While scammers have the capability to make phone numbers look like they’re coming from your bank, or even change the caller ID, it is up to consumers to be discerning. It can be helpful to save your bank’s phone number, or the five-digit codes banks often use when sending text messages to customers.

The biggest piece of advice to consumers is to never respond to these messages or calls, and never click on any links. Taking the time to call your bank and confirm something is legitimate can protect you from falling prey to a scam – and also save you money and stress.
Scammers are also likely to make the situation seem urgent or ask you to send money to yourself using a digital wallet app or some other type of digital currency. Banks aren’t going to do either of those things, and these requests should indicate to consumers that they’re working with a scammer.

If you do receive a scam text or call, block the number, and report it. Both Androids and iPhones have the capability to report numbers as spam or junk, and numbers can also be reported to the FTC.

You might have heard in the news that it has become more expensive for some borrowers to obtain a mortgage. At County Bank, we believe in educating our borrowers and being fully transparent about what factors into closing costs and interest rates and we wanted to break down some of the information you may have heard.

As a result of the housing crisis in 2008, Government Sponsored Enterprises, Fannie Mae and Freddie Mac, imposed loan-level pricing adjustments, known as LLPs, which are fees charged to mortgage borrowers who obtain conventional mortgage loans. LLPA’s are calculated based on various factors, including credit score, loan to value, and type of collateral (i.e., single-family home, multi-family home, condo). LLPAs can be paid by the borrower in the form of fees added to the closing costs, or fees can also be factored into the interest rate and paid over the course of the loan.

Country Bank offers various products that do not have these LLPA fees. We would be happy to review all of our mortgage products to ensure that the one you select is best suited for your lending needs. Don’t hesitate to contact our Loan Officers with any questions; we’d welcome the opportunity to make a difference in your homebuying experience.

Click Here to learn more about our Mortgage Options.

Click Here to learn more about our Loan Officers.

What Is Elder Financial Abuse?

It’s a crime that deprives older adults of their resources and ultimately their independence. Anyone who sees signs of theft, fraud, misuse of a person’s assets or credit, or use of undue influence to gain control of an older person’s money or property should be on the alert. Those are signs of possible exploitation.  Older Americans that may have disabilities or rely on others for help can be susceptible to scams and other fraud.   Advances in technology can also make it difficult for seniors to know who to trust and what’s safe.

Despite these threats, taking simple steps to safeguard personal information and being aware of warning signs can protect aging men and women from financial abuse.

Tips for Seniors

What should you do to protect yourself?

• Plan ahead to protect your assets and to ensure your wishes are followed.  Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
• Shred receipts, bank statements and unused credit card offers before throwing them away.
• Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
• Lock up your checkbook, account statements and other sensitive information when others will be in your home.
• Order copies of your credit report once a year to ensure accuracy.
• Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
• Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
• Never rush into a financial decision.  Ask for details in writing and get a second opinion.
• Consult with a financial advisor or attorney before signing any document you don’t understand.
• Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
• Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
• Pay with checks and credit cards instead of cash to keep a paper trail.
• Feel free to say “no.” After all, it’s your money.
• You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services or tell someone at your bank.
• Trust your instincts. Exploiters and abusers often are very skilled. They can be charming and forceful in their effort to convince you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.

What should you do if you are a victim of financial abuse?

• Talk to a trusted family member who has your best interests at heart, or to your clergy.
• Talk to your attorney, doctor or an officer at your bank.
• Contact Adult Protective Services in your state or your local police for help.

Tips for Family and Friends

What are the warning signs of financial abuse?

The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:

• Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals.
• ATM withdrawals by an older person who has never used a debit or ATM card.
• Changing from a basic account to one that offers more complicated services the customer does not fully understand or need.
• Withdrawals from bank accounts or transfers between accounts the customer cannot explain.
• New “best friends” accompanying an older person to the bank.
• Sudden non-sufficient fund activity or unpaid bills.
• Closing CDs or accounts without regard to penalties.
• Uncharacteristic attempts to wire large sums of money.
• Suspicious signatures on checks, or outright forgery.
• Confusion, fear or lack of awareness on the part of an older customer.
• Refusal to make eye contact, shame or reluctance to talk about the problem.
• Checks written as “loans” or “gifts.”
• Bank statements that no longer go to the customer’s home.
• New powers of attorney the older person does not understand.
• A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
• Altered wills and trusts.
• Loss of property.

What should you do if you suspect financial abuse?

• Talk to elderly friends or loved ones if you see any of the signs mentioned here. Try to determine what specifically is happening with their financial situation, such as a new person “helping” them with money management, or a relative using cards or credit without their permission.
• Report the elder financial abuse to their bank, and enlist their banker’s help to stop it and prevent its recurrence.
• Contact Adult Protective Services in your town or state for help.
• Report all instances of elder financial abuse to your local police—if fraud is involved, they should investigate.

Remember

Never give your Social Security number, account numbers or other personal financial information over the phone unless you initiated the call.

For more information, check out the FBI’s elder fraud tips.

To read the full article from the American Bankers Association, please Click Here.

Country Bank proudly supports Main South CDC in Worcester. The Mission of the Main South CDC is to improve the quality of life for the community by working together on projects and issues that will maintain and create safe, affordable housing for low-to-moderate income individuals, support economic opportunities for businesses and residents of Main South, enhance the physical image of the area, and instill a sense of neighborhood pride and commitment.

“The Main South CDC is extremely grateful to Country Bank for its ongoing financial support of our neighborhood revitalization efforts.  Such funding allows us to continue to address the equity and social justice needs within our community that were all too painfully demonstrated during the pandemic. Specifically, Country Bank’s funding is supporting affordable housing and commercial development projects that address those needs and is making a real difference in the Main South community,” stated Stephen Teasdale, Executive Director of Main South Community Development Corporation.