Staten Island Business Bank Highlights Saving and Investing Considerations

 

Finding money to put into savings can seem difficult, but there are some strategies that can make it easier.

Victory State Bank suggests you start be by asking yourself the following questions offered by the Federal Deposit Insurance Corp. (FDIC):

 

1) Do I have savings goals?

Knowing how much you want to save and why can help you stick to a plan.

For example, if you have a young child, ask yourself if you plan to help pay for college. Research indicates that children who have a college savings fund are more likely to go to college than those who don’t. Start by looking at "529 plans" sponsored by your state (typically with cost and tax benefits for residents) and compare them to other 529 plan options.

2) How can I spend less?

 Review how much you spent in the last month and consider ways to cut back. "Start by reviewing recurring expenses — even small ones — and determine what you might be able to cut out, downgrade, or find a better deal on elsewhere," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section.

Also try to pay less in interest. For example, if you have multiple loans, pay off the ones with the highest interest rates first. And, regularly reviewing your credit report and correcting errors (see Refinancing Loans: Not Just for Mortgages) can result in considerable savings on loans and insurance policies.

3) Do I have an emergency savings fund?

Financial experts generally recommend that you have at least six months of living expenses in a federally insured product, such as a savings account or a certificate of deposit (CD). The idea is to help you withstand a major reduction in income, such as from a job loss, or to pay for a major, unexpected home or car repair. To build your "rainy day fund," consider a combination of regular, automated deposits and any "windfalls" you receive, perhaps from a tax refund or a bonus at work.

4) Am I saving money on a regular basis?

"Automatic transfers into savings on a set schedule can help you save money before you spend it," said Bobbie Gray, an FDIC Supervisory Community Affairs Specialist.

5) How much investment risk am I willing to take?

Investments such as stocks, bonds and mutual funds can produce higher returns than bank deposits over many years, but you could also lose some or all of that money. (Remember, non-deposit investments are not insured by the FDIC against loss.)

In general, the longer you plan to keep money invested and the greater your tolerance for volatility, the more likely these investments can help you reach your targets.

6) Am I saving enough for retirement?

For many, the answer is "no" even when they think it is "yes." Options to save include workplace retirement plans, Individual Retirement Accounts (IRAs) offered by many banks and investment companies, and the U.S. Treasury Department's new "myRA" (MyRetirement Account) program.

The myRA account is a simple, safe and affordable retirement savings program that is backed by the U.S. government. Savers can open an account with as little as $25, there are no fees, the account will earn interest at a variable rate, and the investment is protected so the account balance will never go down. To learn more about myRA, go to myra.treasury.gov.

"Many working people can save considerably on their taxes through qualified retirement savings. And, if your employer offers a retirement savings program of any kind, find out whether it will match your investment contributions, and then don't lose out on any matches," Reynolds added.

To learn more about ways to save, see resources from more than 20 federal agencies, including the FDIC, at www.mymoney.gov.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Staten Island Business Bank Underscores Importance of a Solid Resume

 

If you are seeking a job change, or are unemployed and beginning your search for a place to hang your hat, a great resume is one of the most important tools you require.

As explained on the Website of CareerOneStop, which is sponsored by the U. S. Department of Labor,
Employment and Training Administration, “
Your resume communicates your qualifications and your brand —who you are and what makes you different — to employers and recruiters. In a tough job market, you need a resume that helps you stand out in a sea of applicants.”

According to CareerOneStop, A great resume:

    • Grabs the attention of employers and recruiters
    • Sells your strongest skills and accomplishments
    • Shows why you’re a potential match for a position or project
    • Communicates both your current capabilities and future potential
    • Helps you take the next step in your career
    • And most importantly, gets you the interview!

 

Before you get started, it's important to know that resume writing has changed considerably in recent years. Because of fierce competition for jobs and other factors, there's now a much stronger emphasis on marketing.

To learn about top resume strategies, visit: http://www.careeronestop.org/ResumeGuide/TopResumeStrategies.aspx.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact for Victory State Bank: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Commercial Bank on Staten Island Points to FDIC ‘Anti-Phishing’ Campaign

 

Victory State Bank is pointing to the Federal Deposit Insurance Corp. (FDIC) as a resource in protecting consumers against Internet fraud.

The FDIC has a Webpage that informs and warns consumers about a type of fraud called "phishing." The term "phishing" – as in fishing for confidential information – refers to a scam that encompasses fraudulently obtaining and using an individual's personal or financial information.  

 

This is how it works, according to the FDIC:

 

    • A consumer receives an e-mail which appears to originate from a financial institution, government agency, or other well-known/reputable entity.
    • The message describes an urgent reason you must "verify" or "re-submit" personal or confidential information by clicking on a link embedded in the message.
    • The provided link appears to be the Web site of the financial institution, government agency or other well-known/reputable entity, but in "phishing" scams, the Web site belongs to the fraudster/scammer.
    • Once inside the fraudulent Web site, the consumer may be asked to provide Social Security numbers, account numbers, passwords or other information used to identify the consumer, such as the maiden name of the consumer's mother or the consumer's place of birth.
    • When the consumer provides the information, those perpetrating the fraud can begin to access consumer accounts or assume the person's identity.

 

For more information about “phishing” scams and how to protect yourself, visit the FDIC online at http://www.fdic.gov/consumers/consumer/alerts/phishing.html.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

Beware of Bogus Job Offers, Warns Staten Island Commercial Bank

 

Victory State Banks suggests job hunters follow cautionary tips from FTC

 

Victory State Bank is urging job seekers to use caution when responding to offers of employment.

If you’re looking for a job, you may see ads for firms that promise results. Many of these firms may be legitimate and helpful, but the Federal Trade Commission (FTC) points out that others may misrepresent their services, promote out-dated or fictitious job offerings, or charge high fees in advance for services that may not lead to a job.

The FTC advises job hunters do the following before spending money for a response to placement firms or completing placement contracts:

  • Reject any company that promises to get you a job.
  • Be skeptical of any employment-service firm that charges first, even if it guarantees refunds.
  • Get a copy of the firm’s contract and read it carefully before you pay any money. Understand the terms and conditions of the firm’s refund policy. Make sure you understand what services the firm will provide and what you’ll be responsible for doing. If oral promises are made, but don’t appear in the contract, think twice about doing business with the firm.
  • Take your time reading the contract. Don’t be caught up in a rush to pay for services. Stay away from high-pressure sales pitches that require you to pay now or risk losing out on an opportunity.
  • Be cautious about purchasing services or products from a firm that’s reluctant to answer your questions.
  • Be aware that some listing services and “consultants” write their ads to sound like they are jobs when they’re selling general information about getting a job.
  • Follow up with the offices of any company or organization mentioned in an ad or an interview by an employment service to find out if the company is really hiring.
  • Be wary of firms promoting “previously undisclosed” federal government jobs. All federal positions are announced to the public on www.usajobs.gov.
  • Check with your local consumer protection agency, state Attorney General’s Office, and the Better Business Bureau to see if any complaints have been filed about a company with which you intend to do business. You also may contact these organizations if you have a problem with an employment-service firm.

 

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

Staten Island Commercial Bank Highlights FTC’s Rebate Advice

 

Victory State Bank suggests shoppers become familiar with the dark side of some rebate offers.

As the Federal Trade Commission explains, rebate offers can be irresistible to consumers, slashing the price of consumer goods at the time of purchase or promising partial or full reimbursements after the purchase.

Some manufacturers and retailers entice shoppers with instant cash rebates that can be redeemed immediately at the checkout counter.

But most rebates are of the mail-in variety. They require consumers to pay the full cost of an item at the time purchase, then to send documentation to the manufacturer or retailer to receive a rebate by mail.

The documentation required generally includes the original sales receipt, UPC code, rebate slip, and the customer's name, address and telephone number. In most cases, this paperwork must be sent to the manufacturer or retailer within 30 days of the purchase. Consumers generally receive their rebates up to 12 weeks later.

But the Federal Trade Commission cautions consumers against being "baited" by rebates that never arrive or arrive far later than promised. By law, companies are required to send rebates within the time frame promised, or if no time is specified, within a "reasonable" time. "Reasonable" in this case often is interpreted as within 30 days.

 

When purchasing a product that offers a rebate, the FTC encourages consumers to:

 

    • Follow the instructions on the rebate form and enclose all required documentation in the envelope when filing for a rebate.
    • Make a copy of all paperwork to be mailed when applying for a rebate. It's the only record a consumer will have of the transaction if anything goes wrong.
    • Contact the company if the rebate doesn't arrive within the time promised.
    • If the rebate never arrives or arrives late, file a complaint with the Federal Trade Commission, the state Attorney General or the local Better Business Bureau.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.