tag:blogger.com,1999:blog-46379923592603025422024-03-14T11:50:17.851-07:00McHenry Savings Bank News You Will Want To Use!We are a full service financial institution with a complete line of deposit and loan products for both businesses and community members. McHenry Savings Bank has been serving the banking needs of the residents of McHenry County since 1955. In 2002, we celebrated our grand opening of our McHenry Financial Building at 353 Bank Drive in McHenry, IL. Member FDIC. Equal Housing Lender. NMLS #630527.
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-4637992359260302542.post-62618576870474219832021-10-18T10:19:00.000-07:002021-10-18T10:19:12.816-07:00How to Stay One Step Ahead of Scammers and Financial Fraud<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPONh1Q-DV3nFJMQcloj1nWM9SzTDriCLERZD9erf1J9r8YOR9dG8L9VnTFr3YTt2UEy2m4MUdqmCc3GVCQf9bF5xqCjCRtIWOReS29W06K7p05afyD7XdZVsG8ssUr1j1EMwmibWeFUM/s2048/October+Blog+Image.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="2048" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPONh1Q-DV3nFJMQcloj1nWM9SzTDriCLERZD9erf1J9r8YOR9dG8L9VnTFr3YTt2UEy2m4MUdqmCc3GVCQf9bF5xqCjCRtIWOReS29W06K7p05afyD7XdZVsG8ssUr1j1EMwmibWeFUM/w640-h360/October+Blog+Image.png" width="640" /></a></div><br /> <span style="background-color: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt;">As unfortunate as it is,
scammers are getting much more sophisticated in the ways they con you out of
money. Though many of us are used to getting a fraudulent phone call or two,
criminals are not only sounding more legitimate over the phone but also finding
new ways to scam us out of money. Therefore, it's essential to know some of the
tactics that scammers are using, so you can protect yourself and your bank
account!</span><p></p>
<p class="MsoNormal"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Here are a few things to
look out for so you can stay one step ahead of scammers and financial fraud: <o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">●<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Organizations. </span></b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">To try to
gain your trust, scammers will frequently call claiming they are from a
legitimate organization, such as your bank, the Internal Revenue Service (IRS),
Social Security, or another government organization. They will probably tell
you that you owe money to them immediately, and if you don't pay, legal action
will be taken. Any message sent like this over the phone, email, or text is
called a phishing scam. Even if it sounds and looks legitimate, remember that
an organization will NEVER call you or email you asking for a form of payment.
Official organizations will likely send you a letter with detailed steps on
payment. If you receive a phone call, hang up the phone immediately and call
the organization directly if you're unsure. </span><span lang="EN" style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">●<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">One Form of Payment. </span></b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Scammers often only offer one form of payment, which may
already tip you off. But to take it even further, these forms of payments are
usually pretty sketchy sounding: it could be through a money transfer company,
putting money on gift cards, or they'll ask you to set up a PayPal account.
Some scammers will send you a fake check and ask you to deposit it, then ask
you to send them the money. Make sure that any form of payment seems secure,
safe, and official. </span><span lang="EN" style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">●<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Fake Invoice and Suspicious Emails. </span></b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">In many cases, scammers will send you a fake invoice or
suspicious-looking email asking you to pay money to an official organization.<b> </b>Just like phone calls, remember that
organizations will never reach out to you over email for payment! Always check
the sender's email address to see how legitimate it looks, and if you're
unsure, a simple call to the organization will verify your suspicion. </span><span lang="EN" style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">●<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Prize. </span></b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Don't
trust any email or call that says you've won some sort of prize money. Scammers
will ask you to verify personal and confidential information for you to receive
your prize money and then use it to access your bank account. </span><span lang="EN" style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">●<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Act Immediately. </span></b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Scammers will pressure you to act immediately, so you
don't have time to think or consider whether or not it's a scam. Even if they tell
you they'll take away your business, driver's license, passport, or social
security, don't fall for it! These are improbable consequences, which you
certainly won't be informed of over the phone to take care of quickly.</span></p>
<p class="MsoNormal"><span lang="EN"><a href="https://mchenrysavings.com/index.html" target="_blank"><span style="background: white; color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">McHenry Savings Bank</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"> is here to safely manage and take care of your personal
and commercial finances. We know how important the security of your money is,
and we work hard to earn your trust with reliable services such as ATM and
Debit Cards, Checks, Direct Deposit, Mobile/Online Banking, and much more. Open
an account today! </span><span lang="EN"><a href="https://mchenrysavings.com/index.html" target="_blank"><span style="background: white; color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Visit our
website</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"> to learn more or </span><span lang="EN"><a href="https://mchenrysavings.com/Corporate/locations.html" target="_blank"><span style="background: white; color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">find a location near you</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">. <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN" style="background: white; color: #283c46; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p> </o:p></span></p>
<div align="center" class="MsoNormal" style="text-align: center;"><span lang="EN">
<hr align="center" size="2" width="100%" />
</span></div>
<p class="MsoNormal"><span lang="EN" style="background: white; color: #283c46; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">Sources: <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN"><a href="https://www.consumer.ftc.gov/articles/how-avoid-scam" target="_blank"><span style="background: white; color: #1b6ac9; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">https://www.consumer.ftc.gov/articles/how-avoid-scam</span></a></span><u><span lang="EN" style="background: white; color: #1b6ac9; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></u></p>
<p class="MsoNormal"><span lang="EN"><a href="https://www.thetimes.co.uk/article/how-to-stay-a-step-ahead-of-financial-scammers-n3h9jtxhp" target="_blank"><span style="background: white; color: #1b6ac9; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">https://www.thetimes.co.uk/article/how-to-stay-a-step-ahead-of-financial-scammers-n3h9jtxhp</span></a></span><u><span lang="EN" style="background: white; color: #134b8f; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;"><o:p></o:p></span></u></p>
<span lang="EN" style="font-family: "Arial",sans-serif; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN; mso-bidi-language: AR-SA; mso-fareast-font-family: Arial; mso-fareast-language: EN-US;"><a href="https://www.snydercapitalmanagement.com/retirement-planning-blog/7-steps-for-staying-ahead-of-scammers" target="_blank"><span style="background: white; color: #1b6ac9; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-highlight: white;">https://www.snydercapitalmanagement.com/retirement-planning-blog/7-steps-for-staying-ahead-of-scammers</span></a></span>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-39567373135903695162021-09-20T12:35:00.003-07:002021-09-20T12:35:30.696-07:00Mobile Banking for College Students<p><span style="font-family: "Times New Roman", serif; font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6MJs-jDM_6FrkWeaPkxRB3yCdBepzJVuisQzgDW4QNgEQNOdwBQ1BqYoZ9D8MLLbgky0kzKeEu5C3EKy7bjdwiSjNiyGEy6G7viePRf3lrYSUVQtmxNpetvBl43P3Z1CB4DuORIhxjW0/s940/September+blog+image.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="788" data-original-width="940" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6MJs-jDM_6FrkWeaPkxRB3yCdBepzJVuisQzgDW4QNgEQNOdwBQ1BqYoZ9D8MLLbgky0kzKeEu5C3EKy7bjdwiSjNiyGEy6G7viePRf3lrYSUVQtmxNpetvBl43P3Z1CB4DuORIhxjW0/s320/September+blog+image.png" width="320" /></a></div>If you’re the parent of a college student,
you’re probably feeling anxious about a lot of things as the fall semester
begins. One thing you shouldn’t have to worry about? Your child having access
to funds if and when they are needed. Online banking can put your college
student in touch with money 24/7/365 from any computer or handheld device that
has internet access. Here are three <span style="font-family: "Times New Roman", serif; font-size: 12pt;">great
reasons to consider having your child download the
MSB banking app:</span><p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Availability</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Mobile banking has no hours of operation the way
brick and mortar branches do. Customers can check their account, move money,
pay bills, and more at their convenience, 24/7, wherever they are. Banking has
never been easier!</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Safety</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Mobile banking is safe and secure. All reputable
banks and financial institutions use encryption to safeguard and protect your
privacy and identity information on mobile apps. As an added safety measure,
make sure you are using your banking app on a secure network to avoid having
sensitive information stolen, and never access it using public Wi-Fi.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Money Transfer</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Does your kid owe their roommate money for
ordering late night pizza? Our mobile banking app allows the user to pay people
back, without needing to find an ATM to withdraw physical cash.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Parental Control</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Mobile banking allows you, as the parent, the
ability to keep track of your child’s usage of the app and available funds. You
can see transactions made connected to a payment card, and even turn the cards
off and on if the need arises.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Many of our services are available via phone,
online, or the app. If you’re an existing or new client of </span><a href="https://www.mchenrysavings.com/index.html" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">McHenry Savings Bank</span></a><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">, we have the online banking functionality you want. You can learn
more about our mobile and online features by </span><a href="https://www.mchenrysavings.com/Corporate/contactus.html" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">contacting us</span></a><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">. We look forward to hearing from you!</span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-44693523089279847342021-08-12T06:20:00.002-07:002021-08-12T06:20:51.941-07:00Is It Wise To Open Multiple Savings Accounts At The Same Bank To Allocate Savings?<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl03yYSvn4PjC4sOdfBbUQK6tOoKAmObgi9CFCiiA4uNraiMG73GuImmFDjblUJw9SCG67jbO9c4RQfRp_uSCL6dWwlo8cEaIfEuQ4ujK1Swt0MA_VqCRlwIX55MGN6iOuOpTkaoQdI8U/s624/August+Blog+Image.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="624" height="362" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl03yYSvn4PjC4sOdfBbUQK6tOoKAmObgi9CFCiiA4uNraiMG73GuImmFDjblUJw9SCG67jbO9c4RQfRp_uSCL6dWwlo8cEaIfEuQ4ujK1Swt0MA_VqCRlwIX55MGN6iOuOpTkaoQdI8U/w640-h362/August+Blog+Image.JPG" width="640" /></a></div><p></p><p><span style="background-color: white; font-family: "Times New Roman", serif; font-size: 12pt;">Everyone knows it’s in your
best financial interest to have both a savings and a checking account. While
checking accounts are useful for daily spending and expenses, savings accounts
are great for saving for larger purchases while saving for </span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 12pt;">investments may take more time.</span><span style="background-color: white; font-family: "Times New Roman", serif; font-size: 12pt;"> But what about multiple
savings accounts? Is it wise to have multiple savings accounts, even at the
same bank?</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Though it might seem redundant,
it’s actually very beneficial to have multiple savings accounts at one time.
Multiple savings accounts come at no risk to you; in fact, it may help you save
more money in the long run, and it has no effect on your credit score. Here are
some of the best reasons to open multiple savings accounts, coming from </span><span style="color: #6aa84f;"><a href="https://www.mchenrysavings.com/index.html" target="_blank"><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: #6aa84f;">a trusted and established savings bank</span></span></a><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;">: </span></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; vertical-align: baseline;"><b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Interest. </span></b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">One of the best reasons to open a
savings account is interest, meaning you can earn money just by having
your money sit in the bank! </span><b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></li>
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; vertical-align: baseline;"><b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Goals. </span></b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Sometimes, people open different
savings accounts to help them save for different goals. If you’re saving
for a car, for a house, and for a wedding, you can open different accounts
for each to help you keep track of how much you have saved for each goal.
This can be helpful for many people, as it helps give them a clearer
picture of how close they are to each goal, instead of seeing one large
lump sum of money. </span><b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></li>
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; vertical-align: baseline;"><b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Spending Habits. </span></b><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">If you do have one savings account,
seeing one large number can make it tempting for you to start spending
unnecessarily. But having several accounts with lower balances may help
you manage your spending habits. If you’re really trying to control your
spending, you can set up weekly transfers from your checking account to
your savings account, helping you save more money by making less money available
for daily expenses. </span><b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; vertical-align: baseline;"><b><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Insurance. </span></b><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Federal Deposit
Insurance Corporation (FDIC) offers up to $250,000 worth of insurance on
savings accounts, meaning if anything happens to your money under that
amount, your deposits are insured up to that amount.</span></li></ul>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Reach out to one of the Personal Bankers at </span><a href="https://www.mchenrysavings.com/index.html" target="_blank"><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: #6aa84f;">McHenry Savings Bank</span></span><span style="background: white; color: #1155cc; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></a><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">(MSB) <span style="background: white; color: black;">to discuss
how we might help you save, invest or build wealth. Don’t have time to come in
to a branch? You can open a savings </span></span><a href="https://mchenrysavings.com/Personal/online_accounts.html" target="_blank"><span style="background: white; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="color: #6aa84f;">account online</span></span></a><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> while in the comfort of your
home or office or anywhere! We work hard to ensure your money is safe, since we
know that trust is earned, not given. </span><a href="https://www.mchenrysavings.com/index.html" target="_blank"><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: #6aa84f;">Visit our website</span></span></a><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> to learn more or give us a
call at 815-385-3000. </span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
<hr align="center" size="2" width="100%" />
</span></div>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">Sources: </span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://www.bankrate.com/banking/savings/reasons-multiple-savings-accounts/#:~:text=You%20can%20open%20multiple%20savings,it%20helpful%20to%20do%20so" target="_blank"><span style="background: white; color: #1155cc; font-family: "Times New Roman",serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">https://www.bankrate.com/banking/savings/reasons-multiple-savings-accounts/#:~:text=You%20can%20open%20multiple%20savings,it%20helpful%20to%20do%20so</span></a><span style="background: white; color: black; font-family: "Times New Roman",serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="https://www.mchenrysavings.com/Services/cd_savings.html"><span style="background: white; color: #1155cc; font-family: "Times New Roman",serif; font-size: 8.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";">https://www.mchenrysavings.com/Services/cd_savings.html</span></a><o:p></o:p></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0tag:blogger.com,1999:blog-4637992359260302542.post-53114158036215826052021-07-22T13:02:00.000-07:002021-07-22T13:02:57.325-07:00Flexibility with “Farm” Financing <p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUdEdRCdgBuxPBiHsjKRYPwgdRUlTD4rwebgpDBZ4c6nkLHUf_vG0yNa4sT9glgyJ7LlfgOu9u5DqvzuVF85L8jnK3aEGcSZ7N7rIC1PJ7k8Aafx8XMGDi_qHd-_QED17X_oYesoEuCRo/s2048/July+Blog+Image.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1152" data-original-width="2048" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUdEdRCdgBuxPBiHsjKRYPwgdRUlTD4rwebgpDBZ4c6nkLHUf_vG0yNa4sT9glgyJ7LlfgOu9u5DqvzuVF85L8jnK3aEGcSZ7N7rIC1PJ7k8Aafx8XMGDi_qHd-_QED17X_oYesoEuCRo/w640-h360/July+Blog+Image.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><br /></td></tr></tbody></table></p><p></p><p class="MsoNormal">Do you have a small acreage farm in the country with a nice
home, small barn and a few animals like a horse, a couple of goats, a few sheep
and maybe some chickens? Would you like to lock in today’s remarkably low, long-term
rates for as long as possible on that land? <o:p></o:p></p>
<p class="MsoNormal">If you would like to finance between 10 and 100 acres of
agricultural-related land, you have probably run into a variety of roadblocks
to refinancing. Perhaps you had a standard mortgage loan and now your lender
says they can’t help you because you have livestock, or too many acres and you
don’t qualify. Perhaps somebody told you to talk with the Farm Service Agency
for financing and when you got there, they tell you that you need to show at
least 3 years of Schedule F income (Farm Income schedule) to qualify. Maybe you
found a local bank to work with you but you needed more than 20% down or the
interest rate was only fixed for 5 years? How do you finance your land? <o:p></o:p></p>
<p class="MsoNormal">The truth is there is a tremendous range of alternatives to
finance agriculturally-related land, whether it is a smaller hobby farm or a
larger production farm. No one structure meets every need - but working with a
bank that has access to Farmer Mac’s programs will open up some flexibility to
resolve these constraints. With these products you will not need to meet the three-year
minimum of Schedule F income, in fact you do not need a farm background at all.
What you need is to be able to prove that your farm could generate $5,000 of
annual income; it just needs to have the potential and does not have to
actually be used to earn the $5,000. <o:p></o:p></p>
<p class="MsoNormal">There is flexibility in financing these properties but there
are also limitations. We also can’t provide financing for every deal. Some
general insight on financing these properties would be as follows: <o:p></o:p></p>
<p class="MsoNormal"></p><ul style="text-align: left;"><li>If you have strong personal credit and equity in the
property, and the loan balance will be less than $750,000, we can work with a
short application and likely receive a decision within 24 hours. </li><li>Loan balances up to $1,500,000 are available with a slightly
more detailed application and 2yrs worth of tax returns, and the limited
underwriting process will take approximately 10 days once all required
information is received. </li><li>Depending on the exact loan structure that works best for
you, required income levels (from all sources) can range from 1x to 1.5x debt
costs and the amount of equity required will vary. </li><li>Loan rates can be locked for 3,5,7,10,15,20,30 years and
balances amortized 10,20,25, and 30 years.</li></ul><o:p></o:p><p></p>
<p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal">Maybe you own your property and want to access the equity
you have built, but can’t get a standard home equity loan. We have a product
that is very similar to a home equity line and gives you 10 years of draw
potential, providing important cash flexibility. McHenry Savings Bank (MSB) is
one of a handful of banks to make the commitment to work with Farmer Mac to be
able to offer you a full range of alternatives in farm financing. We understand
each client has a unique set of circumstances and we can bring our experience
to find the best available approach that fits your needs. Please call or email
me directly to discuss your specific objectives. <o:p></o:p></p>
<p class="MsoNormal">Tim Kempel is our SVP, Director of Agribusiness Lending at
<a href="https://mchenrysavings.com/" target="_blank">McHenry Savings Bank</a> (MSB) and has over 35 years’ experience in Agricultural
lending with an emphasis on Real Estate. He also owns farm land and operates a
crop and beef enterprise in northwest Illinois. MSB is a privately owned bank
helping farmers, agribusiness owners, and commercial clients meet the demands
of their ever-evolving businesses. Member FDIC. Farmer Mac Approved Lender.
Equal Housing Lender. McHenry Savings Bank NMLS# #630527<o:p></o:p></p><br /><p></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-75517717875708633412021-06-29T09:45:00.002-07:002021-06-29T09:46:50.792-07:00Market Trends and Home Selling: The Housing Market for First-time Home Buyers<p><span style="font-family: "Times New Roman", serif; font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMeTtpxIyiwF6wPWSYMRkyMCoRd7roBVKEh48X2tKCMukmfuhIbbVfcT-yURR9OgR8mBNZI7p-aqbYSCwzw1gEZhyh3Tx0OofU6lTelOAKzjU800Q6NZsR0rihByELvE5OIfxJq1IQDpg/s1600/June+Blog+Image.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMeTtpxIyiwF6wPWSYMRkyMCoRd7roBVKEh48X2tKCMukmfuhIbbVfcT-yURR9OgR8mBNZI7p-aqbYSCwzw1gEZhyh3Tx0OofU6lTelOAKzjU800Q6NZsR0rihByELvE5OIfxJq1IQDpg/w640-h360/June+Blog+Image.png" width="640" /></a></div>It's no secret that the housing market for
first-time home buyers is hot. But what are some of the reasons behind this?
There are a number of factors that may be contributing to this increase in
demand, including low interest rates and an improving jobs climate. Here are
some trends from last month according to Illinois Realtors. <p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“This year’s moving season has started out
bright for sellers with their homes being purchased at top prices,” says Sue
Miller, President of Illinois REALTORS® and designated managing broker of
Coldwell Banker Real Estate Group in McHenry. “But the future remains overcast
for those trying to purchase their dream home due to the continued record low
inventory of available housing of all types.”</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">
<!--[endif]--><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l2 level1 lfo1; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">The monthly average commitment rate for a 30-year,
fixed-rate mortgage was 2.95 percent in May 2021, a decrease from 3.06
percent the previous month, according to the Federal Home Loan Mortgage
Corp. In May 2020, it averaged 3.23 percent.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">
<!--[endif]--><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l4 level1 lfo2; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Last month, 12,768 homes (single-family and
condominiums) were sold in the nine-county Chicago Metro Area, a 63.5
percent increase from the 7,809 homes sold in May 2020.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">
<!--[endif]--><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l5 level1 lfo3; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">The median home sale price in May 2021 was $310,000 in
the Chicago Metro Area, an increase of 19.2 percent from $260,000 in May
2020.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">
<!--[endif]--><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l0 level1 lfo4; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">It took an average of 38 days to sell a home in April,
down from 53 days a year ago. Homes for sale totaled 24,749, a 48.7
percent decline from April 2020 when there were 48,232 homes on the
market.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">
<!--[endif]--><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l1 level1 lfo5; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">According to the data, home sales in the Metro East MSA
(Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair
counties) totaled 847 sales, a 27.6 percent increase while the median
price rose 5.0 percent to $156,900. In the Carbondale-Marion MSA (Jackson
and Williamson counties) home sales totaled 124, a 39.3 percent increase.
The median price increased 7.7 percent to $118,500.</span></li></ul>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://www.mchenrysavings.com/Personal/loans.html" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">McHenry Savings Bank </span></a><span style="color: black; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">offers loans to fund your major purchases and
make your dreams reality.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Are you ready to purchase a home, or refinance
your existing mortgage? We can customize a financing plan to your specific
needs using a variety of loan options including:</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l3 level1 lfo6; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Fixed Rate Loans<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l3 level1 lfo6; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Adjustable Rate Loans<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; line-height: normal; margin-bottom: 0in; mso-list: l3 level1 lfo6; tab-stops: list .5in; vertical-align: baseline;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Jumbo Loans<o:p></o:p></span></li>
</ul>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Due to increased call volume, please call
815-385-3000 or email loans@mchenrysavings.com directly for assistance. We are
working to respond to all of our clients as quickly as possible during this
time. If you're looking for a new home, our </span><a href="https://www.mchenrysavings.com/Tools/calc_mtgqual.html" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">mortgage calculators</span></a><span style="color: black; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"> can help you determine how much your estimated
monthly payment will be. The calculator automatically recalculates anytime you
press the tab key after making a change to an input field and is easy to use
with just one click of the mouse button. We hope this helps make finding that
perfect house or condo easier than ever before! McHenry Savings Bank is an
Equal Housing Lender. NMLS #630527.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 8pt; mso-fareast-font-family: "Times New Roman";">Sources:</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-family: "Times New Roman",serif; font-size: 8pt; mso-fareast-font-family: "Times New Roman";">https://www.illinoisrealtors.org/blog/hot-market-tightening-inventory-meant-faster-sales-higher-prices-in-may/</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-79406830346459965222021-05-20T08:51:00.022-07:002021-05-20T08:56:51.859-07:00Supporting Small Businesses <p><span lang="EN" style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicTG0UrWwN2hvR3FDMpNCsb3oNLiqpzNixK-yWnWCQkeF4hFiSpv5tygfnU-74XQVmd7O2M9THFvAOywaD1AXVzDYbwIg953vQWxr-D9Wt71zQWIwJiDKZI4m816RyIkHKlOxWCESeslY/s2048/May+Blog+Image.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="2048" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicTG0UrWwN2hvR3FDMpNCsb3oNLiqpzNixK-yWnWCQkeF4hFiSpv5tygfnU-74XQVmd7O2M9THFvAOywaD1AXVzDYbwIg953vQWxr-D9Wt71zQWIwJiDKZI4m816RyIkHKlOxWCESeslY/w640-h360/May+Blog+Image.png" width="640" /></a></div><br />Earlier
this month, we recognized Small Business Week. In 2020, <a href="https://www.semrush.com/blog/small-business-stats/" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"></span></a><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><div class="separator" style="clear: both; display: inline !important; text-align: center;"><a href="https://www.semrush.com/blog/small-business-stats/" style="color: #1155cc; text-align: left;" target="_blank"><span lang="EN"></span></a><span lang="EN" style="color: #1155cc; text-align: left;"><a href="https://www.semrush.com/blog/small-business-stats/" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">46% of consumers</span></a></span><span lang="EN" style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%; text-align: left;"> said they were more likely to shop
at a small business. However, that same year, 66% of small businesses face </span><span lang="EN" style="color: #1155cc; text-align: left;"><a href="https://www.mchenrysavings.com/Tools/financial_tools.html" target="_blank"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">financial challenges</span></a></span><span lang="EN" style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%; text-align: left;">, </span><span lang="EN" style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 115%; text-align: left;">with 43% claiming the most
prominent challenge is paying operating expenses.</span></div></span><p></p>
<p class="MsoNormal"><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">No
community wants to see its small businesses struggle. The area risks losing the
business, and the local character they bring to the residents and visitors.
With that in mind, we are reminded of why it’s important to support local
businesses.</span></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Supports Local
Character and Community <o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Online shopping and big corporations have created a homogenized
shopping world. If our local communities preserve their one-of-a-kind
businesses, their distinct features have an economic advantage.</span></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Keeps Dollars in Your
Local Economy <o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Since COVID-19 shuttered so many businesses, any support for
your local economy is appreciated, but also recycled. Unlike the big box
stores, a local business is likely to reinvest in its local economy, creating
jobs and better wages or supporting neighboring small businesses.</span></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Promotes
Sustainability <o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Local stores help sustain the town center that we often see in
small towns outside of bigger cities. They are vibrant and walkable, critical
to reducing urban sprawl, vehicle use, and pollution.</span></p>
<p class="MsoNormal"><i style="mso-bidi-font-style: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">What we can do to
support our local small businesses:</span></i></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Spend Local<o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Is your family planning a weekend getaway? If you find yourself
walking the town village, look for souvenirs from a local craftsman. A souvenir
from a local shop is likely handmade and unique to the region.</span></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Eat Local<o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Eating locally is a special treat, particularly when you’re on
vacation. Most families don’t want to visit a chain while spending quality time
together. Look for a restaurant where its food represents the region or popular
favorites of the area.</span></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Spend Local <o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">In addition to shopping and eating locally, there are other
avenues to supporting your community.</span></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Consider services from your local small business. For example,
is your home’s exterior looking tattered, and you need to hire a painter? Don’t
go into your local big box hardware and ask for a painter. Take the time to
search and hire somebody locally, possibly making a difference in their small
business.</span></p>
<p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">At MSB, we know supporting small local businesses has a positive
environmental and financial impact on our community. We encourage our customers
to consider local businesses before going online or visiting a bigger store.</span></p>
<p class="MsoNormal"><span lang="EN"><a href="https://www.mchenrysavings.com/index.html" target="_blank"><span style="color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">MSB</span></a></span><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"> also recognizes Trust
Is Earned™, not simply claimed. To that end, we seek first to understand your
financial needs and objectives. We offer </span><span lang="EN"><a href="https://www.mchenrysavings.com/Commercial/commercial_loans.html" target="_blank"><span style="color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">commercial loans</span></a></span><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"> with a diverse
selection of commercial loan products specifically designed to fit the needs of
your business. Contact us at 815-385-3000. Visit our </span><span lang="EN"><a href="https://www.facebook.com/McHenrySavingsBank/" target="_blank"><span style="color: #4a6ee0; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Facebook Page</span></a></span><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">! <o:p></o:p></span></p><p class="MsoNormal"><span lang="EN" style="color: #0e101a; font-family: "Times New Roman",serif; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><br /></span></p>
<div align="center" class="MsoNormal" style="text-align: center;"><span lang="EN">
<hr align="center" size="2" width="100%" />
</span></div>
<p class="MsoNormal" style="mso-pagination: none;"><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Sources: <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: none;"><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><a href="https://www.mchenrysavings.com/Commercial/commercial_loans.html" target="_blank">https://www.mchenrysavings.com/Commercial/commercial_loans.html</a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: none;"><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><a href="https://www.fundera.com/blog/small-business-week" target="_blank">https://www.fundera.com/blog/small-business-week</a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: none;"><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><a href="https://www.sba.gov/national-small-business-week" target="_blank">https://www.sba.gov/national-small-business-week</a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: none;"><span lang="EN"><span style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><a href="https://business.bviccha.org/events/details/national-small-business-week-2021-2612" target="_blank">https://business.bviccha.org/events/details/national-small-business-week-2021-2612</a></span></span><u><span lang="EN" style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></u></p>
<p class="MsoNormal" style="mso-pagination: none;"><u><span lang="EN" style="color: #1155cc; font-family: "Times New Roman",serif; font-size: 10pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><a href="https://www.semrush.com/blog/small-business-stats/" target="_blank">https://www.semrush.com/blog/small-business-stats/</a><o:p></o:p></span></u></p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br />McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-44720088743285737522021-04-22T09:37:00.001-07:002021-04-22T09:37:38.529-07:00Financial Literacy for Your Children<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9gvd1rhGmF08MBBX1i2vdY_YuFzVYaFROI7XegUemAyjFEQOhrdASKIO-nTt0dRUzc7695rs-6NrqJgfSNLDCQx6WglD6PwQNanTpCAsm7cwX6pLT8Y2Rdm5xMFGreHOlBrJT2nsN3Bo/s624/Financial+Literacy+for+Teens.png" style="margin-left: 1em; margin-right: 1em;"><img alt="Piggy Bank McHenry Illinois" border="0" data-original-height="351" data-original-width="624" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9gvd1rhGmF08MBBX1i2vdY_YuFzVYaFROI7XegUemAyjFEQOhrdASKIO-nTt0dRUzc7695rs-6NrqJgfSNLDCQx6WglD6PwQNanTpCAsm7cwX6pLT8Y2Rdm5xMFGreHOlBrJT2nsN3Bo/s16000/Financial+Literacy+for+Teens.png" /></a><br /><br /></div><span style="font-family: "Times New Roman", serif; font-size: 12pt;">As a child transitions into their teen years, it is imperative they develop an early understanding of their personal finances. This discussion and lesson too frequently emerges as they graduate high school and enter the workforce or attend a college, where their understanding or lack thereof is put to the ultimate test in the real world.</span><p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Teaching a teen about finances is certainly not a simple undertaking. Largely, they may find the concept unengaging. This is natural, as they may be a young adult, but developmentally are still very much a child.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">But just because a teen may find finances a droll concept does not mean they should just be thrown to the wolves immediately after high school. It is the duty of parents and educators alike to get them engaged and connect those teachings to real world principles of financial literacy.</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="font-family: "Times New Roman", serif; font-size: 14pt;">Basic Financial Concepts For A Teen</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">The world of personal finance is broad to say the least, so start with some basic concepts that you as a parent or educator can teach to a teen.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Start with budgeting and the importance of discerning between income from a career, cost of living expenses, and having savings in a bank account. There are discernable differences many teens may not comprehend. Create a chart and prompt them to brainstorm simple real world examples that you have them identify as either an income, an expense, or savings. As they get the hang of it, explore each one more deeply.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">While on the subject of income and savings, design an exercise around the concept of a credit card and their credit score. This can be an active learning exercise teaching them both what credit is, how interest can build up and damage your credit score, and additionally give you an opportunity to have them itemize what expenses are necessities and what are luxuries.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="font-family: "Times New Roman", serif; font-size: 14pt;">Gamification Can Help</span></b></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Any exercise you as a parent or an educator can think of will help, but giving them a lecture is a dated and often ineffective concept. Let's take it a step further.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Teens are increasingly hands-on and intelligent, so learning anything passively will turn their minds off. Gamifying financial education and finding an active learning curriculum to demonstrate the incentives of being fiscally responsible connects them to the material in a tactile, emotional way not presented by merely talking to them about the subject.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">From there, connect it to their reality. If you are their parent, sign them up for our Essential Student Checking account here at McHenry Savings Bank. This package allows teens to have their own personal checking account with your help in managing it with them. It also gives them access to their own e-statements, bringing interactivity to their banking experience in a hands-on way, similar to the active learning in finances they receive.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;">For more information about our Essential Student Checking and more, </span><a href="https://www.mchenrysavings.com/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;">visit our website</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;"> and be sure to </span><a href="https://www.facebook.com/McHenrySavingsBank/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;">follow us on Facebook</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;">. To discover more helpful tips in financial literacy go to </span><a href="https://www.fdic.gov/resources/consumers/money-smart/learn-money-smart/index.html">FDIC: Learn Money Smart</a><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;">.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 17.12px;"><br /></span></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-62067241620071864062021-04-15T09:06:00.002-07:002021-04-15T09:06:22.249-07:00Financial Planning 101 for 2021<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWLO_uQT0oyXs8JkPPsSDyhy1D0BtMkoZnrgglkw0-wOmLnBGfB2M_Bds5FEatySdqZBIQ_sBnE639oXyS9NsiZWKpvA8WS9RJ8DlwHIcvfT-FO2ffcujb808ByqXePxUH3NBDSn8IADo/s624/March+Blog+1.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Piggy Bank Graphic McHenry Illinois" border="0" data-original-height="417" data-original-width="624" height="428" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWLO_uQT0oyXs8JkPPsSDyhy1D0BtMkoZnrgglkw0-wOmLnBGfB2M_Bds5FEatySdqZBIQ_sBnE639oXyS9NsiZWKpvA8WS9RJ8DlwHIcvfT-FO2ffcujb808ByqXePxUH3NBDSn8IADo/w640-h428/March+Blog+1.png" width="640" /></a></div><span style="background-color: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt;"><br />While most people start New Year’s resolutions in January, there’s nothing magical about the start of the year when it comes to improving your finances. With tax time upon us, now is a great time to review your current finances and set goals for the rest of the year. If you’re ready to make a change, it’s not too late to start!</span><p></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Here are some habits that you can start today to improve your financial fitness in 2021 and beyond:</span></p><p class="MsoNormal" style="line-height: 18.08px;"><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Live Within Your Means<o:p></o:p></span></b></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Sometimes it can be difficult to live within our means, especially if we find ourselves living paycheck-to-paycheck. The best way to cut expenses is by </span><span lang="EN"><a href="https://www.thebalance.com/how-to-make-a-budget-1289587"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">making a monthly budget</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">. Calculate how much income you (and your partner) bring in monthly, and subtract necessary expenses such as mortgage or rent payment, car payment, utilities, and groceries. Reduce spending in leftover areas, such as eating out, impulse purchases, shopping, and entertainment. Look for ways to reduce other recurring expenses. Some ideas include shopping around for lower insurance rates, canceling subscriptions and memberships, couponing, buying bulk, and buying sale items to reduce grocery bills.</span></p><p class="MsoNormal" style="line-height: 18.08px;"><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Build Your Emergency Fund<o:p></o:p></span></b></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Financial planners recommend saving at least two paychecks in your checking account for unforeseen expenses. Once you have that saved up, aim to have an </span><span lang="EN"><a href="https://www.thebalance.com/emergency-funds-2385682"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">emergency fund</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;"> of six to nine months of income in a savings account, where it can accumulate interest but still be withdrawn if needed. Unplanned expenses include car repairs, medical bills, job loss, and more. It may take a while to save these funds, but after you’ve made your budget and reduced expenses, your next priority should be to set aside an amount from your paycheck each month. Keep saving until you’ve built up your cushion.</span></p><p class="MsoNormal" style="line-height: 18.08px;"><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Pay Down Your Debt<o:p></o:p></span></b></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN"><a href="https://www.thebalance.com/strategies-to-pay-down-debt-2385862"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Paying down debt</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">, as well as avoiding future debt, is key to financial success and security. Eliminate your “bad debt” first, including credit cards, car loans, and any other loans that have high-interest rates.</span></p><p class="MsoNormal" style="line-height: 18.08px;"><b><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Increase Your Retirement Savings<o:p></o:p></span></b></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">Financial security and stability also involve saving for the future. After you’ve completed the steps above, increase contributions to a retirement account, such as an employer-matched fund or a Roth IRA. If you haven’t started to </span><span lang="EN"><a href="https://www.thebalance.com/boost-retirement-savings-fast-1289857"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">save for retirement</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">, it is never too late to start, but begin now. It is ok to start small but plan to increase your contribution as you become more financially stable. There are plenty of </span><span lang="EN"><a href="https://www.mchenrysavings.com/Tools/financial_tools.html"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">online tools and resources</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;"> as well that are worth checking out to help offer some guidelines on how much to set aside over a given period.</span></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">No matter what your current wealth is, financial stability is within your reach with some careful planning. If you’re ready to take control of your financial security, consult a financial planner today.</span></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">At </span><span lang="EN"><a href="https://www.mchenrysavings.com/index.html"><span style="background: white; color: #4a6ee0; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">McHenry Savings Bank</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">, we work hard to earn your trust by seeking to understand your financial needs and goals. We can then provide investment and insurance solutions designed to meet the needs of our customers. Visit our website to learn more about </span><span lang="EN"><a href="https://www.mchenrysavings.com/Services/cd_savings.html"><span style="background: white; color: #4a6ee0; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;">our services</span></a></span><span lang="EN" style="background: white; color: #0e101a; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;"> call us at 815-385-3000 to speak with an expert to discuss your personal financial goals.</span><span lang="EN" style="background: white; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.08px;"><span lang="EN" style="background: white; font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.08px;"><o:p> </o:p></span></p><div align="center" class="MsoNormal" style="background: white; line-height: 18.08px; text-align: center;"><span lang="EN"><hr align="center" size="2" width="100%" /></span></div><p class="MsoNormal" style="background: white; line-height: 18.08px;"><span lang="EN" style="font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;">Sources</span><span lang="EN" style="font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18.08px;"><span lang="EN"><a href="https://www.mchenrysavings.com/Services/cd_savings.html"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;">https://www.mchenrysavings.com/Services/cd_savings.html</span></a></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18.08px;"><span lang="EN"><a href="https://zenhabits.net/10-habits-to-develop-for-financial/"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;">https://zenhabits.net/10-habits-to-develop-for-financial/</span></a></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18.08px;"><span lang="EN"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt; line-height: 12.0533px;"><a href="https://www.thebalance.com/how-to-make-a-budget-1289587">https://www.thebalance.com/how-to-make-a-budget-1289587</a></span></span></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352214.013959563821153 -123.429772 70.634427236178851 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-44748863408904502932021-02-26T06:56:00.006-08:002021-03-08T07:07:19.781-08:00Things to Consider Before Purchasing a Boat or RV This Year<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXWH3mEHvB2KkOK9TC_LaGLx5Rff1GvWl3nTD0j2LJIU1AVVS7aIriXJ8V679d5wdG4e-HOj-2-VFw4GDxjdbkkdqadNxTgLHErStXDETxdZc3sLkLa56Sx5HnOGVJALi7UVmiLQngC2M/s750/McHenry+IL+RV+MSB+2.21.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="750" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXWH3mEHvB2KkOK9TC_LaGLx5Rff1GvWl3nTD0j2LJIU1AVVS7aIriXJ8V679d5wdG4e-HOj-2-VFw4GDxjdbkkdqadNxTgLHErStXDETxdZc3sLkLa56Sx5HnOGVJALi7UVmiLQngC2M/w640-h426/McHenry+IL+RV+MSB+2.21.png" width="640" /></a></div><p><span style="font-family: "Times New Roman", serif; font-size: 12pt;">With spring almost here, are you thinking about summers on the lake or a road trip to the mountains?</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Purchasing a boat or RV can seem like a confusing and intimidating process to navigate. You may know you want a new vehicle for the water, or an RV to take out on the road, but where do you go from there? Before you go and make a spontaneous purchase, research and ask yourself the right questions to help determine the perfect vehicle for you. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">RV’s and boats come in a variety of sizes with various features at a range of prices. Though one option may seem better than the other, that doesn’t necessarily mean that choice is right for you. Here are some of the biggest things to consider before buying a boat or buying an RV: </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><ul><li><b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Lifestyle/Type of Vehicle. </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Considering your lifestyle may help you determine what kind of vehicle to purchase. Are you taking your RV to national parks, or are you planning on using an RV for a weekend camping trip? Both trips may require a different type of RV. Similarly, if you’re buying a boat, where can you dock your boat, and where/how are you planning on using it? A boat for leisure versus a boat for water sports requires different types of boats. Additionally, consider how many people you’re planning on accommodating to help you determine the size of boat or RV you need to purchase. </span></li><li><b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Features. </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Once you’ve landed on a consensus of what type of RV or boat to buy, think about the kinds of features you may want your vehicle to have. A big thing to consider for RV’s, for example, is the addition of air conditioning inside the cabin, especially if you’re planning on traveling during the hot summer months. Likewise, how long will you be using your RV or boat at a time? If you’re planning on traveling for a long time, you may need to look at vehicles with a full bathroom so you can shower and bathe. </span></li><li><b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Budget. </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Figuring out the type and size of your vehicle, as well as the features you want and need in your boat or RV will massively help you decide on a budget for your purchase, and the price range that you’ll be looking at. Deciding on a budget will also help you answer the question: should I buy new or used? Though new boats and RV’s certainly have the appeal of factory freshness and warranty, a pre-owned vehicle may help you stretch your budget more, especially if you find a vehicle in great condition. Just make sure your pre-owned vehicle is thoroughly checked out. </span></li><li><b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Where/When to Buy. </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Now that you have a clearer picture of the vehicle you’re looking to purchase, it’s time to start looking at places to shop! Working with a dealer can help you determine the best vehicle for you. Go beyond the options you’re seeing online and take the time to find a dealership near you so you can see, touch, and feel the boat or RV in person. And ask your friends and acquaintances who have gone through the buying experience for advice! They might know a great dealer for you that you weren’t aware of, or give you bargaining insight you didn’t know. Also, consider the time of year you’re looking to buy. Some times of year are better than others to buy a boat or RV, which will ultimately save you more money in the end. </span></li><li><b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Financing. </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt; text-indent: -0.25in;">It’s no secret that an RV or boat is a large purchase that you may need help financing. From the price of the vehicle to added expenses such as insurance and registration fees, accessories, and safety gear, the final cost can really add up! Let </span><a href="https://www.mchenrysavings.com/index.html" style="text-indent: -0.25in;"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">McHenry Savings Bank </span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt; text-indent: -0.25in;">turn your dream into reality. Our loan services can help you make that large purchase such as a home, boat, or RV a reality by creating a financial plan that works for you.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Start your </span><a href="https://www.sageworksanalyst.com/loanapplication/start.aspx?customersid=52499"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">secure online application</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> today or give us a call at 815-385-3000.</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><hr align="center" size="2" width="100%" /></span></div><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 8pt;">Sources:</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://www.discoverboating.com/buying/boat-buyers-guide"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt;">https://www.discoverboating.com/buying/boat-buyers-guide</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://koa.com/blog/the-beginners-guide-to-buying-an-rv-purchasing-an-rv/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt;">https://koa.com/blog/the-beginners-guide-to-buying-an-rv-purchasing-an-rv/</span></a></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0tag:blogger.com,1999:blog-4637992359260302542.post-16615867726929241012020-12-29T07:48:00.002-08:002020-12-29T07:48:59.363-08:00How the CARES Act Impacts Your Taxes, IRA & Retirement<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0Gq-WoJnaVf-zjf6C4BmG52Y1K3SCAMH7gSDOU_8UGn0kuUdsOVryt9vAxMbRcUQddcLJKHljWx83-E05bdtbWaJ3dMwbscMnpdwto2-W_GsD6BBTCENd1r4JyNhHQgb8k4mVBuR0WWU/s1180/CARE+Act+Dec+2020.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: left;"><img alt="IRA Folder McHenry Savings Bank" border="0" data-original-height="788" data-original-width="1180" height="428" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0Gq-WoJnaVf-zjf6C4BmG52Y1K3SCAMH7gSDOU_8UGn0kuUdsOVryt9vAxMbRcUQddcLJKHljWx83-E05bdtbWaJ3dMwbscMnpdwto2-W_GsD6BBTCENd1r4JyNhHQgb8k4mVBuR0WWU/w640-h428/CARE+Act+Dec+2020.png" width="640" /></a></div><span style="color: #111111; font-size: 12pt; white-space: pre-wrap;"><p><span style="font-size: 12pt;">Perfect vision. That was supposed to be the theme for 2020, especially when it came to planning and saving for retirement. But in the first quarter of the year, the novel coronavirus hit, and that created confusion and uncertainty when it came to our personal finances.</span></p></span><p></p><span id="docs-internal-guid-5cb995bb-7fff-215e-e9d0-c48aa3777e13"><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">In March 2020, Congress overwhelmingly passed</span><a href="https://home.treasury.gov/policy-issues/cares" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">the Coronavirus Aid, Relief, and Economic Security (CARES) Act</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> - better known as the emergency stimulus package. This over $2 trillion economic relief package was designed to protect the American people from the public health and economic impacts of COVID-19. If you or your family were affected financially by the coronavirus, the CARES Act made it easier for you to withdraw money from your </span><a href="https://www.investopedia.com/terms/i/ira.asp" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">Individual Retirement Arrangements (IRAs)</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> and workplace retirement plans. This relief program also brought about changes in IRA rules, including tax implications for certain retirement account withdrawals and expanded loan options.</span></p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"> </p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Here’s a quick overview of how the CARES Act impacts IRA holders in 2020:</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">The</span><a href="https://www.investopedia.com/terms/r/requiredminimumdistribution.asp" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">required minimum distribution (RMD)</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> is amount of money that must be withdrawn from your traditional IRA or Simplified Employee Pension (SEP). The CARES Act suspended all RMDs from retirement accounts in 2020. This allows these accounts (and you) more time to recover from the stock market downturns. Retirees who can afford to leave their retirement accounts alone earn a tax break as they will not be taxed on mandatory withdrawals.</span></p></li><li aria-level="1" dir="ltr" style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you took a distribution (up to $100,000) between January 1, 2020 and December 31, 2020, due to</span><a href="https://www.irs.gov/newsroom/relief-for-taxpayers-affected-by-covid-19-who-take-distributions-or-loans-from-retirement-plans" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">COVID-related events</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, you are not subject to the additional tax on early distributions.</span></p></li><li aria-level="1" dir="ltr" style="color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you took a distribution (up to $100,000) between January 1, 2020 and December 31, 2020, due to COVID-related events, you can recontribute to your retirement account or pay back tax over a three-year period.</span></p></li></ul><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"> </p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Now that you have an overview of how the CARES Act affects your IRAs, here are some strategies you can use to take advantage of these changes.</span></p><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Reduce taxable income to be eligible for any future stimulus payment.</span><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> If your</span><a href="https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">adjusted gross income (AGI)</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> is more than $198,000 for joint filers or $99,000 for single filers), you are not eligible to receive a</span><a href="https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">stimulus payment</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">. However, if you withdraw funds from your Roth IRA or other after-tax assets in 2020 - instead of your traditional IRA - you may be able to lower your AGI enough to qualify for a stimulus payment.</span></p></li><li aria-level="1" dir="ltr" style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Complete an IRA rollover.</span><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> If you already took your RMD for the year but didn’t need to, you might be able to return the monies to your account by completing an IRA rollover. By rolling over, you’re saving for your future and retirement while your money continues to grow tax-deferred. Refer to</span><a href="https://www.irs.gov/pub/irs-drop/n-20-51.pdf" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">IRS Notice 2020-51</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> to complete your rollover.</span></p></li><li aria-level="1" dir="ltr" style="color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Take a distribution and repay over three years. </span><span style="background-color: transparent; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you have a COVID-related financial need (need being the key word), you have the option to withdraw funds from your IRA or other retirement accounts. Once your financial situation improves, you can recontribute to your IRA or pay taxes over a three-year period. For example, if you took a $15,000 COVID-related distribution in 2020, you could claim $5,000 in income on your next three federal tax returns (2020, 2021, and 2022). However, you do have the option of claiming the full amount on your 2020 return.</span></p></li></ul><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"> </p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Withdrawing funds from your retirement accounts is not a decision that should be taken lightly. Taking funds out early can negatively affect the health of your investment portfolio and may require you to adjust your retirement goals. Consult with your financial advisor before embarking on any of these strategies.</span></p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"> </p><p dir="ltr" style="background-color: #fafafa; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">At</span><a href="https://mchenrysavings.com/" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, trust is earned. We seek to understand your financial needs and goals. We provide financial solutions designed to meet the needs of our customers - including</span><a href="https://mchenrysavings.com/Services/mcis.html" style="text-decoration-line: none;"><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">investment products and services</span></a><span style="background-color: transparent; color: #111111; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">. Visit McHenry Savings Bank to learn how you can save or speak with an expert to discuss your personal financial goals by calling 815-385-3000.</span></p><p dir="ltr" style="background-color: white; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"> </p><p dir="ltr" style="background-color: white; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"></p><hr /><p></p><p dir="ltr" style="background-color: white; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Sources</span></p><p dir="ltr" style="background-color: white; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.irs.gov/newsroom/relief-for-taxpayers-affected-by-covid-19-who-take-distributions-or-loans-from-retirement-plans" style="text-decoration-line: none;"><span style="background-color: transparent; color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.irs.gov/newsroom/relief-for-taxpayers-affected-by-covid-19-who-take-distributions-or-loans-from-retirement-plans</span></a><span style="background-color: transparent; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span></p><p dir="ltr" style="background-color: white; line-height: 1.3679999999999999; margin-bottom: 0pt; margin-top: 0pt;"><a href="https://www.irs.gov/newsroom/coronavirus-relief-for-retirement-plans-and-iras" style="text-decoration-line: none;"><span style="background-color: transparent; color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.irs.gov/newsroom/coronavirus-relief-for-retirement-plans-and-iras</span></a><span style="background-color: transparent; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span></p><div><span style="background-color: transparent; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div></span>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.61472965169127 -123.429772 68.03365714830872 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-9800963604463314682020-11-23T15:30:00.006-08:002020-11-23T15:30:59.423-08:00Being Prepared for an Emergency Pays Off<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaPSw_t9iOefOrsTx7fd_LZkvqJg8kx5yBQiuxMxCDTL7s2ddD-GJvao6VMLRsw3Ndu9JfRHdOftJEyIC9A82Wt2oGWT6Jmp-0jTLx9posU_DwdSXsfPVcZTQ-aSgvAy-iyusl_MrYh1g/s889/Emegency+Funds.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Fire McHenry Illinois" border="0" data-original-height="500" data-original-width="889" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaPSw_t9iOefOrsTx7fd_LZkvqJg8kx5yBQiuxMxCDTL7s2ddD-GJvao6VMLRsw3Ndu9JfRHdOftJEyIC9A82Wt2oGWT6Jmp-0jTLx9posU_DwdSXsfPVcZTQ-aSgvAy-iyusl_MrYh1g/w640-h360/Emegency+Funds.png" width="640" /></a></div><p><span style="font-family: "Times New Roman", serif; font-size: 12pt;">They say by failing to prepare, you are preparing to fail. This is especially true when it comes to preparing for an emergency such as storms, tornados, fires, or even something a little closer to home, the loss of a job, or health crisis.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Nobody likes to think of the worst-case scenario but being prepared has a myriad of benefits according to a new report by Bankrate.com. The report, based on telephone interviews with more than 1,000 adults, reveals that just 23 percent of Americans have emergency </span><a href="https://mchenrysavings.com/Services/cd_savings.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">savings</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> to cover six months of expenses. Here are some tips from</span><a href="https://www.fema.gov/news-release/20200220/evaluate-your-readiness-during-national-preparedness-month"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;"> FEMA </span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">to help at least get you thinking about what you need in the case of an emergency. <br /><br /></span></p><ul style="text-align: left;"><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Put money aside for an emergency</b> — Start </span><span style="color: windowtext;"><a href="https://mchenrysavings.com/Services/cd_savings.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">saving</span></a></span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> today, and add to your emergency fund with each paycheck. </span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Cash is almost always accepted</b> — ATMs and credit card machines may not work after a disaster, so keep some cash on hand.</span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>What types of insurance do you need?</b> — Floods, earthquakes, and landslides are not usually covered by homeowners insurance, and in coastal states like Texas hurricane winds also may not be covered. Look into supplemental policies to cover floods (www.fema.gov/nfip), windstorms, and other perils. Renters can get flood insurance as well.</span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Be a record holder </b>— You may need your insurance policies, deeds, leases, passports, medical information, and other documents after a disaster. Keep them in a fireproof, waterproof box and store electronic copies on an external drive or website.</span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Sign up for direct deposit </b>— Mail service can be delayed for weeks by a natural disaster. Don’t let that stop your paychecks or benefits like Social Security. Federal benefit recipients can sign up at </span><span style="color: windowtext;"><a href="http://www.godirect.gov/gpw/"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">www.godirect.gov/gpw/</span></a></span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> or 800-333-1795.</span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Snap some pics</b> — Having photos and/or video of your valuables, including your furniture, can help the recovery process get started quickly and efficiently.</span></li><li><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><b>Learn more</b> — The</span><span style="color: windowtext;"><a href="https://go.usa.gov/xEAs4"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;"> Emergency Financial First Aid Kit</span></a></span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> is full of information, checklists, and forms to help you prepare for the unexpected.</span></li></ul><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://www.mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">McHenry Savings Bank </span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">has been serving the banking needs of the residents of McHenry County since 1955. In 2002, we celebrated our grand opening of our McHenry Financial Building at 353 Bank Drive in McHenry, IL. Member FDIC. Equal Housing Lender. NMLS #630527. Visit us </span><a href="https://www.mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">online</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> today to learn more and don’t forget to follow us on </span><a href="https://www.facebook.com/McHenrySavingsBank/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">Facebook</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">! </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 12pt;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><br /><br /><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: "Times New Roman", serif; font-size: 8pt;">Sources:</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><a href="https://www.moneyunder30.com/compare-average-emergency-fund-savings#:~:text=But%20not%20everyone's%20ready%20for,cover%20six%20months%20of%20expenses"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt;">https://www.moneyunder30.com/compare-average-emergency-fund-savings#:~:text=But%20not%20everyone's%20ready%20for,cover%20six%20months%20of%20expenses</span></a><span style="font-family: "Times New Roman", serif; font-size: 8pt;">.<br /></span><a href="https://www.fema.gov/news-release/20200220/evaluate-your-readiness-during-national-preparedness-month"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 8pt;">https://www.fema.gov/news-release/20200220/evaluate-your-readiness-during-national-preparedness-month</span></a></p>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.3241934 -88.27352216.61472965169127 -123.429772 68.03365714830872 -53.117272tag:blogger.com,1999:blog-4637992359260302542.post-27040647160973789942020-09-14T11:45:00.006-07:002020-09-14T11:48:34.093-07:00Don’t Bet the Farm! 3 Ways Refinancing Farm Mortgage Can Benefit You Now<div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3Z_ngng3ttiQQrtRqaY-A9BTLsOCCa8IBZFyzjZD7S3v34Slzm6LS9cD_SEkWzQWEvERe16fqRusjgUz_MG-UGivE7kub34j6rlZHvNg5V90a_IX8LLOUklabC6onQH30oKwhVCp6WrY/s2048/TimKempel1.jpg" style="clear: left; display: inline; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="2048" data-original-width="1536" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3Z_ngng3ttiQQrtRqaY-A9BTLsOCCa8IBZFyzjZD7S3v34Slzm6LS9cD_SEkWzQWEvERe16fqRusjgUz_MG-UGivE7kub34j6rlZHvNg5V90a_IX8LLOUklabC6onQH30oKwhVCp6WrY/w300-h400/TimKempel1.jpg" width="300" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><a href="https://www.mchenrysavings.com/farmloans.html"><span style="text-align: left;">Tim Kempel, SVP - Agribusiness Banking <br />NMLS#586675 </span><span style="text-align: left;">tkempel@mchenrysavings.com</span><br /></a></td></tr></tbody></table></div><div>In today’s volatile markets, there are precious few ways to materially reduce expenses on the farm or ranch
without impacting production levels. However, today’s financial environment provides you a unique and
valuable opportunity to improve the cash flow of your farm while simultaneously reducing risk and uncertainty. </div><p>As the Federal Reserve has attempted to stimulate economic activity by increasing the supply of money in the
economy, interest rates have fallen to levels not seen in several generations. For the farm or ranch owner,
these remarkably low rates come at time when payment terms for farm mortgages are attractively flexible,
making the refinancing of farm mortgages a great opportunity for virtually all owners of farmland. Whether an
existing mortgage is close to its maturity date, or there are still several years remaining, it is important to act
now to take advantage of the lower rates and longer maturities currently available. The sooner you can lock in
these rates and terms, the sooner you can benefit from the improved cash flow from the lower payments. </p><p><b>There are 3 benefits to refinancing your farm mortgage now. </b></p><p><b>1. Rate Reduction:</b> While this is an obvious benefit, it seems few people are aware of the magnitude of
change available. Today 7 year fixed rates are available to strong borrowers at rates around 3.65%1
,
and 15 year rates are available around 3.9%1
, which are approximately 1% below equivalent rates as
recently as January of this year, and well below rates of a year ago or more. </p><p><b>2. Repayment extension:</b> In addition to the overall decline in rates, longer term rates have actually fallen
more than short term rates, providing an opportunity to lengthen the repayment period (maturity and/or
the period the payments are calculated over). The cash flow effect of the rate decline can be “supercharged” by lengthening the time over which the principal payments are spread and reducing each
payment even further. The amount of this benefit in cash flow will be determined by the terms of the
debt being refinanced, as today’s farm mortgages can have amortization terms as long as thirty years. </p><p><b>3. Target important objectives:</b> While many borrowers will want to use this favorable refinancing
environment to maximize the cash flow benefit of reduced mortgage expenditures, some may instead
want to use the range of payment structures available to target specific planned life events. For
example, if current earnings are good, a borrower who wanted to retire debt free at a specific date may
want to choose a payment structure with an accelerated payoff calendar targeted to that date.
Alternatively, if the borrower planned on selling the land within a few years, they could choose a longer
term amortization with a shorter term maturity in order to minimize current cash flow costs prior to the
planned sale. </p><p>Uncertainty has always been the nemesis of the farmer. From weather, to insects, to government policy, the
value of production is subject to forces beyond our control. However, the financial structure of your farm has
never offered as much opportunity for improvement as it does today. Technology has even made the process
quicker and more efficient than in the past. Now is a great time to take control of your financial future and
review the opportunities and alternatives for refinancing the mortgage on your farmland.</p><p>A good lender should be able to listen intently to your objectives and help you select the loan terms that best
permits you to take advantage of today’s exceptional rates and structural alternatives. While many banks may
not be able to offer the full range of long-term fixed rates currently available, <a href="https://mchenrysavings.com/index.html" target="_blank">McHenry Savings Bank</a>, through
its relationships with FarmerMac and other leading farm lenders, can provide a full menu of attractive financing
alternatives. Please feel free to contact me to discuss your situation or address any questions you may have.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://www.mchenrysavings.com/farmloans.html" target="_blank"><img border="0" data-original-height="2048" data-original-width="1583" height="781" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEuBGJ0H6M2BUsQ1y7QuNodMEMnXQw2aS5ljej4Ka0k6JzCQoTVbSrq5x69_gBcuEWvuJh9GtcYHMB6BkOeAMf6Hik4FjqXryEcjqAe7oEMhhqh50jTcQ-IOmjrerYOYy0MLPcWIHQrqk/w604-h781/MSB+9.20+1.jpg" width="604" /></a></div>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0tag:blogger.com,1999:blog-4637992359260302542.post-79892979770952931102020-08-18T10:38:00.003-07:002020-08-18T10:38:54.865-07:00How to Save for Retirement<p></p><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmR3uO3CyOuTDLQxlKuW1PFmyXe5_iPBi_cpKu3XkO0qWRg16KmDc0Zu-6hlsCljvdROPIICxMajA8hpXdjXvZPPNDEekPJSkqItH0wzfnlKSkqDkyOErkuW25lW8K6LRMRihI-yvDzZA/s1180/Retired+Couple+McHenry+Savings+Bank+IL.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Retired Couple McHenry Savings Bank IL" border="0" data-original-height="788" data-original-width="1180" height="427" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmR3uO3CyOuTDLQxlKuW1PFmyXe5_iPBi_cpKu3XkO0qWRg16KmDc0Zu-6hlsCljvdROPIICxMajA8hpXdjXvZPPNDEekPJSkqItH0wzfnlKSkqDkyOErkuW25lW8K6LRMRihI-yvDzZA/w640-h427/Retired+Couple+McHenry+Savings+Bank+IL.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><div style="text-align: left;"> </div><p></p><p style="text-align: left;"></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">Whether you’ve just started in the workforce or have been working for decades, we all know the importance of saving for retirement. Despite this knowledge, a majority of Americans have not created or contributed to their nest egg. According to the </span><a href="https://crr.bc.edu/special-projects/national-retirement-risk-index/"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">National Retirement Risk Index (NRRI)</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">, nearly 50% aren’t saving enough to maintain their standard of living during their later years and 21% aren’t saving any money at all. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">Saving for retirement is easier than you think, but it will take discipline and a change in your financial habits and mindset. The financial experts at </span><a href="https://mchenrysavings.com/"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">McHenry Savings Bank</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;"> have compiled some simple yet meaningful ways you can save for your retirement:</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">When you get a raise or bonus, increase your 401(k) contribution. </span></b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">This is the easiest and most effective way to boost your savings potential. For example, if you receive a 3% raise, increase your plan contribution to 1.5%. Adopting this habit will help you save more and result in a larger paycheck, as contributions are taken out pre-tax. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">If you’re fortunate enough to receive a bonus, many employers will allow you to contribute at a higher rate for that pay period as long as you don’t exceed the annual contribution limit. In 2020, </span><a href="https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">the IRS raised the contribution limits</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;"> to $19,500 and the catch-up contribution limit (for those 50 and older) to $6,500. The catch-up limit is in addition to the annual contribution limit.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">Capture all of your employer’s match. </span></b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">There is no better investment than taking advantage of the matching 401(k) contribution dollars your employer is willing to give you….for free. According to a study by </span><a href="https://alight.com/"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">Alight Solutions</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">, nearly 20% percent of United States workers are not saving enough to receive the full match offered by their employer. The same study indicates that these same workers are within 2% of receiving the full match. Simply put, they can receive the full match if they increase their contribution by 1% over the next two years. If you’re unsure about how much you are contributing or the current match percentage, check with your human resources department. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">Make IRA contributions. </span></b><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">An </span><a href="https://www.investopedia.com/terms/i/ira.asp"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">Individual Retirement Account (IRA)</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;"> is another retirement saving strategy - especially for those who have maxed out the contribution to their employer’s 401(k) or whose employer does not offer a 401(k). Both a Traditional IRA and a Roth IRA offer tax breaks for saving as well as tax-deferred growth on contributions. However, the benefits vary between the two types: </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><span style="color: #222222; text-align: left;"><div style="text-align: left;"><ul style="text-align: left;"><li><span style="color: #222222; text-align: left;"><div style="text-align: left;"><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;"><b>Traditional IRA.</b> </span><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;">To qualify for a Traditional IRA, you must have earned income. There is no income maximum, but tax-deductions my phase out at $65,000 gross income for individuals and $104,000 for married couples filing jointly. For 2020, the maximum contribution limit is $6,000; $7,000 for those 50 and older. Contributions may be deducted from your income taxes provided you don’t make more than these amounts. However, the monies grow on a tax-deferred basis until they are withdrawn. When you reach age 59-½ funds can be withdrawn without penalty. If you withdraw money prior to age 59-½, the amount taken out will be taxed as income and be subject to a 10% penalty. After age 72, minimum distributions are required. </span></div></span></li><li><span style="color: #222222; text-align: left;"><div style="text-align: left;"><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;"><b>Roth IRA.</b> </span><span style="background: white; font-family: "Times New Roman", serif; font-size: 12pt;">Like its counterpart, you must have earned income. The maximum income is $124,000 for individuals and $196,000 for married filing jointly, but the contribution limits are the same as the Traditional IRA. The difference is that with the Roth IRA you can invest money post-tax and the money grows tax-free. Contributions to the account can be withdrawn tax-free, but earnings may be taxed as income and be subject to a 10% penalty. After age 59-½ both contributions and earnings can be taken out tax-free. </span></div></span></li></ul></div></span><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;">From a Roth or Traditional IRA to Certificates of Deposit and interest-bearing savings accounts, McHenry Savings Bank has </span><a href="https://mchenrysavings.com/Services/cd_savings.html"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">a variety of products</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;"> to meet your savings and retirement needs. With branches in McHenry, Richmond, and Johnsburg, we are a full-service financial institution with personal, commercial, and investment services. For more information or to schedule an appointment, email us at </span><a href="mailto:customerservice@mchenrysavings.com"><span style="background: white; color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">customerservice@mchenrysavings.com</span></a><span style="background: white; color: #222222; font-family: "Times New Roman", serif; font-size: 12pt;"> or call us at 815-385-3000.</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><hr size="2" style="text-align: center;" width="100%" /></span></div><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman", serif; font-size: 10pt;">Photo from Canva</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></p><div style="text-align: left;"><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><br /></span></div><p></p></div>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0353 Bank Dr, McHenry, IL 60050, USA42.324219 -88.2735934999999914.013985163821154 -123.42984349999999 70.634452836178838 -53.11734349999999tag:blogger.com,1999:blog-4637992359260302542.post-83700092302030173412020-07-21T13:50:00.001-07:002020-07-21T13:50:42.304-07:00First Steps for First Time Home Owners<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBJ_ufrJY8msUc8g4iA30PpHo1n1QDUesYYdusnpp_Rim87yfekbqPzNqv9-1IuvhDEmcwCo-mGOuXUIHeCemmZTM8Ub6hw70_3xIaAlTa_Ijw-m140cxLaGIlEUiXNMsX1GfTVoMlPEY/s1600/First+Home+07.20.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="First Time Home Owners holding boxes" border="0" data-original-height="1057" data-original-width="1600" height="422" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBJ_ufrJY8msUc8g4iA30PpHo1n1QDUesYYdusnpp_Rim87yfekbqPzNqv9-1IuvhDEmcwCo-mGOuXUIHeCemmZTM8Ub6hw70_3xIaAlTa_Ijw-m140cxLaGIlEUiXNMsX1GfTVoMlPEY/s640/First+Home+07.20.jpeg" title="" width="640" /></a></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">Buying your first home is part of the American dream and a big life step! If you’ve made the decision to become a homeowner you may be tempted to hit up every open house you can and find new listings on the web. </span><b style="font-family: "Times New Roman", serif; font-size: 12pt;"><u>Before you start your search to find your dream home there are some important first steps you should consider first.</u></b><br />
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<b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Preapproval</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">There are a lot of challenges when it comes to purchasing your first home. By obtaining a</span><a href="https://msbmortgage.zipforhome.com/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;"> pre-approval</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> from the lender of your choice you can show realtors you are committed to purchasing and have the funds to back it up. Here are some commonly requested items you will need for the process, according to the </span><a href="http://www.homebuyinginstitute.com/homebuyingtips/2009/06/documents-needed-for-mortgage-pre.html#documents"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">Home Buying Institute</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">. </span></div>
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<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Social Security number</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Proof of employment</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Proof of income (typically your past two pay stubs)</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Tax documents (typically for the past two years)</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Current place of residence</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Bank account statements</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Credit information (if you have it; they will also run it as well)</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Purchase agreement</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Gift letters (if family members are going to provide funds to help you cover your down payment).</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Monthly expenses (insurance, phone, car, student loans, etc.) </span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Self-employment documents </span></li>
</ul>
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<b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Use online tools</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">Unlike the past, these days you can use numerous tools to help you narrow down your perfect home based on what you can afford. A </span><a href="https://www.mchenrysavings.com/Tools/financial_tools.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">mortgage calculator</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> has fields for home value, down payment, loan amount, interest rate, terms, HOA, PMI and credit rating that will easily give you an estimate within minutes of entering the field.<o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Avoid opening new lines of credit </span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">When it comes to purchasing your home, your credit score is taken into consideration. Opening new store cards or taking out a loan for a vehicle is not a good idea until you’re established in your new home. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Have an emergency fund set aside</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">Nobody likes to think of worst-case scenarios but emergencies do happen. On average, lenders recommend having 3-6 months of net salary set aside for unexpected emergencies such as a car repair, loss of a job, or medical emergency so you are still able to cover your mortgage payments. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Take advantage of first-time home-buyer programs</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">In the past, you may have needed 20% down for a home purchase. Today there are many first-time homebuyer programs available that require considerably less. If you have dismissed the thought of owning a home because you don’t have 20% down, talk to your </span><a href="https://msbmortgage.zipforhome.com/"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">lender</span></a><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;"> </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;">to see if you qualify for a residential home loan program that is best suited for you. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.mchenrysavings.com/Personal/loans.html"><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt;">McHenry Savings Bank</span><span style="color: #1155cc; font-family: "Times New Roman", serif; font-size: 12pt; text-decoration-line: none;"> </span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;">offers loans to fund your major purchases and make your dreams a reality. Are you ready to purchase a home, or refinance your existing mortgage? We can customize a financing plan to your specific needs using a variety of loan options including:</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Fixed Rate Loans</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Adjustable Rate Loans</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Construction Loans</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Jumbo Loans</span></li>
<li><span style="font-family: "Times New Roman", serif; font-size: 12pt;">Vacant Land Loans</span></li>
</ul>
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<span style="font-family: "Times New Roman", serif; font-size: 12pt;">Due to increased call volume, please call 815-385-3000 or email </span><a href="mailto:loans@mchenrysavings.com"><span style="font-family: "Times New Roman", serif; font-size: 12pt;">loans@mchenrysavings.com</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"> directly for assistance. We are working to respond to all of our clients as quickly as possible during this time.</span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.8021589 -129.58211599999998 67.8462279 -46.964928tag:blogger.com,1999:blog-4637992359260302542.post-33118167117240589902020-06-19T08:25:00.002-07:002020-06-19T08:25:37.521-07:00Money Markets: Great place to stash excess cash<div class="separator" style="clear: both;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi97fKy5dxmEo7EdUW7IzPMj5K65nSmvM7TWf67iqIoi6V6fjWDTo7wOnSj0HLd-w0-FxInB2f1FXAfStjooSQxNtLR2tjvfctNft4jSjgkWiIpVRxeY_3O64jdZgkyIfSHZqUMGXB9vLY/s1600/MSB3.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Graph of Future McHenry Savings Bank" border="0" data-original-height="1067" data-original-width="1600" height="425" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi97fKy5dxmEo7EdUW7IzPMj5K65nSmvM7TWf67iqIoi6V6fjWDTo7wOnSj0HLd-w0-FxInB2f1FXAfStjooSQxNtLR2tjvfctNft4jSjgkWiIpVRxeY_3O64jdZgkyIfSHZqUMGXB9vLY/s640/MSB3.jpg" title="" width="640" /></a></div>
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<span style="font-family: Arial, sans-serif;">If you’re researching how to grow your savings without putting it at risk, then you will find more than a few options out there. As you navigate the different plans, programs, packages, and products available, you may start to see a familiar name: Money Market. So what is a Money Market account and why should you consider one over a standard savings or checking account?</span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;">One of the key advantages of a Money Market account is typically earning more interest on your money than you would in a traditional checking or savings account. Below are some of the highlighted benefits of a Money Market Account.<o:p></o:p></span></div>
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<b><u><span style="font-family: Arial, sans-serif;">Rate of Return Usually is Higher<o:p></o:p></span></u></b></div>
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<span style="font-family: Arial, sans-serif;">Generally, the amount required to open and earn interest in a Money Market account is usually higher than a typical checking or savings account. And the interest you earn on that money is also higher. McHenry Savings Bank (MSB) offers two types of Money Markets: the traditional Money Market and the Indexed Money Market. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;">The difference typically lies in the minimum amount needed to open an account and the interest rate. At </span><a href="https://mchenrysavings.com/Personal/personal_checking.html"><span style="font-family: Arial, sans-serif;">McHenry Savings Bank</span></a><u><span style="color: #1155cc; font-family: Arial, sans-serif;"> </span></u><span style="font-family: Arial, sans-serif;">a traditional Money Market account requires an initial $1,000 deposit to be opened, whereas an </span><a href="https://mchenrysavings.com/indexed-money-market.html"><span style="color: #1155cc; font-family: Arial, sans-serif;">Indexed Money Market</span></a><span style="font-family: Arial, sans-serif;"> account requires an initial deposit of $10,000 to open. </span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;">Banks like MSB will also offer competitive variable interest rates that reward you - yes, reward you - for saving money in a Money Market account. The higher the balance, the higher the rate your money earns. For the Indexed Money Market, the interest rate is instead tied to the weekly average 4-week Treasury Bill secondary market rate, also known as the Constant Maturity Treasury Rate (CMT). </span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<b><u><span style="font-family: Arial, sans-serif;">Secure and Insured to Protect You from Loss<o:p></o:p></span></u></b></div>
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<span style="font-family: Arial, sans-serif;">Investing your money in stocks, bonds or other investment strategies may carry a high risk of loss or no loss protection at all for the initial amount you fund. A Money Market account can carry a lower risk profile when you open your account with an institution insured by the FDIC like MSB.<o:p></o:p></span></div>
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<b><u><span style="font-family: Arial, sans-serif;">Easy Access to Account<o:p></o:p></span></u></b></div>
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<span style="font-family: Arial, sans-serif;">The benefits of MSB’s money market accounts -includes account features you are familiar with using in checking or savings accounts, like access via checks and online banking <i>(e.g. checking)</i> and limited transactions per statement period of six (6) debits including checks, automatic or pre-authorized transfer or payments <i>(e.g. savings).</i></span><span style="font-family: "Arial Narrow", sans-serif; font-size: 10pt;"></span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkKMtqhVkhOFKFHggOzRr9wnWtFIIcOgec0TGQQtSc2b-RzvW0IKkV4zpHYzrG_rRWYXdJaMEQgL5uycueEcDDFtsfyT4nRquWb7ljzgTe59kRsMMRdU_5arOF6RQK62cugdtO6h1q_Oc/s1600/MSB+June+1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Piggy Bank McHenry Savings Bank" border="0" data-original-height="1067" data-original-width="1600" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkKMtqhVkhOFKFHggOzRr9wnWtFIIcOgec0TGQQtSc2b-RzvW0IKkV4zpHYzrG_rRWYXdJaMEQgL5uycueEcDDFtsfyT4nRquWb7ljzgTe59kRsMMRdU_5arOF6RQK62cugdtO6h1q_Oc/s400/MSB+June+1.jpg" title="" width="400" /></a></div>
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<span lang="EN" style="font-family: Arial, sans-serif;">Looking for a liquid savings plan for emergency needs or just a good return on your money? McHenry Savings Bank can offer you a competitive variable interest rate. Our Money Market Account and Indexed Money Market Account reward you with higher interest rates for higher balances, with an added convenience of limited check writing and online banking. As your balance grows, your account automatically moves to a higher tier.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;">Now more than ever, McHenry Savings Bank is committed to protecting our customers and their money. Whether you are a small business or a local family, MSB is here to help you save. Learn more about how you can save some money for a rainy day while actively grow with MSB. Call us today at 815-385-3000 or visit our website at </span><a href="https://mchenrysavings.com/"><span style="font-family: Arial, sans-serif;">https://mchenrysavings.com/</span></a><span style="font-family: Arial, sans-serif;">. Member FDIC.</span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<span style="font-size: x-small;"><span style="font-family: Arial, sans-serif;">Sources:</span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-size: x-small;"><a href="https://mchenrysavings.com/Services/moneymarket.html"><span style="color: #1155cc; font-family: Arial, sans-serif;">https://mchenrysavings.com/Services/moneymarket.html</span></a><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="font-size: x-small;"><a href="https://mchenrysavings.com/indexed-money-market.html"><span style="color: #1155cc; font-family: Arial, sans-serif;">https://mchenrysavings.com/indexed-money-market.html</span></a><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></div>
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<span style="color: #1155cc; font-family: Arial, sans-serif;"><span style="font-size: x-small;"><a href="https://www.nerdwallet.com/blog/banking/faq-money-market-account/">https://www.nerdwallet.com/blog/banking/faq-money-market-account/</a></span></span></div>
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McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.8021589 -129.58211599999998 67.8462279 -46.964928tag:blogger.com,1999:blog-4637992359260302542.post-25113050433511703342020-05-25T10:21:00.000-07:002020-06-09T10:23:32.158-07:00Teach Children to Save This Summer<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Knowing how to save money is an essential for building wealth and having a strong financial foundation in our adult life, yet budgeting and other money management skills are briefly or rarely taught in schools. Many of us have learned these skills through experience or by trial and error. As a parent, you have the opportunity to share these important skills and lessons with your kids. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Here are ways you can show your kids how to start saving now to help ensure a healthy financial future later. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Start with a piggy bank</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">One of the simplest ways to start teaching your children the importance of saving is the good old-fashioned piggy bank. Challenge your kids to fill up their piggy bank until it is full. Educate them that the piggy bank is for saving money for the future. MSB sells a variety of banks at its McHenry location. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Utilize savings jars</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Instead of giving your kids a new toy or piece of sporting equipment, have them save their own money for it by creating shores or setting aside a certain percentage of “gift” money. Create a jar for each item and encourage them to save a small amount of money per week. You can help them by giving them their allowance in one-dollar bills so they choose to which jar to contribute. For added motivation, have them put a photo of the item on the jar so they have a visual reminder of the short-term goal they’re working toward.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Open a checking or saving account</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">For children under the age of 16, a savings account is a good first option. When the piggy bank is full, open a bank account for your kids. Involve them in the process by having them count the money being deposited so they have an understanding of how much money they have saved so far. Show them the monthly statements so they will learn that the more they save, the more their money will grow. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">For teenagers over the age of 16, MSB the Essential Student Checking which also could include a debit card to teach older children how to manage their money via electronic transactions. At this age, teens are working, driving, running errands for parents, etc. and will need a greater understanding of how to use money and banking tools. Use of MSB’s mobile app is a great way for parents and their teens to monitor spending and discuss habits.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Both accounts must be opened by a parent or guardian and require a nominal deposit to open the account for a minor. With no monthly balance minimum or transaction fees, parents and guardians are able to seamlessly transfer money between their and their child’s accounts. Each account also comes with parental control options including setting spending limitations and the ability to lock down an account if needed via SecurLOCK. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Create a timeline</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">The idea of time and money can be hard for kids to understand, especially younger ones. In addition, financial lessons and education should be ongoing and timely. Creating a timeline can help visualize their savings goal, show them how their money is growing, and keep them engaged in the process. For example, your child receives a ten dollar per week allowance and wants to save $100. If they saved all their allowance, they’d reach their goal in about three months. Using a long piece of paper and a pen or marker, write $0 on one end and $100 (or desired goal) on the other end. Add checkpoints at 25%, 50%, and 75% of their goal. Reward your kids when they reach each checkpoint to encourage them to keep saving. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Lead by example</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">The best way to teach your kids about saving money is to show your kids that you are saving money. Have a savings jar for a desired goal or item next to theirs and contribute to it regularly. While shopping, show your kids how to comparison shop and why purchasing one item makes more financial sense than another item. Educate them on the importance of saving a portion of each paycheck and using employee 401K or investment plans to prepare for their financial future. Show your kids that you are preparing and saving for their college education. . If you haven’t opened a college savings account, McHenry Savings Bank’s offers College Planning </span><span style="background-color: transparent; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">through its partner at </span><a href="https://www.mchenrysavings.com/Services/mcis.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">Investment Services</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Talk to your kids</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">The topic of money and finances shouldn’t be scary. Starting conversations about money and the importance of saving are teaching your children lessons for now and the future. Ask them about their short-and long-term savings goals. Help them come up with creative ways to earn and save money. By letting them know you’re open to conversations about finances, you’ll encourage them to ask questions on their own and keep learning. It’s truly an investment in your children’s future. </span></div>
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<span style="background-color: white; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">At MSB, we work hard to earn your trust by seeking to understand your financial needs and goals. We can then provide investment and banking solutions designed to meet your needs - including checking and savings accounts for your children. Visit </span><a href="https://www.mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="background-color: white; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="background-color: white; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> to learn how you can save or speak with an expert to discuss your personal financial goals by calling 815-385-3000. Member FDIC.</span></div>
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<a href="https://www.moneycrashers.com/teaching-kids-save-money" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.moneycrashers.com/teaching-kids-save-money</span></a></div>
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<a href="https://www.aba.com/advocacy/community-programs/teach-children-save" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.aba.com/advocacy/community-programs/teach-children-save</span></a></div>
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<a href="https://www.investopedia.com/personal-finance/10-tips-teach-your-child-save/" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.investopedia.com/personal-finance/10-tips-teach-your-child-save/</span></a></div>
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<span style="background-color: #f7f9fa; color: #3d464d; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">AdobeStock_188477308</span> </div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.8021589 -129.58211599999998 67.8462279 -46.964928tag:blogger.com,1999:blog-4637992359260302542.post-84805742811954204182020-04-22T15:21:00.002-07:002020-04-22T15:22:17.394-07:00Supporting Small Businesses During the COVID-19 Pandemic<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIxycrh5BQRJg_ta1-Br_4tCEmwcRnFawde5UJ_gb-1kh3U9UZIsZ8pZNhMkrXcbb3fGzQmgX3ZVo7xiCggorO5bXZGmHZIs89mrWYJRhtaybeQAxAnVkWkdfcxJb19Y4bEw4bMeZxWik/s1600/April+2020+1.jpg" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="1067" data-original-width="1600" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIxycrh5BQRJg_ta1-Br_4tCEmwcRnFawde5UJ_gb-1kh3U9UZIsZ8pZNhMkrXcbb3fGzQmgX3ZVo7xiCggorO5bXZGmHZIs89mrWYJRhtaybeQAxAnVkWkdfcxJb19Y4bEw4bMeZxWik/s640/April+2020+1.jpg" width="640" /></a><br />
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<span style="font-family: "cambria" , serif; font-size: 12pt;">The Shop Local movement was created to shine a spotlight on the small businesses that are the backbone of our economy. With the COVID-19 Pandemic having a greater impact on smaller businesses, that spotlight has never needed to be brighter. While McHenry Savings Bank supports area business owners with </span><a href="https://www.mchenrysavings.com/COVID-19-business-commercial-info.html"><span style="color: #1155cc; font-family: "cambria" , serif; font-size: 12pt;">programs, products, and services</span></a><span style="font-family: "cambria" , serif; font-size: 12pt;">, we encourage everyone in the community to do their part. Let’s explore why small businesses are so important for our communities and how you can safely support them. </span></div>
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<b><span style="font-family: "cambria" , serif; font-size: 12pt;">Community Pride:</span></b><span style="font-family: "cambria" , serif; font-size: 12pt;"> Small businesses help create a unique identity for which residents can be proud f. From coffee shops and restaurants to banks and local establishments, these businesses are a part of a community’s history and add to the culture of towns and the people who live there.</span></div>
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<b><span style="font-family: "cambria" , serif; font-size: 12pt;">Community Support:</span></b><span style="font-family: "cambria" , serif; font-size: 12pt;"> Small business owners succeed with the support of their communities, and tend to be aware that their decisions impact their neighbors in turn. With this in mind, local business owners are usually involved in the community. They sponsor little league teams, donate to shelters and charities, and join the chamber of commerce to improve their community as a whole.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "cambria" , serif; font-size: 12pt;">Community Jobs:</span></b><span style="font-family: "cambria" , serif; font-size: 12pt;"> There are 30.2 million small businesses in this country—</span><a href="https://www.fundera.com/blog/small-business-employment-and-growth-statistics"><span style="color: #1155cc; font-family: "cambria" , serif; font-size: 12pt;">that’s 99.9% of all businesses in the United States!</span></a><span style="font-family: "cambria" , serif; font-size: 12pt;"> These small businesses create jobs for local residents. That means that when you shop local, your money is supporting your community and helps keep these businesses open and keep your neighbors employed during the pandemic instead of creating a tiny profit for a CEO in a different part of the country. </span></div>
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<span style="font-family: "cambria" , serif; font-size: 12pt;">This is an unsure time and many businesses are struggling to make ends meet while they’re in various degrees of “open.” Not sure of how you can support local businesses while trying to keep your community healthy and safe? Here are a few ways you can help.</span></div>
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<li><span style="font-family: "cambria" , serif; font-size: 12pt;">Visit the </span><span style="color: windowtext;"><a href="https://mchenrychamber.com/"><span style="color: #1155cc; font-family: "cambria" , serif; font-size: 12pt;">McHenry Area Chamber of Commerce</span></a></span><span style="font-family: "cambria" , serif; font-size: 12pt;"> and other area chamber websites to keep up-to-date on business news and resources.</span></li>
<li><span style="font-family: "cambria" , serif; font-size: 12pt;">Ordering Pick-up/Delivery from local restaurants.</span></li>
<li><span style="font-family: "cambria" , serif; font-size: 12pt;">Following local businesses on social media and giving them positive reviews and recommendations.</span></li>
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<span style="font-family: "cambria" , serif; font-size: 12pt; line-height: 18.4px;">Now more than ever, McHenry Savings Bank is committed to our customers and our community. Whether you are a small business or a local family, MSB is here to help with your personal or commercial banking needs to get you through these difficult times. Visit our </span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 16.8667px;"><a href="https://mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "cambria" , serif; font-size: 12pt; line-height: 18.4px;">website</span></a></span><span style="font-family: "cambria" , serif; font-size: 12pt; line-height: 18.4px;"> to learn more about the services we offer and how we are meeting your needs during the COVID-19 epidemic or call us at 815-385-3000. </span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.324219 -88.2735934999999916.8021845 -129.58218749999997 67.8462535 -46.96499949999999tag:blogger.com,1999:blog-4637992359260302542.post-7085480576401374032020-03-23T09:41:00.000-07:002020-03-23T09:46:19.307-07:00Helping Farmers on National Agriculture Day<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span id="docs-internal-guid-86e01686-7fff-37f4-7684-ff4f70301b7d"><span style="background-color: white; color: #222222; font-size: 8pt; vertical-align: baseline;"><span style="border: none; display: inline-block; height: 351px; overflow: hidden; width: 624px;"><img alt="Open farm land for farm loans in Illinois" height="360" src="https://lh3.googleusercontent.com/pvtYJK37KXdGuFKAqiR-gW5vofEDjbw9EEQ9UT6ri1AIaOwprFf-29BcaJRQtJOyDlLeVsEKCWbUFokV3BEYJw67BzdpKsHWyjncobGDHf9uOzvcJ0CO_m5anH4w11pWYvQ1CvCX" style="margin-left: 0px; margin-top: 0px;" title="McHenry Saving Business Agribusiness" width="640" /></span></span></span></span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">National Agriculture Day is on March 24th this year and is a day where we take the time to recognize and appreciate farmers across the United States. Agriculture plays a crucial role in the economic and food security in our country. Without farms, our struggles would be great and our world very different.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">With all that farmers do for our economy today, it is only right that we as banks help them financially. </span><a href="https://mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> is now offering Agribusiness and Farm Loans. The long term rates are remarkably low right now, and you could lock them in for up to 30 years if you qualify.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you have tried to finance between 10 and 100 acres of agricultural-related land, I’m sure some folks have run into problems. Working with McHenry Savings Bank, which has access to FarmerMac’s programs, will add flexibility which can help you get past these problems. You will not have to continually renew or refinance your loan every 5 years. Instead through Farmer Mac, we can offer several loan terms, some up to 30-years. </span></div>
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<span style="border: none; clear: right; display: inline-block; float: right; height: 260px; margin-bottom: 1em; margin-left: 1em; overflow: hidden; width: 186px;"><img alt="SVP Tim Kempel, Agribusiness Lending at McHenry Savings Bank" height="260" src="https://lh3.googleusercontent.com/rhZQtBu6ALKxMR7R9LnZsrhgZ_4asXUpbEl6pTrt3sk2AZeRea3qsWXjQUcQSf1P4r5AdVDoBAw5-WTNmWPf9Ux-juZ0A8RMTd9ZtjrTuHs8y3nsPuwvd1plQZ5Sso_67uhGmZLnkSriluWwpA" style="margin-left: 0px; margin-top: 0px;" title="Tim Kempel" width="186" /></span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Tim Kempel, SVP Director of Agribusiness Lending at McHenry State Bank says, “</span><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank is one of a handful of banks to make the commitment to work with Farmer Mac to be able to offer you a full range of alternatives in farm financing. We understand each client has a unique set of circumstances and we can bring our experience to find the best available approach that fits your needs.” </span></div>
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<span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">With the products that Farmer Mac’s programs offer, all you need to do is be able to prove is that your farm could generate $5,000 of annual income. This means that it just needs to have the potential and does not have to actually earn $5,000. </span></div>
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<span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">However, there are a few limitations to financing these properties and McHenry Bank can’t provide financing for every deal. Here is some general insight on financing these properties from Tim Kempel. </span><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<li><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you have strong personal credit and equity in the property, and the loan balance will be less than $750,000, we can work with a </span><span style="background-color: white; color: #222222; font-size: 12pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">short</span><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> application and likely receive a decision within 24 hours.</span></li>
<li><span style="background-color: white; color: #222222; font-size: 12pt; white-space: pre-wrap;">Loan balances up to $1,500,000 are available with a slightly more detailed application and 2 years’ worth of tax returns, and the limited underwriting process will take approximately 10 days once all required information is received.</span></li>
<li><span style="background-color: white; color: #222222; font-size: 12pt; white-space: pre-wrap;">Depending on the exact loan structure that works best for you, required income levels (from all sources) can range from 1x to 1.5x debt costs and the amount of equity required will vary.</span></li>
<li><span style="background-color: white; color: #222222; font-size: 12pt; font-style: italic; white-space: pre-wrap;">Loan rates can be locked for 3,5,7,10,15,20,30 years and balances amortized 10,20,25, and 30 years</span></li>
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<span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">At </span><a href="https://mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="background-color: white; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, we care about farmers and want to help them as much as possible. Tim Kempel is also a farmer who has over 35 years of experience and the knowledge to find the best available approach for your needs. If you have any questions or would like to discuss your specific objectives call or email Tim at </span><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">815-331-6406</span><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> and </span><a href="mailto:tkempel@mchenrysavings.com" style="text-decoration-line: none;"><span style="background-color: white; color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">tkempel@mchenrysavings.com</span></a><span style="background-color: white; color: #222222; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">. At McHenry Savings Bank, we work hard to earn your trust!</span></div>
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McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.8021589 -129.58211599999998 67.8462279 -46.964928tag:blogger.com,1999:blog-4637992359260302542.post-3401659141157940792020-02-27T07:50:00.000-08:002020-03-09T07:53:22.200-07:00The Best Ways to Save Money<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnr1wTiwYPU4iAljxHRLIt6D5gYpzNZmh1HtuGVn3Q_2uizgV1KFx-GR_Y0H1nZlcRlbO1kUCt4tHHsz_6yADGeUWVDq6x6fsHmTFlF3RYOoeDY7cCFa8gQL2fmO11CSQE4y9MAgm0xx4/s1600/2.2020+2.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="jar of change McHenry, Illinois" border="0" data-original-height="716" data-original-width="995" height="460" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnr1wTiwYPU4iAljxHRLIt6D5gYpzNZmh1HtuGVn3Q_2uizgV1KFx-GR_Y0H1nZlcRlbO1kUCt4tHHsz_6yADGeUWVDq6x6fsHmTFlF3RYOoeDY7cCFa8gQL2fmO11CSQE4y9MAgm0xx4/s640/2.2020+2.png" title="Saving Money Illinois" width="640" /></a></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Are you looking at your bank accounts and wondering, “how can I save money?” Managing your money doesn’t have to be tricky or stressful. The professionals at </span><a href="https://mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 12pt;">McHenry Savings Bank</span></a><span style="font-family: "&quot", serif; font-size: 12pt;"> (MSB) are here to help you. Try some of these tips to help get control of your financial life, and start saving today. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "&quot", serif; font-size: 12pt;">Create a budget</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Managing your finances doesn’t have to be stressful. Creating a budget is a great way to take control of the finances in your life. Consider sitting down every month and analyzing how you are spending your money.. MSB’s online eBanking allows for you to categorized each expense occurring on your account (checking, ACH or debit) so you can create meaningful categories and types of expenses customized to your needs. You can then create reports which show you how funds were utilized. This might be a helpful tool in creating your budget and understanding your spending habits. One recommendation is to try the 50/30/20 budget. In this budget, you spend 50% of your after taxed income on all your necessities; no more than 30% on your wants and 20% goes into your savings or towards debt repayment. If those percentages do not work for you, create your own – but stick to it!</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Another suggested budgeting tip is using envelopes marked for specific expenses. This method allows you to visualize and maintain a flexible budget. By using this budgeting technique you are able to prioritize certain categories of different household expenses and put the correct amount of money towards each. It also allows you to save money for that vacation you have been dying to take or that brand new toy you just have to have. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "&quot", serif; font-size: 12pt;">Have an emergency fund</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Life has a way of throwing surprises your way when you least expect them. Make sure you have money saved up in an emergency fund, for those unexpected times. You might be asking yourself, how much am I supposed to set aside for an emergency fund? To start, you’ll want to make sure that you save more than just for a rainy day. It is recommended that you have 3-6 months of monthly expenses saved up in case of injury or job loss. Having 3-6 months covered will prevent you from having to dip into your retirement funds, liquidating your investments, and/or having to open more lines of credit. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Today, banking online is made easy for you using mobile apps. There are many benefits to using a mobile app. Some of these benefits include being able to transfer funds, pay bills, check your account balances, look at recent transactions, block ATM cards, etc. Seeing your accounts online puts you more in touch with your money and gives you greater control of how you spend. It is a great budgeting tool and can help you save your money. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "&quot", serif; font-size: 12pt;">Paying off credit cards</span></b><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Paying off your credit cards may seem like an impossible task for some people. Here’s a little trick to help you out. Line up your credit cards from the least amount owed up to the one with the most amount owed. Don’t worry about interest rates at this time. You will want to make minimum payments on all cards except the smallest card. Instead, you should go after that card and try to pay it off with everything you can. Then you can close the account and take the money you were using to pay off the smallest card and start using it towards the second smallest card. This process continues until you have all your cards paid off. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 12pt;">Now that you know a couple of tips to help you save your money, it’s time to put it to action. Create that budget and emergency fund, pay off those credit cards, and download the mobile banking app. If you have any questions, the professionals at MSB are here to help with whatever you need. Give us a call at <b>815-385-3000</b> or visit our </span><a href="https://mchenrysavings.com/Corporate/contactus.html"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 12pt;">website</span></a><span style="font-family: "&quot", serif; font-size: 12pt;">. We also have many </span><a href="https://mchenrysavings.com/Tools/financial_tools.html"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 12pt;">tools</span></a><span style="font-family: "&quot", serif; font-size: 12pt;"> and calculators to help you budget your money. At MSB we work hard to earn your trust. </span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.daveramsey.com/blog/how-to-pay-off-credit-card-debt"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 8pt;">https://www.daveramsey.com/blog/how-to-pay-off-credit-card-debt</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.nerdwallet.com/blog/finance/how-to-build-a-budget/"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 8pt;">https://www.nerdwallet.com/blog/finance/how-to-build-a-budget/</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.moneyunder30.com/emergency-fund-calculator"><span style="color: #1155cc; font-family: "&quot", serif; font-size: 8pt;">https://www.moneyunder30.com/emergency-fund-calculator</span></a><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "&quot", serif; font-size: 8pt;">Photo by: Michael Longmire</span><span style="font-family: "Times New Roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
<span style="font-family: "Times New Roman", serif; font-size: 12pt; line-height: 18.4px;"><br /></span>McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352216.8021589 -129.58211599999998 67.8462279 -46.964928tag:blogger.com,1999:blog-4637992359260302542.post-83723452184879712052020-01-21T13:53:00.001-08:002020-01-21T13:53:13.228-08:00My Identity Was Stolen...Now What?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNBV4LyQme-6tJjayNK8tA4NiNbbVMpGQTbqACDCPAcM4Kz2y0bG5TL108Cy573W8pSbpxBe743tXPV2gT5jiaK0nZIEtfB_IbQAM-DHaBD2Sl_hYrsa2-7TkvpurUGnUw2qJeVA4tMHU/s1600/1.2020+MSB+2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Woman biting pencils over identity theft" border="0" data-original-height="1067" data-original-width="1600" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNBV4LyQme-6tJjayNK8tA4NiNbbVMpGQTbqACDCPAcM4Kz2y0bG5TL108Cy573W8pSbpxBe743tXPV2gT5jiaK0nZIEtfB_IbQAM-DHaBD2Sl_hYrsa2-7TkvpurUGnUw2qJeVA4tMHU/s640/1.2020+MSB+2.jpg" title="" width="640" /></a></div>
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<span style="font-family: Arial; font-size: 12pt; white-space: pre-wrap;">In this digital age, identity theft can happen to anyone despite your best efforts to prevent it. If you’ve been in the unfortunate situation where your personal information has been stolen, you know how violating and frustrating it can be. </span></div>
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<span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">The good news is there are things you can do to clean up the mess, especially if you detect the fraudulent behavior early. If you believe you’ve been a victim of identity theft, the experts at </span><a href="https://www.mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">McHenry Saving Bank</span></span></a><span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> suggest the following tips to get back on track:
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Report the identity theft. </span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Contact the Federal Trade Commission (FTC) to report your identity theft. Complete the </span><a href="https://identitytheft.gov/" style="font-family: "Noto Sans Symbols", sans-serif; font-size: 10pt; text-decoration-line: none; white-space: pre;"><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">online form</span></span></a><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> or call 877-438-4338 and provide detailed information. Once the report is filed, you’ll receive an FTC recovery plan and an Identity Theft Report. The latter serves as proof that your identity was stolen. After you’ve filed with the FTC, report the incident to your local police department. By filing a police report, you protect yourself from additional damages from identity fraud and/or theft. Keep both of these reports in a secure place in the event you need to access them at a later date.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Contact your financial institution and creditors.</span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> If you believe your accounts have been compromised, it’s in your best interest to report the incident(s) as soon as possible. A majority of credit cards have protections in place for identity theft, including zero-liability policies. The Fair Credit Billing Act also protects consumers in this situation, with a $50 maximum liability for any unauthorized charges. However, if your debit card is compromised, there is only a 1-2 day window to report unauthorized charges. Once reported, you are not liable for any charges after that date. A copy of your filed police and identity theft report should also be shared with your creditors.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">File a fraud alert on your credit report.</span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> If you are not 100% sure you’ve been a victim of identity theft, placing a fraud alert on your credit report can give you peace of mind. You can request a fraud alert by contacting one of the three credit reporting agencies (Equifax, Experian, or TransUnion), which will, in turn, put the alert on all three of your credit reporting files. The alert will stay on your reports for one year and can be renewed annually.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Review credit reports. </span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">If you set up a fraud alert, each of the three credit reporting agencies will grant access to your free credit report. Review the reports for any fraudulent activity, including unknown inquiries, new accounts you didn’t open, and incorrect personal information. If you noticed fraudulent or incorrect information on your report, contact the credit bureaus to have that information removed. The FTC has a sample letter you can use on their website. When you send the letter, also include a copy of your Identity Theft Report as well as details about the fraudulent information. As a consumer, you are entitled to an annual free credit report, so use this opportunity to review your report and protect your identity.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Freeze your credit. </span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Placing a freeze on your credit and putting a lockdown on all your information, can prevent the release of your credit report to new creditors. Freezing your report is free and can be requested by contacting the credit bureaus. Additionally, you determine when the freeze is lifted, putting you in control of your credit information.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><b>C</b></span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">hange passwords. </span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">This should not only be done on the affected accounts but ALL your accounts. When creating passwords, choose unique alphanumeric combinations and avoid using personal information (i.e. address, date of birth) and using the same password across accounts. Its best practice to change your passwords every three months.
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<li><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Replace stolen identification.</span><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> Contact your local Department of Motor Vehicles to report your stolen license and get it replaced. If your Social Security card was stolen, it can be replaced </span><a href="https://www.ssa.gov/myaccount/replacement-card.html" style="font-family: "Noto Sans Symbols", sans-serif; font-size: 10pt; text-decoration-line: none; white-space: pre;"><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">online</span></span></a><span style="background-color: white; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">. In the event your Social Security number was used fraudulently, notify the Office of the Inspector General to request a copy of your Personal Earnings and Benefits Statement. (Note: Do not carry your Social Security card in your wallet).</span></li>
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<span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Having your information stolen can leave you shaken, that is why you should turn to the experts who work hard to earn your trust. McHenry Savings Bank (MSB) offers </span><a href="https://mchenrysavings.com/Security/securitycenter.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">security resources</span></a><span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> that include a </span><a href="https://mchenrysavings.com/Forms/FTC-taking-charge.pdf" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">“Taking Charge: What To Do If Your Identity Is Stolen”</span></a><span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> guide to answer those tough questions and assist you in the recovery process. Visit </span><a href="https://www.mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">MSB</span></a><span style="font-family: Arial; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> today or call 815-385-3000.</span></div>
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<a href="https://www.nerdwallet.com/blog/finance/how-to-prevent-identity-theft/" style="text-decoration-line: none;"><span style="font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">https://www.nerdwallet.com/blog/finance/how-to-prevent-identity-theft/</span></span></a></div>
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<a href="https://www.staysmartonline.gov.au/protect-yourself/recover-when-things-go-wrong/identity-theft" style="text-decoration-line: none;"><span style="font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">https://www.staysmartonline.gov.au/protect-yourself/recover-when-things-go-wrong/identity-theft</span></span></a></div>
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<a href="https://www.experian.com/blogs/ask-experian/what-is-identity-theft/" style="text-decoration-line: none;"><span style="font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: blue;">https://www.experian.com/blogs/ask-experian/what-is-identity-theft/</span></span></a></div>
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McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015tag:blogger.com,1999:blog-4637992359260302542.post-33982174227295988162019-11-14T09:29:00.000-08:002019-11-14T09:30:23.828-08:00What can you do to Protect Yourself While Shopping Online?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHH6BVljYCF9r7mp6nqv3GrlfRNzFBSmID9WD_5scFpHFy8A2e_xyLr37YegfM97V0OkVi2UL23q_mK9XX8vgDUAoqydVbP5hK6vi5fCbTwWVkM7oSbJHrLRM8GDxl82RcgFGbPILu5xk/s1600/MSB+11.19+1.png" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em;"><img alt="Couple online shopping McHenry, Illinois" border="0" data-original-height="1067" data-original-width="1600" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHH6BVljYCF9r7mp6nqv3GrlfRNzFBSmID9WD_5scFpHFy8A2e_xyLr37YegfM97V0OkVi2UL23q_mK9XX8vgDUAoqydVbP5hK6vi5fCbTwWVkM7oSbJHrLRM8GDxl82RcgFGbPILu5xk/s640/MSB+11.19+1.png" title="" width="640" /></a><br />
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<span style="font-family: "times new roman", serif; font-size: 12pt;">Gone
are the days of thumbing through a catalog and circling items for your wish
list during the holidays. Today’s consumers are hyper-connected and constantly
seeking convenience when it comes to almost everything, but especially spending
habits online. With many online retailers offering deals of the day, discounted
or free shipping, and fast delivery, it’s easier than ever to shop online. In
fact, studies show 76% of United States consumers shop online, and that number
is projected to increase, there will be more than 300-million U.S online
shoppers in 2023.</span></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Today
you can buy almost anything online and that’s why it’s more important than ever
to protect yourself from fraud, especially during the holidays when it comes to
breaches and cybersecurity attacks. Here are some tips to keep in mind when
shopping online this holiday season to protect yourself from cybercriminals. <o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Shop reliable websites <o:p></o:p></span></b></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">When
it comes to online offers the age-old saying if it’s too good to be true it
usually is, still rings true today. While a great deal might be hard to pass
up, fake companies and less-than-reputable websites take advantage of people by
using fake photos of products at deep discounts to lure in consumers. Always
use trusted URLs instead of clicking on links. Look for https:// (not http) in
the address bar before using your credit card online.<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Designate a separate card for online
spending <o:p></o:p></span></b></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">If
you’re worried about someone compromising your information you can open a
separate account with a debit card specifically for online purchases. You can
add funds to the </span><span lang="EN"><a href="https://www.mchenrysavings.com/Personal/online_accounts.html"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">account</span></a></span><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;"> and use your card like a
traditional card but the added benefit is if your account is compromised the
cybercriminals won’t have access to your whole bank account, just what you have
in the account which is typically less than a traditional checking or savings
account. <o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Track spending online<o:p></o:p></span></b></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">When
it comes to your finances it’s important to keep an eye on your spending
activity so you are aware of anything out of the ordinary as soon as it shows
up as a transaction and you can immediately call your bank. In addition, make
sure you are regularly checking your </span><span lang="EN"><a href="https://www.consumer.ftc.gov/articles/0155-free-credit-reports"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">credit report </span></a></span><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">to ensure everything is in order. <o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Protect your passwords<o:p></o:p></span></b></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">As
tempting as it is, try to avoid using the same password for every site. Try
using the suggested passwords from sites, if they seem complicated there is a
good reason, it’s for your protection. Make sure you write your passwords done
and keep them somewhere safe, never on your computer or phone. A good rule of
thumb is to make all your passwords long and strong. When able, try using
multi-factor authentication. <o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Beware of seasonal scams<o:p></o:p></span></b></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">Unfortunately,
cybercriminals use any means to scam during the holidays including fake
tracking emails, e-cards, fake charities, donation scams, and more. If you are
leery of a fake site always double-check to make sure it is a known and trusted
URL instead of absently clicking on a link. <o:p></o:p></span></div>
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<span lang="EN"><a href="https://www.mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">McHenry Savings Bank</span></a></span><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;"> wants you to have a safe and happy
holiday season. We are always here if you have a question about your cybersecurity.
Visit </span><span lang="EN"><a href="https://www.mchenrysavings.com/index.html"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">McHenry Savings Bank </span></a></span><span lang="EN" style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 115%;">to learn how you can protect
yourself today, or speak with an expert today by calling 815-385-3000.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "times new roman" , serif; font-size: 8.0pt; line-height: 115%;">Sources:<o:p></o:p></span></div>
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<span lang="EN"><a href="https://www.nielsen.com/apac/en/insights/article/2018/six-factors-driving-consumers-quest-for-convenience/"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 8.0pt; line-height: 115%;">https://www.nielsen.com/apac/en/insights/article/2018/six-factors-driving-consumers-quest-for-convenience/</span></a></span><span lang="EN" style="font-family: "times new roman" , serif; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<span lang="EN"><span style="color: #1155cc; font-family: "times new roman" , serif; font-size: 8.0pt; line-height: 115%;"><a href="https://fitsmallbusiness.com/online-shopping-statistics/">https://fitsmallbusiness.com/online-shopping-statistics/</a></span></span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015tag:blogger.com,1999:blog-4637992359260302542.post-5886737460974003942019-10-23T12:15:00.000-07:002019-10-23T12:15:44.127-07:00Ways to Save For College<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3XeHP0kV0yXQL8Zv0NBm7SKEWB5frW-ulPhyiodLlDlENTVDuUrGBO4R2XbnleemzJzZFtZd0in3U_Zwx3BcOUaKTiUxRT3WXmlgwf0ruQ-mcqnxiPiM82wdPqO7p6Lwacw7GdO9_oQc/s1600/MSB+10.19+1.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Saving for College McHenry Illinois" border="0" data-original-height="1067" data-original-width="1600" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3XeHP0kV0yXQL8Zv0NBm7SKEWB5frW-ulPhyiodLlDlENTVDuUrGBO4R2XbnleemzJzZFtZd0in3U_Zwx3BcOUaKTiUxRT3WXmlgwf0ruQ-mcqnxiPiM82wdPqO7p6Lwacw7GdO9_oQc/s640/MSB+10.19+1.jpeg" title="" width="640" /></a></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">When your children are little it’s almost impossible to think about them heading off for college but it’s never too early to think about a savings plan for your child’s college education. For the freshman class of 2037, the cost of an in-state, four-year public university will run about $185,000 (accounting for a 4% increase annually). So if you have a freshman in high school or a little one starting preschool, now is the time to start saving in a college fund.</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Deciding the best route for your child's future starts with knowing the financial options available. McHenry Savings Bank has compiled some recommendations to create and fund your college savings plan.</span></div>
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<b><span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">529 College Plans</span></b></div>
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<span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">Illinois is one of more than 30 states which offer a 529 college savings plan, sometimes referred to as the Qualified Tuition Program (QTP). With a 529, post-tax money is invested in the plan. Once your child starts college, you or your child are able to withdraw the funds, plus investment gains, tax-free to use for tuition, books, and any other qualified education expenses. </span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">There are no income requirements to set up or contribute to a plan. The funds in an account only have a nominal effect on financial aid; a maximum of 5.64% of 529 counts toward the expected contribution. If you have $100,000 saved, your financial aid only takes a $5,640 hit. A 529 plan’s account beneficiary can also be transferred to another family member if the child receives a scholarship or doesn’t plan on using the money.</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Fees and operating costs vary per state. Contribution limits also vary per state but are significantly higher compared to a Roth IRA. In Illinois, the tax benefit is $10,000 annually for single filers and $20,000 for joint filers. Additionally, these contributions often are considered gifts, and thus qualify for the gift tax exclusion ($15,000 in 2019).</span></div>
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<b><span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">Roth IRA</span></b></div>
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<span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">Similar to a 529 plan, post-tax money is contributed and can be withdrawn tax-free (plus any investment gains) once the owner turns 59-½. However, a Roth allows withdrawals (tax- and penalty-free) for qualifying educational expenses after five years. The benefit is that is if your child opts not to attend college, the funds can be used for retirement (or a down payment for a second home).</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">While a Roth IRA account won’t initially hurt your financial aid eligibility, withdrawing any funds will be applied to your income.</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">The Roth has greater income and contribution limits compared to the 529. The contribution limits are $6,000 annually ($7,000 if over age 50). Plus if you earn $129,000 single / $193,000 jointly, you are not eligible.</span></div>
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<b><span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">Prepaid College Tuition Plans</span></b></div>
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<span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">This plan is pretty self-explanatory: contribute to your child’s college tuition now while locking in 2019 prices. For example, if in-state tuition is currently $15,000, a $7,500 contribution will get you a semester’s worth of tuition. If the tuition cost is $30,000 when your child starts college, your initial $7,500 contribution will be worth the same 50% - or $15,000. This protects you from inevitable tuition hikes, especially if your child is in the freshman class of 2037.</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Similar to a 529 plan, any financial gains from investments are usually exempt from federal taxes. The CollegeIllinois! Program is currently on hold, pending discussions with policymakers to help strengthen the program.</span></div>
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<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Now that you have set up a college savings plan (and recovered from sticker shock), it’s time to maximize your savings potential. Here are five things you can do to help you save what you need:</span></div>
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<li><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">Set up your checking account to automatically transfer funds into your college saving plan account.</span></li>
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<li><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">I</span><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">nvite family members and close family friends to contribute. A majority of 529 plans have ways to accept gifts, plus a contribution makes for a great birthday or holiday gift. </span></li>
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<li><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">A</span><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">sk your employer if they match 529 plan contributions. (Note: only 1% of companies do, but it doesn’t hurt to ask). </span></li>
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<li><span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; text-indent: -0.25in;">Periodically keep an eye on the account’s progress, but don’t overthink it. A simple strategy is to save one-third of the cost of tuition. Determine the amount by multiplying your child’s age by $3,000 for an in-state public school. For example, if your child is 10 you would need to save $30,000.</span></li>
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<span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">Visit </span><span lang="EN"><a href="https://www.mchenrysavings.com/index.html"><span style="background: white; color: #1155cc; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">McHenry Savings Bank</span></a></span><span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;"> today to learn how you can save for your child’s college or to speak with an expert please call 815-385-3000.</span></div>
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<span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">In addition, McHenry Savings Bank, through its wholly-owned subsidiary, </span><span lang="EN"><a href="https://www.mchenrysavings.com/Services/mcis.html"><span style="background: white; color: #1155cc; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">McHenry County Investment Services Inc.</span></a></span><u><span lang="EN" style="background: white; color: #1155cc; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;"> (MCIS)<sup>1</sup></span></u><span lang="EN" style="background: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.92px;">, provides options for our customers with investment and insurance needs, including college planning assistance. Our president, Richard Hedlund, is available to take appointments at any of the MSB locations to discuss your personal financial goals. Please call to make your appointment today at 815-331-6464.</span></div>
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<sup><span lang="EN" style="background: white; font-family: "times new roman" , serif; line-height: 14.9333px;"><span style="font-size: x-small;">1</span></span></sup><span lang="EN" style="background: white; font-family: "times new roman" , serif; line-height: 17.92px;"><span style="font-size: x-small;">Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and MCIS, Inc. are not affiliated. Non-deposit investment products are not FDIC insured, not bank guaranteed and may lose value.</span><span style="font-size: 12pt;"><o:p></o:p></span></span></div>
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<span lang="EN" style="color: #0a0a0a; font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.0667px;">Sources<o:p></o:p></span></div>
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<span lang="EN"><a href="https://www.mchenrysavings.com/Services/cd_savings.html"><span style="color: #1155cc; font-size: 10pt; line-height: 15.0667px;">https://www.mchenrysavings.com/Services/cd_savings.html</span></a></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 10pt; line-height: 15.0667px;"><o:p></o:p></span></div>
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<span lang="EN"><a href="https://www.daveramsey.com/blog/saving-for-college-is-easier-than-you-think"><span style="color: #1155cc; font-size: 10pt; line-height: 15.0667px;">https://www.daveramsey.com/blog/saving-for-college-is-easier-than-you-think</span></a></span><span lang="EN" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 10pt; line-height: 15.0667px;"><o:p></o:p></span></div>
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<span lang="EN"><span style="color: #1155cc; font-size: 10pt; line-height: 15.0667px;"><a href="https://www.nerdwallet.com/blog/investing/how-to-save-for-kids-college-and-retirement/">https://www.nerdwallet.com/blog/investing/how-to-save-for-kids-college-and-retirement/</a></span></span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015tag:blogger.com,1999:blog-4637992359260302542.post-83149556019524308662019-09-25T12:56:00.000-07:002019-09-25T12:56:35.715-07:00What You Need to Know About Health Savings Account<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPZRZGIGJTBDipx92M1DdLoH9C9SHK2hRuKvmqfz7GerRjwpK0zvTirwmC5dA3TR1ZJrXlHMC9moCCoyB67Cg6VVY9Nkkj0Tq2vAXmSxfl8njFZYnALBctjXkvUUf_ih5LA_3ECwC4YgM/s1600/MSB+8.19+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Doctor McHenry County Health Savings Plan" border="0" data-original-height="853" data-original-width="1280" height="425" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPZRZGIGJTBDipx92M1DdLoH9C9SHK2hRuKvmqfz7GerRjwpK0zvTirwmC5dA3TR1ZJrXlHMC9moCCoyB67Cg6VVY9Nkkj0Tq2vAXmSxfl8njFZYnALBctjXkvUUf_ih5LA_3ECwC4YgM/s640/MSB+8.19+2.jpg" title="" width="640" /></a></div>
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<span style="color: #283c46; font-family: arial, sans-serif; font-size: 12pt;">If you’re fresh out of college or recently joined a new organization, you may have overheard someone mention the term HSA and you find yourself a little lost. An HSA isn’t a government organization or debilitating ailment—quite the opposite! HSA stands for “Health Savings Account”. This type of account helps you stay healthy and helps you afford unforeseen (and often expensive) medical costs that pop up when you least expect them. Let’s take a quick look at what exactly an HSA is and why you should consider it. </span></div>
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<b><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">What is an HSA?</span></b><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">When people come into </span><a href="https://www.mchenrysavings.com/Services/health-savings-account.html" target="_blank"><span lang="EN" style="color: blue; font-family: "arial" , sans-serif; font-size: 12pt;">McHenry Savings Bank</span></a><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;"> (MSB) asking about health savings accounts, we like to simplify it by saying that an HSA is an interest bearing, tax-deferred account for the purpose of saving for and paying the deductibles associated with a High Deductible Health Plan (HDHP). <o:p></o:p></span></div>
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<span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">Certain healthcare plans, whether through work or the </span><a href="https://www.healthcare.gov/glossary/high-deductible-health-plan/" target="_blank"><span lang="EN" style="color: blue; font-family: "arial" , sans-serif; font-size: 12pt;">Healthcare Marketplace</span></a><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">, have much higher deductibles than traditional healthcare plans. That means you pay less in monthly costs, but you also pay more out of pocket before your insurance kicks in. With an HSA in place, you can put aside some money to help you pay for those higher deductibles with money free from federal taxes and penalties.<o:p></o:p></span></div>
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<b><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">How Does an HSA Work? </span></b><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;"><o:p></o:p></span></div>
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<span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">You and possibly your employer can pay into your HSA throughout the year, which is then used for those deductibles. The amount (or participation) of an employer typically varies from company to company. There a few things to keep in mind, though, if you’re interested in setting up an HSA. <o:p></o:p></span></div>
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<span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">First, there is typically a maximum amount set that you and your employer can pay into your HSA for the year. Check with your provider to see if the HSA carries over from year to year. If you set up an HSA through </span><a href="https://www.mchenrysavings.com/Services/health-savings-account.html" target="_blank"><span lang="EN" style="color: blue; font-family: "arial" , sans-serif; font-size: 12pt;">McHenry Savings Bank</span></a><span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">, then it does carry over year after year and any remainder can go towards retirement.<o:p></o:p></span></div>
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<span lang="EN" style="color: #283c46; font-family: "arial" , sans-serif; font-size: 12pt;">The cost of healthcare, whether out of pocket or covered by your insurance, is something that factors into your overall financial plan. If you’re simply paying those costs from your checking account, then you are missing out on an opportunity to put aside that money into a tax- and penalty-free account, which could save you during tax season and retirement. To learn more about HSAs, call MSB today at (815) 385-3000 or stop in and speak with an expert to answer all of your questions. </span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015tag:blogger.com,1999:blog-4637992359260302542.post-50282123690658737992019-07-29T08:01:00.001-07:002019-07-29T08:01:52.199-07:00How Farm Lending Supports Local Farms and Businesses<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="clear: left; float: left; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 1em; margin-right: 1em; vertical-align: baseline; white-space: pre-wrap;"><img alt="Hay Farm Loans Illinois" height="424" src="https://lh3.googleusercontent.com/hW1h6WSVYpKCUN_4chihERhIoR_sGZV93EzIevjBXNQFHpTLoDqQUaWKL_bAGHRXCJ4INcvzJhhMpdt4jiVFA8bFd8ROlfYnB22iCoTSgMbrL94gUU50QsY2Xo16G-sNxXRuWY9jqM5YjaW50w" style="border: none;" title="" width="640" /></span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">While the term agribusiness often refers to the business of farming, the term isn’t often used in association with actual farms and farmers. </span><span style="font-size: 12pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Agribusiness</span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> typically means an agriculturally-related business that supplies the farm inputs, such as farm machinery and parts, seed, fertilizers, chemicals, feed, etc. </span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Agribusiness and farm lending helps our local farmers run their farms more efficiently. It can be challenging to keep up with the ongoing costs connected with operating a farm. At McHenry Savings Bank, we recognize that farmers need agricultural loans to help them stay afloat and we try to do this with competitive pricing. We strive to be a value-added resource to help you grow and succeed</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Some ways we can assist you are as follows:</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Purchase Farm Land. </span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Whether you are a new and beginning farmer trying to purchase some land, or an experienced farmer trying to expand your current farm operation McHenry Savings Bank can provide agricultural real estate loans to meet your needs.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><br /></span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Operating and Marketing Expenses.</span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> Farmers not only need financing for land, but they also need help covering basic operating costs, like rents, seed, fertilizer, and chemicals. Many times suppliers will offer discounts if these are paid upon ordering which saves the farmer money and we can provide a loan to help cover this cost. It also pays to market all year long and at times there is an expense to this that we can also help you cover.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Equipment loan. </span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Equipment has become much bigger and can do lots of work in a short amount of time, which is the good news. The unfortunate part is the cost of that equipment has grown too and we can be there to craft a loan to help you keep up with the new technology or to replace those essential worn out pieces.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Agribusiness – </span><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">We do also supply financing for what is referred to as Agribusiness. If you are looking to start a business supplying agricultural products or if you wish to expand your current business, we would like to help.</span></div>
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<span style="font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><img alt="Illinois Agribusiness McHenry Savings Bank" height="480" src="https://lh3.googleusercontent.com/lidKVqXmT_X7sk2dcgj8USP9bQT4sGJHQkRF8qsZkfKLwIXkOoCYWGEfgCcpqg4mYDXjIFJsgBlg_u3UFkyFNpEoZAMa6ddSJkTfZ0zdjnBgUWfEGckOpZQQEslIohnn9ilRNWz-aT4sRdO9kg" style="border: none;" title="" width="640" /></span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">At </span><a href="https://www.mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, we tailor financial solutions to your farming operation. We realize that no two farm operations are alike. Even neighboring farms growing similar crops will use different techniques from seeding to harvesting. We take a unique approach serving each of our agribusiness customers. Come on in and tell us your current situation and ultimate goals. We will customize a solution that meets your specific needs. We offer </span><a href="https://www.mchenrysavings.com/Commercial/commercial_loans.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">term loans</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, </span><a href="https://www.mchenrysavings.com/Commercial/business_linesofcredit.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">lines of credit</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, and real estate loans, designing them to do what you precisely need through Farmer Mac.</span></div>
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<span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">At </span><a href="https://www.mchenrysavings.com/index.html" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">McHenry Savings Bank</span></a><span style="font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">, we are local people making local decisions. We have been serving the Banking needs of the people of McHenry County, Illinois, for over 60-years. With locations in McHenry, Richmond, and Johnsburg, we are a full-service financial institution with personal, commercial, agriculture and investment services. We also service areas outside of McHenry County so feel free to contact us. Please contact Tim Kempel, Senior SVP, Director of Agribusiness at 815-331-6406 for more information.</span><span style="font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Sources: </span></div>
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<a href="https://university.upstartfarmers.com/first-time-farmer-loan" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://university.upstartfarmers.com/first-time-farmer-loan</span></a></div>
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<a href="https://www.thebalancesmb.com/what-is-agribusiness-2538209" style="text-decoration-line: none;"><span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://www.thebalancesmb.com/what-is-agribusiness-2538209</span></a></div>
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<span style="color: #1155cc; font-size: 8pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;"><a href="https://www.business.com/articles/agricultural-loans/" style="text-decoration-line: none;">https://www.business.com/articles/agricultural-loans/</a></span></div>
McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015tag:blogger.com,1999:blog-4637992359260302542.post-88812220419752562082019-06-11T11:29:00.002-07:002019-06-11T11:29:44.931-07:00Avoiding Identify Theft<div class="separator" style="clear: both; text-align: left;">
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In the past 7 years, <a href="https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime" target="_blank">over 107 billion dollars</a> has been stolen from Americans through identity theft. In 2016 alone, 16 billion dollars were reported stolen as a result of identity theft. In a cyber world, as technology gets smarter so do the criminals that infiltrate it. Armed with sneaky computer viruses, credit card skimmers, and scammy pop-ups, phone calls, and emails there is suspicion lurking around every corner. Here are 6 ways to help avoid becoming part of this 107 billion dollar statistic by preventing an identity theft.<br />
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<li><b>Protect Personal Information.</b> Never share your social security number online or over the phone. It is important to not share your pin number with anyone, even those you trust.</li>
<li><b>Shred It.</b> If you receive mail or statements with personal information, shred them before recycling them to ensure your information stays safe.</li>
<li><b>Utilize Online Banking.</b> Most banks have some sort of mobile application which allows you to check balances, make deposits, or transfer funds on the go. They also allow email or text message alerts that can notify the account holder if they incur a transaction more than X amount of dollars or if an account drops below a certain pre-designated amount.</li>
<li><b>Monitor Credit Reports. </b>Everyone can receive a free copy of their credit report from one of three credit reporting agencies. Space these out correctly, and you can receive a report once every four months to make sure there are no surprises.</li>
<li><b>Protect Devices. </b> Never access the internet without first acquiring virus protection software. Check the URL of a website before entering any information. Look for an “S” after “Http” to be sure that the site is secure. Cell phones should always have a passcode in case they are ever lost. If you choose to sell or trade your phone, make sure to completely wipe all of the information stored within the phone’s internal memory.</li>
<li><b>Report It. </b> Report suspicious activity to your bank immediately.</li>
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McHenry Savings Bank is a full-service financial institution with personal, commercial, and investment services. To learn more about how to protect your identify and bank account, visit <a href="https://www.mchenrysavings.com/index.html" target="_blank">our website</a>, or call us at (815) 385-3000.McHenry Savings Bankhttp://www.blogger.com/profile/15802742240161265522noreply@blogger.com0McHenry Savings Bank42.3241934 -88.27352200000001416.8021589 -129.582116 67.8462279 -46.964928000000015