Viet Named Office and Business Development Manager The First National Bank has announced the appointment of Katie Viet as their Cedar Falls West office and business development manager. As office manager, Viet will oversee daily office activities and promoting the office through public relations and servicing customers. A 2005 graduate of the University of Northern Iowa, Viet holds a bachelor’s degree with a double major in Mathematics and Psychology. She is currently serving the Cedar Falls Junior Chamber (Jaycees) as president. She lives in La Porte City. First National Bank, with offices in Waverly, Plainfield and Cedar Falls, has assets of $254 million and is the third oldest chartered bank in the state of Iowa. |return to top| Tax Rebate FAQ's Tax Rebate Update: Don't Wait to File To get your tax rebate from the government, be sure to file your federal taxes. Looking forward to getting a cash rebate from the government this year? The IRS estimates that more than 130 million Americans will benefit from an income tax rebate plan that will give $600 to $1,200 to most households and at least $300 to lower-income people, Social Security recipients and disabled veterans. What should you do to make sure you get your share? File your taxes. Only qualified people who file a 2007 return will receive a rebate. Why Do Your Taxes and File Now? You should do your taxes now because how much you receive will be based on information contained in your 2007 tax return. Taxpayers who file after April 15 could get their rebates months after those who file on time. What Is the Tax Rebate? The tax rebate is a one-time cash payment to most American households. As the major part of the government's economic plan to prevent a recession, the rebates are intended to stimulate the economy by encouraging consumer spending. How Will the Rebates Work? The rebates are based on your income, how many children you have and whether you receive Social Security or disabled veterans' benefits. Most individual taxpayers will get $600 and most married couples will receive $1,200. Lower-income earners who make at least $3,000 but pay no taxes will get at least $300 per person or $600 per couple. Social Security recipients and disabled veterans, even if they pay no income taxes, will receive at least $300 each, or $600 for couples. In addition to the tax rebates above, households will receive $300 per child under age 17. Higher-income earners would be excluded, with tax rebates reduced by $50 for every $1,000 of adjusted gross income above $75,000 for single taxpayers and $150,000 for couples. The rebates phase out completely at $87,000 in adjusted gross income for single taxpayers and $174,000 for couples. To receive the rebate, you must file a 2007 tax return even if you normally aren't required to file based on low income or your status as a Social Security recipient or disabled veteran. When Will I Get My Tax Rebate? You could get your rebate by mail as early as May or June. The IRS will begin sending the tax rebates in May to eligible people who filed their 2007 taxes by April 15, 2008. To get your rebate as early as possible, file your taxes now. When Will I Get My Tax Rebate? The rebate will not affect the 2007 taxes you owe. Do your 2007 federal taxes as usual. Even if you are not usually required to file, but are eligible to receive a tax rebate, you must file a 2007 return to get your rebate. That way, the IRS can see that you qualify and send you a check. |return to top| First National Bank Names Electronic Banking Manager The First National Bank has announced the appointment of Dan Sanderman as their new Electronic Banking Manager. Sanderman was previously at First National Bank as the Senior Systems Operator. As electronic banking manager, he will oversee a variety of banking products including Money Connection Online, Bill Payer, Money Connection Phone Banking, and the teller and check processing systems. Sanderman also helps customers and staff with any questions they have about their Electronic Banking. A 1996 graduate of Wartburg College, Sanderman holds a bachelor’s degree with a double major in Accounting and Finance. He is the Den leader of his son’s Cub Scout den and graduated from Project Lead in 2007. He and his wife, Mandie, reside in Waverly and are the parents of Caleb and Caitlin. First National Bank, with offices in Waverly, Plainfield and Cedar Falls, has assets of $254 million and is the third oldest chartered bank in the state of Iowa. |return to top| First National/First Insurance give $15,000 to Shell Rock Parks Project Shell Rock’s Parks Galore and a Whole Lot More recreation project has received a $15,000 commitment from First National Bank and First Insurance Services, helping the project secure its $70,000 Community Attractions and Tourism grant from the state. “This generous gift helped us wrap up the funds we had to have in line before we could receive our CAT grant,” explained Duane Harms, president of the Shell Rock Development Corporation, which is leading the fund drive. “The initial grant was contingent on us raising the rest of the money we needed to build Phase I of the project, and thanks to this donation, we were able to do that.” The $264,000 first phase of the project focuses on McCague Park (the Pool Park) in southeast Shell Rock and includes newly rebuilt tennis courts, a new basketball court, new sand volleyball courts, a new t-ball field and other ball field improvements, soccer fields, expanded children’s play equipment, and a trail connecting the park with the downtown area. “The City of Shell Rock is part of our agency’s community, and we were very interested in participating in this project,” said Mike Byl, president/CEO of First Insurance Services. “I was excited that the Shell Rock Parks Galore committee was willing to take on this challenge. Many people throughout our area will benefit from this project.” Rich Carlson, president/CEO of First National Bank, agreed. “It’s a good opportunity for us to support a project that will bring the community closer together and improve the quality of life for its residents.” In recognition of the gift, the City of Shell Rock will name the new t-ball field the First National Bank/First Insurance Services Field. With the additional field, the city’s t-ball program will be able to grow from a limit of 84 children to potentially double that number, according to Theresa Pothast, Shell Rock’s recreation coordinator. “It will enable us to schedule more equal practice and game times and allow more teams to play,” she noted. “The t-ball field just seemed like a good fit,” said Barb Bridges, First National Bank marketing officer. “We’re all about helping young families, whether it’s in hitting the first ball, buying the first home or insuring the first car.” She continued, “First National Bank and First Insurance Services have a combined history of over 220 years, and our philosophy has always been people helping people. We are committed to community betterment through financial support, as well as being avid volunteers in the communities where we work and live.” Byl echoed those sentiments. “First Insurance Services is proud to be able to support many different projects in areas in which we serve. With offices in Waverly, Denver and Cedar Falls, we pride ourselves on trying to give back to our communities. Not only do we look at financial contributions, but our 28 employees all look for opportunites to volunteer with a wide variety of organizations.” According to Pothast, Shell Rock is aiming to get the new t-ball field built this fall, so it will be ready for use when the season starts in late May. “It will be a huge improvement having another field next year,” she said. “Many families and kids will benefit directly from this addition.” |return to top| Tips on Keeping Track of Your Checking Account Don’t feel as if you’re alone if you get stressed out keeping track of your checking account. “Those who find it challenging to keep track of transactions and their balance can avoid overdrafts and fees by signing up to have overdrafts linked to a line of credit, savings account, or credit card,” says Nessa Feddis, American Bankers Association senior federal counsel and retail banking expert. Even so, Feddis emphasizes that it’s important for consumers to keep track of their checking account transactions and balances because only they are aware of the transactions they have authorized that may not have been processed yet. The ABA offers the following tips to help consumers reduce the chances of bounced checks or overdraft fees: -- Do not write a check if you don’t have the funds; -- Reconcile your account by keeping track of all transactions; -- Be aware that not all transactions are processed in real time and may be presented to an account at different times; -- Do not rely on float -- the time it takes for a check to clear; and -- Remember that overdraft protection programs are there for an emergency and should be used accordingly. |return to top| Steps to Take to Improve a Credit Score Get Copies of Credit Reports Here’s Why: Consumers are entitled to one free credit report every year from each of the three credit reporting agencies. There’s an extra charge to get the credit scores, but it’s worth it, said John Ulzheimer, president of educational services for Credit.com, a Web site focusing on consumer credit. “You have to know what your scores are before you can start doing anything to change them,” he said. That’s why Ulzheimer recommends ordering a credit score from each of the three credit bureaus: TransUnion, Equifax, and Experian. Consumers can buy their credit scores when requesting their free credit reports. The cost for each score ranges from $5.95 to $7.95. Because some lenders don’t report information about borrowers to all three credit bureaus, the credit scores will vary. For that reason, get all three scores before applying for a mortgage, Ulzheimer said. Mortgage lenders, he said, usually base their decisions on the middle score. Consumers can get copies of all three credit reports and scores from www.annualcreditreport.com. Dispute Errors Here’s Why: Scrutinize credit reports for mistakes that could hurt a credit score, such as an account wrongly reported as delinquent, or credit information for someone whose name is similar. Credit bureaus are required by law to investigate disputed items, usually within 30 days, according to the Federal Trade Commission. With any luck, the credit reporting agency will agree and remove the disputed item from the report. But consumer advocates say that correcting credit report errors is often a long and frustrating process. What to do when stonewalled by a credit bureau? Contact the creditor that reported the wrong information. Look for documents that support the case, such as receipts or canceled checks. If that doesn’t work, the federal Fair Credit Reporting Act gives consumers the right to sue the credit bureau. Names of attorneys who specialize in Fair Credit Reporting Act cases can be found at the Web site for the National Association of Consumer Advocates, www.naca.net. “The minutes an attorney gets involved, the credit bureaus take your dispute much more seriously,” Ulzheimer said. Pay Off Credit Card Balances Here’s Why: One of the factors used to calculate a score is “credit utilization” – the total debt, relative to the total amount of credit available to a consumer. If, for example, balances total $10,000, and the credit limits on all the cards total $20,000, the credit utilization is 50 percent. Reducing the credit utilization will improve a credit score, said Ron Totaro, vice president of Global Scoring Solutions for Fair Isaac, which developed the widely-used FICO score. This is one of the most effective steps consumers can take to boost their credit scores, said John Lamb, co-author of “Solve Your Money Troubles.” Don’t Close Unused Accounts Here’s Why: To avoid the temptation of spending, cut up the credit cards but don’t close the accounts. Closing accounts will reduce the amount of available credit, thus increasing credit utilization. Don’t Open New Accounts Here’s Why: Though this could improve the credit utilization ratio, it will hurt the score more than it helps. Opening new accounts is viewed as a sign that “you’re in financial trouble and looking for credit,” Lamb said. In addition, opening new credit cards will lower the average age of the accounts in a credit report, Ulzheimer said. That could reduce the portion of the score that calculates how long credit has been used. Pay Bills on Time Here’s Why: The payment history makes up more than one-third of the score, and the credit scoring system assigns more weight to recent payments, Lamb said. A late payment within the past six months will hurt a score more than a late payment from a couple of years ago. |return to top| |
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