schemes. As the threats of identity theft and fraudulent tax returns evolve, it is important to remain diligent in the protection of your personal information. Consider these tips to protect yourself this tax season:

Use strong, unique passwords everywhere. Use phrases instead words. Use different passwords for each account. Use a mix of letters, numbers and special characters.
Never take an email from a seemingly familiar source at face value. Today it is easier than ever for data thieves to produce messages that look like they came from family, friends, and other trustworthy sources.
Consider a verbal confirmation by phone if you receive a suspicious email. If you are questioning a commercial message, be mindful the email may contain a fraudulent phone number, so you should verify the number you are calling with an official website.
Avoid public Wi-Fi. When you go to a coffee shop, airport, or any other place that offers free Wi-Fi, you should only connect if the connection is password-protected. A public Wi-Fi makes it easy for outsiders to view your online activity. If you must use public Wi-Fi, do not check your bank statements, pay your bills, or file your tax return.
File early. The sooner you file your return, the less time criminals have to file a fraudulent return with stolen information.
File securely. If you file by mail, file by the post office or an official postal box as it is more secure than your home mailbox, which is a popular target of criminals during tax season. If you or your accountant file online, make sure software, internet connection, and email provider are highly secure.
Protect hard copies of sensitive documents by keeping them in a safe place and shred what you don’t need. Also, keep your mailing address current with your bank, credit card companies, lenders and tax authorities so mailings with your sensitive data do not end up in the wrong mailbox or the trash.
Watch for W-2s. If your employer snail mailed or emailed W-2s and you haven’t received yours, contact the IRS right away to make sure it wasn’t intercepted.

If you think you’re a victim of tax identity theft or you receive a notification from the IRS that says a return has already been filed in your name, do the following right away:

Call the IRS Identity Protection Specialized Unit at 1.800.908.4490.
Submit IRS Form 14039.
Call your banks and close any compromised accounts.
Place a fraud alert on your credit records with the three major credit bureaus.
File your tax return as you normally would. Even identify theft doesn’t relieve you of this responsibility.

Tips for Avoiding Online Dating Scams

Social media networks and dating websites have become increasingly popular tools for meeting and communicating. Unfortunately, fraudsters have capitalized on this trend and often create fake profiles to lure in victims, establish romantic relationships and eventually, extort money.

According to the FBI, over $220 million was lost in 2016 to online romance scam artists. This type of scam in particular has targeted older Americans. Approach these relationships with caution so you don’t end up with a broken heart and an empty wallet.

If you’re concerned that you or a loved one are being scammed, Two River Community Bank recommends taking the following precautions:

Slow down – and talk to someone you trust. Don’t let a scammer rush you.
Never wire money, put money on a gift or cash reload card, or send cash to an online love interest. You won’t get it back.
Contact your bank right away if you think you’ve sent money to a scammer.
Report your experience to the online dating site, the FTC and the FBI.

To learn more about online dating scams, view the ABA Foundation and FTC’s infographic.

Children’s Book Drive in Monmouth County

Two River Community Bank’s Monmouth County branches are collecting new & gently used books for children in the community from K – 3rd grade. Book donations may be dropped off during branch operating hours through June 9, 2017. Please be sure the books are not worn or damaged. All books collected will benefit and be distributed by United Way of Monmouth & Ocean Counties to help prevent the “summer slide” for children in need.

The Two River Community Bank book drive is one of hundreds of initiatives taking place across the world in support of the United Way’s Day of Action. To learn more about ways you can get involved, visit https://www.unitedway.org/get-involved/take-action/united-way-day-of-action-2017.

Avoid the Grandparent Scam

The next time you receive a frantic call from someone saying they are your grandchild and asking for money, make sure it’s actually your grandchild who’s calling. According to the Federal Trade Commission, in 2016, impersonation scams ranked second as the most common consumer complaint, with more than 400,000 reported. The “grandparent scam” is a form of financial abuse that deliberately targets older Americans using impersonation tactics.

To commit this crime, fraudsters call claiming to be a family member in serious trouble and in need of money immediately. The scammer might say he or she has stranded or has been mugged, and call in the middle of the night to add to the urgency and confusion. Once the money is wired, the victim later finds out that it wasn’t their grandchild they were helping; it was a criminal.

Here are some important tips to help protect you and your loved ones from impersonation fraud:

Confirm the caller. Fraudsters are using social networking sites to gain the personal information of friends and relatives to carry out their crimes. Verify the caller by calling them back on a known number or consult a trusted family member before acting on any request.
Don’t be afraid to ask questions. Fraudsters want to execute their crimes quickly. The more questions you ask, the more inclined they will be to ditch the scam if they suspect you’re on to them.
Never give personal information to anyone over the phone unless you initiated the call and the other party is trusted.
Never rush into a financial decision and trust your instincts. Don’t be fooled – if something doesn’t feel right, it may not be right. Feel free to say no and get more information before you send money to someone.

Spring Tips for Organizing Your Finances

If you live in the Northeast, spring is a time for shaking off the winter doldrums and getting ready for a fresh start to warmer weather and longer days. Spring is also the perfect time to take a fresh look at your finances – especially around Tax Day when it is top of mind.

The American Bankers Association recommends these tips to help you get organized when it comes to finances:

Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first. Remember, extra payments outside of your regularly scheduled payments can help reduce the amount of interest you pay.
Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.
Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan or cause you to pay a higher than necessary interest rate. Visit annualcreditreport.com to access these.
Download your bank’s mobile app. From the palm of your hand, you can make a deposit or access a record of all your recent transactions. Take advantage of person-to-person payments too.
Sign up for eStatements and online Bill Pay. Converting to paperless statements and billing will help keep your house – physical and financial – more clean and organized, and can help protect you from fraud.

Two River Community Bank offers a range of online and mobile banking services to help you become and stay organized.

Health Savings Accounts 101

If the title of this article caught your eye, you’ve probably heard of Health Savings Accounts (HSAs), but may not have an understanding of how they work or how they can benefit your bottom line. Let’s start with the basics.

What is a Health Savings Account?

HSAs are special savings accounts designed to help pay for out-of-pocket expenses associated with healthcare costs. These accounts are available to those with a High Deductible Health Plan (HDHP), as defined by the IRS.

What is the difference between an HSA, FSA and a regular savings account?

An HSA allows you to make tax-free contributions. Any interest earned in this account is non-taxable as well. Interest earned in a regular savings account is taxable, as is any income that is directly deposited into a regular savings account.

A Flexible Spending Account (FSA) is another type of tax-advantaged account designated for the use of medical expenses. However, unlike an HSA, FSA funds must be used in the calendar year of contribution.

What does HSA money cover?

The tax-free dollars you save in an HSA can only be used for “IRS-qualified medical expenses.” These may include:

Medical expenses before you meet your health plan deductible
Dental care services
Vision care services
Prescription services
Over-the-counter medications prescribed by your doctor
Certain medical equipment

You can find a complete list of IRS-qualified medical expenses here. If you have questions about the eligibility of a medical expense, please consult your tax adviser or the IRS.

You own and you control the money in your HSA. You make the decisions on how to spend the money you’ve made without having to rely on a third party or health insurer. You also decide the best way to invest your money in order to make it grow.

Have more questions? Check out our Health Savings Account Frequently Asked Questions to learn about contributions and distributions, fees, and much more.

Health Savings Accounts Available at Two River Community Bank

To open an HSA with Two River Community Bank, click here or visit your local branch. As always, feel free to contact us with any questions you may have. Call 877.706.9009 or email HSA@tworiverbank.com to ask an HSA representative if an HSA may be a good option for you.

The First Steps to Finding Your First House

The time has finally come. You are financially stable enough to buy your own place. This may be the biggest purchase of your life, so it is important to understand the process of buying a home. Here are some important considerations to get you started.

Credit Score – If you will be borrowing a mortgage, it’s important for your credit score to be in good shape. If you have a credit card, that lender may offer you access to your credit score for free. Otherwise, you are entitled to a free credit report via annualcreditreport.com.

If you discover your credit score has room for improvement, there are ways to help boost your score. Check out these tips from Experian.

Location, location, location – Before you even step foot into any potential homes, first establish your ideal location. As you frame your target geography, consider job opportunities, cost of living, cultural and social opportunities, schools, and other factors that may be important to you over at least the next five to seven years.

Know your limits – There is no worse feeling during the process of home buying than finding what you think is the house of your dreams only to find out it is outside of your budget. Meet with a mortgage lender and discuss applying for a pre-qualification to find out what budget you can afford. This will help you to get a better understanding of your monthly costs, as well as a down payment. Getting pre-qualified can also help in a bidding situation because sellers often want a quick process.

Remember that your mortgage will be one of many expenses associated with home ownership. It pays to research utility costs, maintenance costs, taxes, and other expenses beforehand.

At Two River Community Bank, we take the mystery out of getting a mortgage. Click here to sign up for a free consultation with one of our loan officers. We can help answer your questions and get you started with a mortgage pre-approval.

Hidden Tax Breaks for Your Small Business

Like any small business, yours is probably constantly looking for ways to save money or cut expenses. Tax deductions can be one of the best ways to do that. Here are some small business tax deductions that you may not be aware of. Be sure to consult with a tax professional for more information regarding your eligibility for these deductions.

Home office – Calculate how much of your home expenses can be tax deductible. Measure the square footage of your work area and divide that by the total square footage of your home. This will give you the percentage of expenses you may be eligible to claim.

Utilities – All water, power, trash and telephone bills at your office may be deductible.

Advertising and marketing – You may be eligible to deduct the cost of ordinary advertising, such as business cards. Promotional costs, such as sponsoring a local community organization, may be deductible as well.

Office supplies – From pens to ink and paper, you may be able to write them all off when you file your small business tax return.

Professional consultants – Professional consultant fees, for services such as legal advice, may be completely deductible.

Traveling expenses – Airfare, hotels, and any other on-the-road expenses are generally deductible. Eating out on the road may be deductible as well (normally up to 50 percent).

Office equipment – Any new type of office equipment or machinery may be 100 percent deductible.

Software – Any downloaded or boxed software may be deductible. Software subscriptions may also be completely deductible.

Donations to charities – In most cases, a charitable donation must be above $250 and you must provide a letter from the organization that proves the donation was made before filing a deduction.

Freelance workers – The amount you pay an independent contractor can be deducted as a business expense.

For more information about Two River Community Bank’s business banking options, like small business loans, business checking and savings accounts, and Merchant Services, click here.

4 Simple Steps To Stop a Cyber Thief

Two River Community Bank Raises Awareness for Data Privacy Day Jan. 28

In recognition of National Data Privacy Day on Jan. 28, we are offering customers, and the general public, tips to take an active role in protecting their data.

Two River Community Bank’s first priority is to protect our customers’ money and their financial data. We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort. To help ensure the safety of personal information, consider these four tips courtesy of the American Bankers Association:

Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like “12345.” It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.
Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away.
Stay alert online. Be sure computers and mobile devices are equipped with up-to-date antivirus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.
Protect your mobile device. Use passcode, fingerprint or other screen lock functionality on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Tips for Victims

If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:

Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
File a police report and call the fraud unit of the three credit-reporting companies.
Consider placing a victim statement in your credit report and a fraud alert on your account.
Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.

Data Privacy Day commemorates the 1981 signing of the first legally binding international treaty dealing with privacy and data protection. It is led by the National Cyber Security Alliance, a non-profit, public private partnership focused on cybersecurity education for all online citizens.

6 Money Tips for Family Caregivers

Two River Community Bank Celebrates National Family Caregiver Month

According to the Caregiver Action Network, more than 90 million Americans care for a loved one living with a disability, living with a disease or experiencing reduced financial capability as a result of aging. Financial caregivers, such as those with a power of attorney, trustee or a federal benefits fiduciary, play an important role in ensuring that all finances ¾ from routine to complex ¾ are managed wisely, helping their loved ones maintain the best quality of life possible. In recognition of National Family Caregiver Month, Two River Community Bank is helping financial caregivers better understand their role. Consider the following tips to help individuals understand their role as financial caregivers:

Learn the rights and restrictions that apply to your role. Financial caregivers, such as those with a power of attorney, trustees, and federal benefits fiduciaries, are fiduciaries with a duty to act and make decisions on their loved one’s behalf. Learn the legal responsibilities of your assigned authority in order to better execute your role.
Manage money and other assets wisely. Financial caregivers may be in charge of daily, unexpected and future expenses their loved one may incur. Especially if the beneficiary has a fixed income or limited finances, it is extremely important that caregivers minimize unnecessary costs and budget accordingly to ensure that all money is properly allocated.
Recognize danger signs. Seniors have become major targets for financial abuse and fraud. Make sure to stay alert to signs of scams or identity theft that may put your loved one’s assets in peril.
Keep careful records. When acting as a financial agent, proper documentation is not only encouraged but required. Make sure you keep well-organized financial records, including up-to date lists of assets and debts and a streamline of all financial transactions.
Stay informed. Monitor changes in financial status of the beneficiary and take appropriate action, as needed. Also, be sure to stay up to date on changes in the laws affecting seniors.
Seek professional advice. Consult a banker or other professional advisors when you’re not sure what to do.

In addition, it may be to a caregiver’s benefit to understand the various roles and responsibilities of three types of financial caregivers: power of attorney, trustee and federal fiduciary.

Understanding your role as a power of attorney.
POA is designated by your loved one and gives you the authority to act and make decisions on their behalf, including managing and having access to their bank and other financial accounts. Authority continues if loved one becomes incapacitated and ends when power is revoked or loved one dies.
Understanding your role as a trustee.
Authority is given once you are named as trustee or co-trustee of a revocable living trust. As a trustee, your authority applies only to the property noted in the trust, authorizing you to protect, manage and distribute the trust’s assets as directed in the trust document. Authority continues after the death of the trust creator or grantor.
Understanding your role as a federal benefits fiduciary.
A federal benefits fiduciary is appointed to accept and delegate federal government benefit payments, such as Social Security and Veterans Affairs benefits, in the beneficiary’s best interest. Funds for the beneficiary are received through an account set up solely for this purpose. As a representative payee for Social Security benefits or a VA fiduciary for VA benefits, you are required to keep detailed records of all transactions related to the beneficiary and file annual reports detailing how benefits were used.

The Caregiver Action Network (the National Family Caregivers Association) began promoting national recognition of family caregivers in 1994. President Clinton signed the first NFC Month Presidential Proclamation in 1997 and every president since has followed suit by issuing an annual proclamation recognizing and honoring family caregivers each November.

To learn more information about National Family Caregiver Month and your role as a financial caregiver, visit www.caregiveraction.org. For tips and additional resources, visit aba.com/seniors.

Give Your Retirement Plan a Tune-Up

Conducting an annual review of your retirement goals and strategy is an ideal way to check that your plans for your financial future remain realistic and on track. With that in mind, taking the three easy steps outlined below will help you conduct your retirement tune-up.

Step 1: Review Your Retirement Goals

Your first step should be to review your retirement savings goals and assess whether anything significant has occurred during the past year that might affect either your outlook for retirement or your current strategies to prepare for it.

For example, have you decided to change the date when you’ll retire? Or have you experienced any new milestones such as getting married, divorced, or having a child? Any of these events may affect how much you will want to save to fund the retirement you envision.

Step 2: Take a Fresh Look at Your Retirement Strategy

Your portfolio’s specific mix of stocks, bonds, and cash, known as your asset allocation, should complement your financial goals, risk tolerance, and time horizon.¹ If you haven’t taken a fresh look at your investments in a while, don’t assume that your old asset allocation is still appropriate for your current needs.

Even if your personal outlook hasn’t changed, keep in mind that uneven returns provided by different investments may have caused your portfolio to shift from your intended asset allocation. If your asset allocation needs to be rebalanced, now may be the time for action.

Step 3: Consider Saving More

None of us know what the future may hold. A good way to improve the odds that you have saved enough for retirement is to save more, no matter how prepared you may already be.

If you have not already done so, consider funding an IRA. For the 2016 tax year, you can contribute a maximum of $5,500, and those aged 50 and older can make an additional catch-up contribution of $1,000. These limits are set annually by the IRS. More information can be obtained at www.irs.gov.

Conducting a retirement tune-up is always a great idea, but don’t forget to consult with your financial advisor to discuss what else you can do to help achieve retirement security. Get started today by contacting Wealth Advisor Michael Emerson at 732.216.0169 or michael.emerson@lpl.com ²

1 Asset allocation does not ensure a profit or protect against a loss.

2 Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

Two River Community Bank and Investment Services at Two River Community Bank are not registered broker/dealers and are not affiliated with LPL Financial.

Article courtesy of Wealth Management Systems Inc. Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.

Use Back-to-School Shopping to Teach Kids About Money

Even though the some stores started promoting back-to-school offers before the last school year even ended, the back-to-school shopping craze is now in full swing. That means families are filling up carts with clothes, shoes, electronics, supplies, and that all-important outfit for the first day of school.

If you think we’re exaggerating by calling it a “craze,” consider the numbers from the National Retail Federation. Total back-to-school spending, including K-12 and college, is forecast to reach $75.8 billion in 2016, about 11 percent more than last year. Shoppers are expected to spend an average of $674. Another interesting trend is that parents are making their kids contribute to back-to-school expenses. On average, teens plan to spend $33 of their own money, while pre-teens expect to spend $20.

Getting children to help foot the bill is one way to turn back-to-school shopping into an educational experience. It goes without saying that most people, including kids, are more likely to spend responsibly when using their own money. But there are much deeper lessons to be learned.

This is a good time to explain the difference between “needs” and “wants.” For older kids, a refresher can’t hurt. These days, most schools provide students and parents with lists of required supplies on the school website. These supplies should be at the top of the “needs” list.

Make a detailed list of “needs” and “wants.” Include the price for each item and where you plan to look for them. By including multiple stores and websites, you’ll teach your child the value of comparison shopping and stretching their budget. Having a detailed shopping list will help you set a reasonable budget and justify that budget to your child if he or she asks you to increase it. Remind kids that budgets aren’t created to make them miserable. If they don’t stick to a budget, other parts of their lives could suffer or become less enjoyable. That’s just reality.

It also helps to set guidelines for who will be responsible for paying for “needs” and “wants.” For example, what portion of the “needs” and “wants” will you cover as the parent? A parent will often cover most of the “needs,” which motivates the child to be more disciplined when choosing “wants.”

Kids love their gadgets, so use them to make the experience more enjoyable. Use mobile devices to check prices and read reviews while shopping to ensure that money is being spent wisely. A simple Google search for apps related to budgeting, money management and personal finance will introduce you to a number of free and low-cost mobile apps that can help kids manage their money.

Financial planning and budgeting are valuable, real-world skills that should be taught at a young age. Use the back-to-school shopping season to educate children about the value of money and begin to establish habits and discipline that will serve them well later in life.

A Spike in Ransomware Attacks Has Business Owners on Edge

Cybercriminal activity used to focus on stealing data and selling it in underground marketplaces, or crashing networks and wiping out data to disrupt the operations of a company or government agency. But a disturbing trend is now dominating cybercrime. More than theft and hacking, this trend involves intimidation, extortion and fear.

We all know about phishing emails, which are designed to trick people into giving away sensitive information such as Social Security numbers and bank account numbers. According to a recent report from security company PhishMe, the number of phishing emails has increased by a mind-boggling 789 percent since December 2015.
But the news gets worse. 93 percent of all phishing emails now include ransomware.

Ransomware is malware that encrypts or blocks access to data, applications and other network resources. The attacker essentially holds these resources hostage. To have them restored, the victim must pay a ransom by a certain deadline.

The scary part is that cybercriminals who use ransomware might not even care about your data and applications. They may have no value to the attacker. But they know that most businesses can’t function if they can’t access their network resources. Service disruption, even for a few hours, can have huge financial consequences and harm a business’s reputation.

As the situation becomes more desperate, companies are more likely to pay the ransom. Sometimes the ransom demands go up with each passing hour. Of course, there’s no guarantee that the cybercriminal will live up to their end of the bargain.

What can a small business owner do about ransomware?

There’s an excellent chance that you or your employees have received multiple phishing emails today that include ransomware. All staff should be educated about the dangers of ransomware and reminded that emails from unfamiliar or untrusted senders should be deleted.

The FBI recommends automatically updating and patching security software, and implementing strict access controls and software restrictions. Data should be backed up frequently, and processes for restoring data and business operations after an attack should be tested on a regular basis.

If you are the victim of a ransomware attack, the FBI advises against paying the ransom. There have been cases in which a company’s data and applications were never restored after a ransom was paid. In fact, paying a ransom can embolden a criminal to launch more attacks and inspire others to follow suit. Instead, report all ransomware incidents to the FBI’s Internet Crime Complaint Center.

The National Institute of Standards and Technology (NIST) Cybersecurity Framework is one resource that can be used to address the ransomware epidemic. This framework offers recommendations for evaluating your current security defenses and using constant monitoring to detect threats. It also suggests identifying, prioritizing and assigning value to sensitive data and assets. You may need to consult with a security expert to determine the state of your company’s IT security and upgrades that may be necessary.

Be aware that ransomware threat is very real, and it is likely to get worse before it gets better. To reduce the risk of a security breach, inform your employees, fortify your defenses, and report all incidents to the proper authorities.

6 Ways to Put a Stop to Elder Financial Abuse

According to the National Council on Aging, as many as 5 million older Americans are victims of elder abuse each year. That could include physical or emotional abuse, neglect, exploitation, isolation, deprivation of care, or abandonment. For every reported incident of elder abuse, it’s estimated that 23 incidents go unreported.

Financial abuse and scams targeting seniors have become frighteningly common. In fact, a MetLife study found that elder financial abuse costs seniors an estimated $2.9 billion each year. Of course, that study doesn’t take into account the unknown number of unreported cases. Because more than 90 percent of perpetrators are family members, abuse can be difficult to identify, prosecute and prove.

In recognition of World Elder Abuse Awareness Day on June 15, 2016, Two River Community Bank is encouraging people to take action and shield yourself and your loved ones from financial abuse. Look for the warning signs, protect your hard-earned money, and don’t allow yourself to be threatened or intimidated.

Here are six steps you can begin taking now to prevent elder financial abuse.

Build a Circle of Trust

Speak with your financial institution, attorney and a financial advisor to understand your options and make sure your wishes are followed. Choose a person you trust completely to act as your agent in estate planning matters. Get to know your banker and others who handle your finances so they can help you detect suspicious activity.

Keep Your Personal Information Private

Checkbooks, account statements, Social Security numbers, wills and any other sensitive or personally identifiable information should be locked in a safe.

If It Seems Suspicious, Assume It’s a Scam

Scams come in many forms – phone calls, emails, texts, traditional mail, contests, or even a knock on the door. Never share private information unless you’ve done your homework and initiated contact. Never click a link in an email if you haven’t verified the sender’s identity. Never pay money to collect “winnings” from a sweepstakes or lottery.

Take Your Time with Financial Decisions

Get all details in writing and review them carefully. Check references and credentials before hiring someone and never give them access to financial information. Consult the appropriate member of your circle of trust before signing any document.

Keep a Paper Trail

Paying with cash may seem like the best way to avoid having account or credit card information stolen, but checks and credit cards purchases have detailed records attached to every transaction. This trail can alert you to and provide proof of abuse.

Report, Report, Report

If you believe you are or you know a victim of elder financial abuse, don’t wait until your worst fears have been realized. Call your local Adult Protective Services, and speak with someone who has your best interests at heart – your attorney, your bank, or the local police. Keep in mind that law enforcement and prosecutors are trained to deal with elder abuse and bring abusers to justice. Review these resources for New Jersey residents, and don’t be afraid to ask for help.

Elder financial abuse is a growing problem. As we recognize World Elder Abuse Awareness Day, let’s do our part to protect ourselves and our loved ones and put a stop to abuse.

The High Cost and Risk of Using Old Computer Technology

“If it ain’t broke, don’t fix it.”

Businesses of all sizes have been using this rationale for decades to avoid repairing old equipment or paying for new equipment. But when it comes to computer technology and network infrastructure, the cost of using old hardware and software could be far more expensive than a replacement or upgrade – and the risk just isn’t worth it.

According to a recent study from Samanage, an enterprise service management software company, 36.8 percent of working adults say their company’s technology is outdated. To gain access to features and functionality that were lacking, one in five workers admitted to downloading and using an application without approval from the IT department.

Overall, researchers found that old and inefficient computer technology and network infrastructure causes a decrease in productivity and an increase in security risks.
Of course, common sense tells us that older technology is more likely to break down, which increases the risk of downtime. Research from IDC and Carbonite found that eight in 10 small-to-midsize businesses have experienced unplanned downtime, with the cost ranging from $82,200 to $256,000 for a single event.

Older technology is also more difficult and costly to maintain. In many cases, it can’t deliver the performance and advanced features that newer technology provides, which can create a competitive disadvantage.

Keep in mind that hardware and software that has reached its end-of-life date may still function, but it will no longer be supported by the manufacturer. If you continue to use this technology, you won’t receive critical security patches and updates, which creates a higher risk for security breaches and regulatory compliance violations.

For example, the Windows XP operating system reached its end-of-life date more than a year ago. Cybercriminals look for companies that still use XP and other unsupported technology because its vulnerabilities are easy to exploit at this point.

When you consider the costs and risks, it usually makes sense to upgrade computer technology and network infrastructure. Every business, large or small, would be well-served to perform a risk assessment and prioritize the technology that’s essential to daily business operations.
Questions to ask include:

What technology is having a negative impact on employee productivity?
If certain hardware, software or applications failed, how would your company be affected?
Are you using any technology that has passed or is approaching its end-of-life date?
What are the minimum technological requirements for government or industry regulations that apply to my business? Am I meeting those requirements?

If you don’t have in-house IT expertise, it’s a good idea to work with an IT consultant who can help you evaluate your technology and plan an upgrade. Remember, just because technology seems to have some life left, its useful life may have already past. Continuing to use this technology comes with significant costs and risk.

3 Financial Scams Targeting Older Americans

May is Older Americans Month. Established in 1963, Older Americans Month is a time to recognize the contributions of older adults who have done so much for our country. At Two River Community Bank, we have nothing but the utmost respect for older Americans who provide such valuable knowledge and wisdom and serve as role models in their communities.

Unfortunately, not everyone shares that respect. Older Americans are constant targets for criminals and fraudsters seeking to take advantage of those who might be viewed as vulnerable. In fact, many scams were created for the sole purpose of fleecing older folks. Phone scams, email scams, traditional mail scams and social media scams are only increasing in frequency and sophistication.

In most cases, these scams are perpetrated by complete strangers who are trying to cast a wide net and trap as many people as possible. In some cases, these crimes are committed by friends and family who are targeting a specific individual. Here are three types of financial scams that target older Americans, and tips for stopping them.

The Grandparent Scam
Criminals cost older Americans millions of dollars each year by pretending to be a family member or friend who is in serious trouble and needs immediate financial help. It’s called the grandparent scam.

The scammer might claim to have been in a car accident, robbed, or stranded. Using information that’s easy to find in online phone directories and social media sites, they often call in the middle of the night to sound desperate and confuse the victim. Then they ask for money to be wired. Never send money unless you’ve verified the caller’s identity. Find out the caller’s location or number and offer to notify the police. Ask a lot of questions, which could frustrate or expose the scammer. Finally, trust your instincts.
The Lottery Scam
You receive a notification in the mail that says you’ve won a lottery, sweepstakes or contest. The notification may even include a check or money order with your “winnings.” The notification also asks the “winner” to send money to cover the taxes and fees so they can get paid.

Even if the check or money order looks legitimate, it could have been counterfeited or faked. Verify the source of the check. Go to your bank and ask for help. There is no reason for anyone who gives you money, especially a stranger, to insist that you send money for more than that amount. If they want you to pay for something, insist on a cashier’s check.

Of course, if it walks like a scam and talks like a scam, it’s probably a scam.
Elder Financial Abuse
There are many different types of elder financial abuse. Generally speaking, it involves a person trying to gain access to or take control of an older person’s finances. Perhaps a person befriends an older person and offers to pay bills, accompany their new “friend” to the bank, or wire money on their behalf. In some cases, it could be a caregiver who tries to conduct financial transactions without permission, change powers of attorney, or even change wills and trusts.

These are all warning signs of financial abuse. Monitor accounts for unusual activity. Control access to these accounts and avoid signing documents that haven’t been thoroughly reviewed. Keep all legal documents in a secure place and limit access to a select few. More than anything else, stand your ground, don’t give in to pressure, and seek help if you feel threatened.

Here’s to a happy, safe and secure Older Americans Month and beyond.

6 Ways to Reduce the Risk of Tax Identity Fraud

What’s worse than a letter from the IRS that says you’re being audited? How about a letter from the IRS that says a criminal gained access to your personal identification information? Last year, about 104,000 taxpayers received such a letter after the IRS Get Transcript online application was hacked.

Although the IRS has taken major steps to reduce the risk of tax fraud, and the Get Transcript platform was shut down while security modifications and upgrades were implemented, tax identity fraud continues to be a concern. In fact, the American Bankers Association notes that instances of tax identity theft have been reported to the Federal Trade Commission more frequently than any other form of identity theft for the past five years.

Just like criminals try to access your bank accounts, credit card numbers, mortgages and other financial data, they look to cash in on your tax refunds when you file your returns. Tax identity fraud occurs when someone tries to claim another person’s tax refund by using a stolen Social Security number to file a tax return.

This usually occurs early in the year because the victim won’t know something is wrong until they file a return. At that point, the victim will receive a notice from the IRS that says more than one return has been filed in his or her name.

Here are six ways to reduce the risk of tax identity fraud.

Avoid Public Wi-Fi
When you go to a coffee shop, library, airport, or any other place that offers free Wi-Fi, you should only connect if the connection is password-protected. A public network is exactly what the name implies, making it easy for outsiders to view your online activity. If you absolutely must use public Wi-Fi, don’t check your bank statements, pay your bills, or file your tax return.
File Early
The sooner you file your return, the less time criminals have to file a fraudulent return with stolen information.
File Securely
If you file by mail, the post office or an official postal box is more secure than your home mailbox, which is a popular target of criminals during tax season. If your accountant files online, make sure they’re using highly secure software that meets regulatory compliance standards. If you prepare your own returns and file online, make sure your Internet connection and your email provider are secure.
Protect the Hard Copies
If you store paper documents, keep them in a safe place and shred what you don’t need. Also, keep your mailing address current with your bank, credit card companies, lenders and tax authorities so mailings with your sensitive data don’t end up in the wrong mailbox or the trash.
Beware of Scams
Criminals love to try to get people to share their personally identifiable information by email, text, phone or social media. The IRS will never do this, so don’t fall victim to impersonators.
Watch for W-2s
If your employer snail mailed or emailed W-2s and you haven’t received yours, contact the IRS right away to make sure it wasn’t intercepted by a criminal.