since 1935 | #justbeyourself

Volume 6 | Issue 8 | August 2023
Our Mission: Providing financial solutions for every stage of life.

Dear Valued Member,

At Community First, our members often tell us that money isn’t the most important thing in their lives, but it does help them pursue the things that are. Whether that’s buying a new home or simply living comfortably without having to worry about making ends meet, your earnings and savings help you fulfill life’s priorities.

That’s why it’s important for you to protect the money you have worked hard to earn and to see your savings work for you. Our goal at Community First is to help you with both of these priorities by providing you with convenient services, competitive interest rates and personalized advice.

This month, I would like to call attention to the financial scams that continue to circulate among our members (protection), and to suggest strategies for generating steady interest earnings (growth). In addition, I would like to thank all of you who have responded to our most-recent member satisfaction survey and expressed your appreciation and confidence in our Community First team. Our member satisfaction scores have reached the highest level in our history, which we could not have achieved without your input that helps us continually improve our products and services.

Protecting your accounts

Regarding security, we offer our members automated text alerts of suspicious account activity. This is an important protection, but an even more effective way to prevent fraud is to stop criminals before they get their foot in the door. Many of you have become much better at recognizing and reporting scams, but the bad guys are constantly refining their approaches, too. They’re especially good at targeting consumers during peak-buying times, such as the current back-to-school shopping season. They know that you’re likely to be more vulnerable to money-saving offers and less likely to spot unauthorized credit card charges.

Here are some tips from our security team to help you protect yourself from fraud:

• Add your cards to a digital wallet like Apple or Google Pay to reduce the amount of time your card is out of your possession;
• If you’re shopping for school supplies online, avoid merchants you are unfamiliar with, and don’t click on pop-up links;
• Watch for prices that seem so low that there has to be a catch, because there almost certainly is; and
• Look out for impersonators. If someone contacts you representing a business, merchant or financial institution, do not give them any login credentials or security codes sent to your phone. Hang up and call the merchant or financial institution yourself to ask if there’s a problem with your account.

Generating higher earnings on deposits

Higher rates on deposit accounts have been great news for savers, and Community First has been pleased to offer our members competitive rates as well as special offers. For members who took advantage of our special promotional certificate of deposit late last year, we’re now offering an early renewal opportunity to lock in the higher rate and even earn a bonus for increasing the amount of the CD.

While everyone likes earning higher interest rates on savings, it’s also important to recognize that pursuing the highest rate of the moment may not be the right strategy for every member. Interest rates on money market accounts, for example, are subject to fluctuation, which means that an account offering the highest rate today could lower its rates in the future.

If you prefer a balanced approach that emphasizes stability plus income, you might consider a building a “ladder” of CDs with a range of maturity dates. This allows you to lock in today’s interest rates — protecting against a possible slide in rates — while also enabling you to take advantage of potentially higher rates as the CDs in your ladder mature.

Come see us

A Community First banking professional would be happy to sit down with you to discuss a potential CD ladder strategy or any of the many other options that are available to help you find the savings products that align with your financial goals. If you haven’t taken advantage of our team’s expertise in the past, I highly recommend you schedule an appointment at your local branch and discover how helpful they can be.

As I mentioned previously, our member satisfaction scores are the highest they have ever been, which is a direct result of our commitment to respond to your input on how we can improve. We’ve made great strides in employee retention, which means our people have the knowledge and experience to answer your questions and help you with your needs. We’ve also improved our processes, added new products and services, and enhanced employee training — all of which our members are noticing and acknowledging through our satisfaction scores.

There’s no single strategy, product or service that’s right for everybody. That’s why we offer a range of options along with personalized service from knowledgeable professionals to help you find the solutions that are best for you. Visit your local branch and ask us how we can help you live your best life. ■