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Banking Basics

It's important to keep money in a bank for safety, convenience, cost, security and your financial future. Banks are subject to federal and state laws. Banks can make loans, pay checks, accept deposits and provide other financial services. Banking is an industry that deals with credit facilities, storage for cash, investments, and other financial transactions. The banking industry is one of the key drivers of most economies because it channels funds to borrowers with productive investments.

  • A bank is an institution that accepts customer deposits and offers loans to individuals and corporate clients.
  • Banks make money by charging higher interest on loans than the interest they pay on customer deposits.
  • Under Federal law: Financial institutions must keep personal financial information private.

The actual reserve requirement is determined by the Federal Reserve Board of Governors. When the Fed reduces the reserve requirement for member banks, it is implementing an expansionary monetary policy, which increases the amount of money in the economy. On the other hand, when it increases the reserve requirement, it is implementing a contractionary monetary policy that reduces liquidity.

All the Fed’s member banks must be insured with the Federal Deposit Insurance Corporation (FDIC). The FDIC was created in 1933 after the Great Depression through the enactment of the Glass-Steagall Act. It came after multiple bank failures that resulted in banking panics, with depositors demanding all their deposits held at the bank.

The FDIC was formed to prevent such occurrences by insuring all deposits that customers keep at the bank. It insures savings accounts, checking accounts, and other deposit accounts. During the 2008 Global Financial Crisis, the FDIC raised the deposit limit to $250,000 per account to protect depositors from the crisis.

The common types of bank accounts include:
1. Savings account - Saving money and being financially healthy helps you reduce stress in times of emergency, provides added comfort when unexpected things pop up in your life, and it comes in handy for major purchases in your future like a car, home, or vacation! FSNB is here to help you make a plan, set a goal, and succeed.

2. Checking account - A checking account allows customers to access their deposited funds with ease, and they can use it to make their financial transactions such as paying bills. A customer can access the funds by writing a check, using a debit card to withdraw money or make payments, or by setting up automatic transfers to another account.

3. Certificate of deposit - A certificate of deposit is a bank account that holds a fixed amount of money for a defined period of time such as six months, one year, two years, etc. It pays a fixed interest rate on the amount held.

Security Awareness

The Call Center nor the fraud department will never ask you for your PIN (personal identification number: the four digit number you set for your debit card), CVV Code (the three digit code located on the back of your debit card) or the expiration dates on your debit card.

A text alert warning of suspicious activity on a card will NEVER include:

  • A link to be clicked. Cardholders should never click on a link in a text message that is supposedly from FSNB.
  • Vague reference to a “Merchant” transaction; details should be included in the transaction that is being questioned.
  • Requests for your data such as card numbers, PINs, CVV Code, and expiration dates
A text alert from us will always be from a 5-digit number and NOT a 10-digit number resembling a phone number.

A phone call from one of our Call Center agents will only include a request for your Zip code, and no other personal information, unless you confirm that a transaction is fraudulent.
  • Only then will you be transferred to an agent, who will ask questions to confirm your identity before going through the transaction history. If, at any point you are uncertain about questions being asked or the call itself, you should hang up and call us directly.
If a call is received by you, claiming to be your Call Center and asking to verify transactions, no information should have to be provided by you other than your Zip code, and a ‘yes’ or ‘no’ to the transactions provided.

FSNB will NEVER send you an e-mail asking for personal identification numbers or any other confidential information such as your account numbers, debit card PIN or login passwords. Do not respond to any e-mail communication claiming to be from FSNB that threatens to close or lock your account or instructs you to click on a link in the e-mail. Delete the e-mail immediately. Like many other companies, FSNB is concerned about the increased attempts to breach the privacy of customers by tricking you into responding to e-mails that appear to be sent by FSNB. When we need to contact you, it will be done in a general way that informs you of our message but NEVER asks for your personal and confidential information. Your privacy is our utmost concern.

Consumer Liability: Tell us AT ONCE if you believe your card, PIN or login identification and password have been lost, stolen or otherwise compromised, or if you believe that an electronic fund transfer has been made without your permission using information from your checking account. Telephoning is the best way of keeping your possible losses down.

You could lose all the money in your account (plus your maximum overdraft protection or line of credit). If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.

Also, please review your account statement carefully. If your statement shows transfers that you did not make, including those made by card, code or other means, tell us AT ONCE. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods. Visa debit card Liability: Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any point-of-sale transactions using your lost or stolen FSNB Visa debit card. This additional limit on liability does not apply to ATM transactions or to PIN transactions which are not processed by Visa. Visa is a registered trademark of Visa International Service Association.

To notify FSNB call 1-800-749-4583, Monday through Friday from 7:00 a.m. to 7:00 p.m., Saturday 8:00 a.m. to 1:00 p.m. (Central Time)

In the event that you notice suspicious activity on your account, please contact FSNB at 1-800-749-4583 for assistance.

Fraud & Security Resource Center

Learn how to protect yourself, recognize threats, and report suspicious activity”

Fraud and security Fraud can happen in many different ways — and it’s not always easy to spot. It’s when someone tries to trick you into giving up personal or financial information, often to access your accounts or steal your identity. Scammers use a variety of tactics to do this, including phishing, smishing, quishing, and even pharming. NEVER give your online banking login or password to anyone asking for it. FSNB will never ask you for this information.

Take an active role in safeguarding your financial well-being by utilizing the tools and services we offer

  • Direct Deposit – Ensure timely and secure access to your funds
  • E-Statements – To reduce the risk of mail theft and gain quicker access to your finances
  • Debit Card Controls – Location based triggers, Real-time transaction alerts
  • Fraud Alerts – Receive immediate notifications for suspicious activity on your account
  • Secure Messaging – Communicate sensitive information safely through encrypted messages
Your financial safety is out top priority. FSNB’s Security Department is committed to protecting you and your finances, employing robust measures to keep your information safe and accounts secure. We empower you with convenient online banking tools and provide dedicated customer support, all designed to help you prevent and combat fraud effectively.

Fraud can happen to anyone – but taking quick action can make all the difference. If you see something suspicious or think your information may have been compromised, contact us right away. Our team is here to help you secure your accounts, investigate any concerns, and walk you through the next steps.
Fraud and security information

At FSNB, we’re committed to protecting what matters most – your money, your information, and your peace of mind.

CONTACT INFO FAQs CENTER

Identity Theft Protection

Learn how to protect yourself, recognize threats, and report suspicious activity.

Fraud can happen in many different ways — and it’s not always easy to spot. It’s when someone tries to trick you into giving up personal or financial information, often to access your accounts or steal your identity. Scammers use a variety of tactics to do this, including phishing, smishing, quishing, and even pharming. NEVER give your online banking login or password to anyone asking for it. FSNB will never ask you for this information.

Take an active role in safeguarding your financial well-being by utilizing the tools and services we offer
• Direct Deposit – Ensure timely and secure access to your funds
• E-Statements – To reduce the risk of mail theft and gain quicker access to your finances
• Debit Card Controls – Location based triggers, Real-time transaction alerts
• Fraud Alerts – Receive immediate notifications for suspicious activity on your account
• Secure Messaging – Communicate sensitive information safely through encrypted messages

Your financial safety is out top priority. FSNB’s Security Department is committed to protecting you and your finances, employing robust measures to keep your information safe and accounts secure. We empower you with convenient online banking tools and provide dedicated customer support, all designed to help you prevent and combat fraud effectively.

Fraud can happen to anyone – but taking quick action can make all the difference. If you see something suspicious or think your information may have been compromised, contact us right away. Our team is here to help you secure your accounts, investigate any concerns, and walk you through the next steps.

At FSNB, we’re committed to protecting what matters most – your money, your information, and your peace of mind.

  • Data breaches
  • Physical loss or theft of your credit and/or debit cards
  • Mail theft
  • Your PIN or password being visible to others
  • Scam calls
  • Phishing emails
  • Spyware
  • Computer hacking
  • Data breaches

There are simple steps you can take to protect yourself against identify theft, including:

  • Monitoring your credit report.
  • Removing unused credit cards and IDs from your wallet.
  • Move to paperless statements and electronic billing.
  • Beware of giving information to anyone over the telephone or Internet unless you initiate.
  • Do not keep your PINs attached to credit, debit, or ATM cards.
  • Protect your computer with a firewall and other security software and keep it updated.
  • Keep your personal identifying information locked in secure locations.
  • Check your credit report at least once a year to identify accounts which may have been opened without your knowledge.

What's In Your Wallet

While methods used by identity thieves to steal personal information have grown increasingly sophisticated over the last ten years, older methods of stealing personal identification documents through crimes of opportunity - including theft of wallets and purses - remain common. While you can't prevent a high-tech identity thief from hacking a computer database of a company that has collected your personal information, you can control what you carry with you on a daily basis.

A simple rule of thumb that everyone can use to reduce the amount of personal information and identification documents they carry and thereby reduce their risk of identity theft.

Only carry personal information and identification documents you need that day. By reducing the amount of personal identifying information you carry in your wallet or purse, you can reduce your potential exposure to identity theft if your wallet or purse is lost or stolen. Equally important, you will reduce the amount of time spent replacing all the lost or stolen personal information and documents in your wallet or purse.

What should be in your wallet or purse:

  1. Driver's license or another form of state-issued identification
  2. Automobile registration and insurance if required by law.
  3. One or two credit/debit cards for the day (don't write PINs on the back).
  4. Any other personal identification document you need that day only.

What should NOT be in your wallet or purse:

  1. Passport or Social Security Cards or any form of identification containing your SS number
  2. Excess credit and debits cards, checks, Health cards, Frequent flyers cards, Car rental cards, or store loyalty cards
  3. Passwords, personal identification numbers, account numbers, or any other personal identification documents.

Credit Report

Your Accesss to Free Credit Reports

Your credit report is an important part of your financial life that can determine whether you can get credit, how good or bad the terms are, and how much it costs you to borrow.

You can have access to all three of your credit reports once a year. The three different credit reports are similar but not identical. You do have to be careful because there are many websites that state they offer you a free credit report but may charge you for other services. Checking your credit report yearly is recommended to keep your information accurate.

What Is a Credit Report?

A credit report is a summary of your personal credit history. Your credit report includes your identifying information — like your address and date of birth — and information about your credit history — like how you pay your bills or if you filed for bankruptcy. Getting your credit report can help protect your credit history from mistakes, errors, or signs of identity theft.

The Fair Credit Reporting Act guarantees you access to a free credit report from each of the three nationwide reporting agencies — Experian, Equifax, and TransUnion — every twelve months. Be careful! The Federal Trade Commission has received complaints from consumers who were tricked into believing they were ordering their free annual credit report, but instead paid hidden fees or agreed to unwanted services. Go to the authorized source AnnualCreditReport.com when you request your free report. You can also order your report toll-free at 1-877-322-8228, or via mail. For more information, visit: http://www.ftc.gov/freereports.

Under federal law, you’re entitled to a free credit report if:

  • you get a notice saying that your application for credit, employment, insurance, or other benefit has been denied or another unfavorable action has been taken against you, based on information in your credit report. That’s known as an adverse action notice. You must ask for your report within 60 days of getting the notice. The notice will give you the name, address, and phone number of the credit bureau, and you can request your free report from them
  • you’re out of work and plan to look for a job within 60 days
  • you’re on public assistance, like welfare
  • your report is inaccurate because of identity theft or another fraud
  • you have a fraud alert in your credit file

If you fall into one of these categories, contact a credit bureau

Credit Reporting Agencies
There are three major credit reporting agencies: Equifax, Experian, and TransUnion.
These agencies receive information from a variety of creditors, usually monthly, about whether you are making loan and credit card payments on time. The agencies also collect information about bankruptcy filings, court-ordered judgments, tax liens, and other public record information from courthouse records.

Information Contained in a Credit Report

The reports from each of the credit agencies look different, but generally contain the same basic information.

  1. Your identifying information, including:
    • Name
    • Social Security Number (SSN)
    • Current and previous addresses
    • Telephone number
    • Birth date
    • Current and previous employers
    • Spouse’s name, if married
  2. A report containing your credit history
  3. A list of inquiries
  4. A report containing information about you in public records (e.g., collection accounts, bankruptcies, foreclosures, tax liens, civil judgments, delinquent student loan payments, and late child support payments)
Credit Score

Your credit score is based on the information in your credit report.

  • Your credit score—sometimes referred to as a credit rating or Fair Isaac Corporation (FICO) Score—is a number that helps lenders determine how much of a credit risk you may be.
  • It has become increasingly common for lenders to make decisions largely based on credit scores.

It is important to learn how the score is calculated so you can improve your score if necessary to obtain credit.

  • Your payment history is the largest percentage of your credit score. That is why it is important to pay your bills on time.
If you do not have a history of late payments, your score may be lowered if your credit card balance is close to the limit or if you have just begun to use credit.

Creditors may use one or more credit scores. They may generate the scores themselves, or they may use a score calculated by another firm. Two of the scores used by creditors and lenders are FICO Score and VantageScore.

How to Get Your Free Annual Credit Report

To order your free annual report from one or all three of the credit reporting agencies, do one of the following:

  • Submit a request online at www.annualcreditreport.com
  • Call toll-free: 1-877-322-8228
  • Complete the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request Service
P. O. Box 105281
Atlanta, GA 30348-5281

You can print a copy of the Annual Credit Report Request Form from www.annualcreditreport.com or www.ftc.gov/credit. You will need to provide:

  • Your name, address, SSN, and date of birth
  • Your previous address if you have moved in the last 2 years
  • Identifying information specific to you for security purposes (e.g., amount of your monthly mortgage payment)
  • Different information for each requesting company, because the information each has in your file may come from different sources

Credit Freeze

By placing a credit freeze on all three major credit bureaus you maintain control over who can access your credit file and when, also blocking identity thieves from opening accounts in your name. Credit freezes are also called security freezes by the credit bureaus.

Learn more about Credit Freeze:
Perhaps the single best way to protect against an identity thief opening a new credit account in your name is to place a credit freeze on your credit files with all three major credit bureaus. Credit freezes are often called security freezes by the three major credit bureaus.

By placing a credit freeze on your credit files at all three major credit bureaus, you maintain control over who can access your credit report and when, thereby blocking identity thieves from using your name and credit to open fraudulent credit accounts and harming you and your credit profile.

Through a combination of state laws and voluntary programs in place at all three major credit bureaus, anyone can place a credit freeze on their credit files. But remember, you must place the credit freeze at each of the three major credit bureaus individually.

When you place a credit freeze on your credit files, you will either select or be provided a password or PIN (personal identification number) so that you can temporarily remove the credit freeze when you want to add a new credit account to your credit file. Be sure to maintain this password or PIN in a secure location so that it will be available when you need to temporarily lift the credit freeze.

Depending on the state you reside in and whether or not you have been a victim of identity theft, there may be a fee for initiating a credit freeze and for lifting the freeze when you need to grant access to your credit report to a potential creditor.

The three major credit bureaus are Equifax, Experian and TransUnion.

The combination of large and small security breaches have statistically put all Americans personal identifiable information at risk. With the digitization of medical records security breaches will become even more common and raise the odds each individual's risk of becoming an identity theft victim.

While everyone should consider placing a credit freeze on their credit files maintained by all three of the major credit bureaus, it is especially important that seniors, those responsible for incapacitated seniors and parents of children give extra consideration to initiating credit freezes.

Identity thieves specifically target children and seniors as they are much less likely to monitor their credit files and are also less likely to detect if a fraudulent account has been opened in their name. This is because children and seniors do not typically open new credit accounts and therefore have little need to check their credit reports.

Active Duty Alerts

‘My savings were drained’:
Veterans’ pensions and benefits are a target for fraud, feds warn | Stars and Stripes

If you are a member of a military service unit who is on active duty, consider placing an active duty alert on your credit report. The active duty alert can prevent prescreened offers of credit and insurance being sent while you are away on active duty. By placing a credit freeze on all three major credit bureaus you maintain control over who can access your credit file and when, also blocking identity thieves from opening accounts in your name. Credit freezes are also called security freezes by the credit bureaus.

By placing a credit freeze on all three major credit bureaus you maintain control over who can access your credit file and when, also blocking identity thieves from opening accounts in your name. Credit freezes are also called security freezes by the credit bureaus.

An active duty alert on your report is effective for one year, unless you request that the alert be removed sooner. If your deployment lasts longer, you may place another alert on your report. Credit reporting agencies must offer free electronic credit monitoring to all active duty servicemembers as of May 2019.

Card Protection

The best protection against card fraud is to know where your cards are at all times and to keep them in a secure location. FSNB fraud protection services will never ask for your full card number, expiration date, or security code. If you receive a phone call asking for any card information, DO NOT divulge your information – immediately report the concern to FSNB immediately.

TIPS TO SECURE YOUR CARDS:

  • Turn on suspicious activity alerts.
  • Create a strong password for your credit and debit card accounts.
  • Take advantage of multifactor authentication when it is offered.
  • Do not choose a PIN that is personal to you, such as your birthday or digits from your SSN.
  • Be selective when you offer your card information over the phone.
  • Be careful with your receipts. Check your receipts against your account to spot potentially fraudulent transactions quickly. Shred what you do not need and securely file the rest.
  • If you use a digital wallet, make your smartphone harder to unlock by requiring a passcode, face-ID or fingerprint. Consider removing your banking information from Autofill on your browser.
  • Report lost cards and suspected fraud right away. If you lose your card or suspect fraudulent activity, contact FSNB right away.