Using Automatic Bill Pay

June 02, 2021 by First Federal Bank

Do you ever feel like you’re spending too much time paying bills, juggling account passwords, and keeping track of due dates? If so, you can reclaim some of that time by automating some of your predictable, recurring bill payments. Here’s a look at the benefits and drawbacks of using automatic bill pay:

Topics: Personal Banking, Financial Education

What is a Bridge Loan?

May 28, 2021 by First Federal Bank

A bridge loan is a short-term loan used to provide immediate cash flow when financing is impending but not available right away. Bridge loans are sometimes also known as swing loans, gap financing, or interim financing. Homeowners typically use these loans to cover the cost of new property before they can sell their current house.

Topics: Personal Banking, Homeowners

CD vs. Savings Account

May 26, 2021 by First Federal Bank

Whether you’re putting aside funds for a rainy day, or a sunny summer vacation, saving money is an absolute must. When it comes to how you save, two of the most popular options are savings accounts and certificates of deposit. The best way to determine which choice is ideal for your situation is to understand the benefits of both.

Topics: Personal Banking, Financial Education

Borrowing From Your 401(k)

April 30, 2021 by First Federal Bank

If money is tight, you may have considered drawing from your 401(k) retirement savings plan. While it’s generally best to leave your investments intact, there are circumstances in which tapping into your account can be a safer move than obtaining other kinds of loans. Here’s a look at a few factors to consider before you commit to borrowing money:

Topics: Personal Banking, Retirement

The Basics of Securing Your Check Book

April 23, 2021 by First Federal Bank

Even though financial transactions today are increasingly paperless, there are still advantages to using a check book. They can help you avoid processing fees, leave behind a useful paper trail for your spending, and give you a means of transferring funds should the internet be unavailable. But are check books safe? How do you secure your check...

Topics: Personal Banking, Financial Education

Tips for Making Mobile Payments

March 10, 2021 by First Federal Bank

Smartphones have revolutionized how you can perform financial transactions, making it easy for you to shop, pay bills, and send money to friends from wherever you are. You can perform these transactions in a variety of ways, such as paying via web browser or app, using near-field communications (NFC) technology to tap your phone at checkout, or...

Topics: Personal Banking

Refinancing A Loan

January 18, 2021 by First Federal Bank

Refinancing a loan involves replacing an existing loan by paying off the debt with a new one. Ideally, the new loan has better terms or features to make the process worthwhile. This can help save you money in the long term or make your life easier in other ways.

Topics: Personal Banking, Financial Education

The True Cost of Teen Drivers

January 04, 2021 by First Federal Bank

That magical moment when your teenager reaches driving age can be both exciting and stressful. While you’re thrilled your child is now old enough to get behind the wheel, the reality of what that means will quickly begin to affect your wallet. Having a teen driver means extra expenditures, including higher insurance, dealing with potential...

Topics: Personal Banking, Family

The Advantages of Multiple Savings Accounts

December 23, 2020 by First Federal Bank

When you want to securely store your money, you can choose to open one or more savings accounts at a financial institution. If you’re unsure how many accounts to open, it’s a good idea to consider the different reasons for having multiple savings accounts in mind before making a decision. 

Topics: Personal Banking, Financial Education

The Financial Accounts Everyone Should Consider

December 04, 2020 by First Federal Bank

Diving into the choppy waters of financial planning can feel intimidating, especially when you realize just how many types of accounts there are. Thankfully, many experts agree there are a few accounts everybody should consider holding to keep your money organized, set you up for the future, and even help grow your wealth.

Topics: Personal Banking, Retirement, Financial Education

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