In Partnership with GreenPath Financial Wellness

As summer hits its stride, the idea of financially preparing for the holidays might feel like overkill. Consider this: money is the most cited source of stress during the holidays, with 58% of US adults worrying about overspending or not having enough money. July is an ideal month to assess your financial picture and make mid-year adjustments to help you cruise into the fall and holiday months with fewer concerns. To make planning easier, here is a seven-item checklist you can use as your guide:

  1. Review Your Budget

With a customizable budgeting worksheet or free app, identify areas where you may be overspending and eliminate costs or find an affordable alternative if possible. Budgeting isn’t about guilt. Rather, it is a way to ensure you save a little each month – ideally 10% of your income, but starting with even a little each month is the most important step.

  1. Automate Savings

Consider the “set it and forget it” approach to allocating high-interest savings so that when peak holiday spending season comes around, you’ve avoided (or at least minimized) credit card balances that can put a damper on the season and the coming year. Consider opening a holiday-specific personal savings account with us and start saving now.

  1. Strategize Debt Repayment

Review the balances and interest rates of your credit cards, loans, and other debts. Tackle high-interest payments first (so you can put more toward the principal in the long run). Explore a debt management program that can help you eliminate debt faster.

  1. Check Your Credit Report

Request a free copy of your credit report from AnnualCreditReport.com. Review the report for any inaccuracies or signs of identity theft. Dispute any errors you find that could contribute to a lower score.

  1. Revisit Investments

If you have any investment accounts, assess whether your allocations still align with your long-term goals and risk tolerance. Market conditions often change, and your investment strategy should account for these fluctuations.

  1. Maximize Retirement Contributions

If you have a retirement account, check your contributions and see if you have any room in your budget to increase them—especially if your employer offers matching contributions. The sooner you invest, the more time your money has to grow.

  1. Review Insurance Policies

Ensure that your health, auto, home, and life insurance policies still meet your needs. Life changes such as marriage, the birth of a child, or significant purchases might necessitate adjustments to your coverage or comparison shopping for more favorable rates.

Speak with Our Team

You aren’t alone in your financial journey. Our team will help you better understand your spending behavior and save more this holiday, just by changing small habits. Whether you open a personal checking account, apply for a personal loan, or open a small business bank account, we become your partner and advocate. We will do our best to help you navigate the best path forward to help you set and achieve your financial goals. You can also take advantage of free financial counseling from one of our trusted nonprofit partners, Ariva and GreenPath Financial Wellness. Their certified experts are ready to meet you exactly where you’re at.

In Partnership with GreenPath Financial Wellness 

As the summer months approach, unplanned expenses, such as summer camp, beach days, and new sandals for your kids, may sneak up on you and take you off budget. Get ahead of summertime costs now by using a budgeting tool. Whether you prefer an app or the back of an envelope, here are a few tips as you consider both digital and analog tools:

Prioritize Accordingly

There are many financial resources designed to make money management stress-free, but regardless of what budgeting tool you choose, consider the following features:

  1. Goal Setting 

Creating and reaching financial goals for yourself is why most of us budget in the first place! Support this aspect of your financial story by choosing a tool that allows you to set goals, whether saving up for a milestone purchase or paying off credit card debt. Choose a tool so you can monitor your progress and edit your goals when circumstances change.

  1. Methodology

Based on your goals, you may use the traditional envelope system or focus on zero-based budgeting. Choose a system that offers flexibility, allowing you to experiment with different methods until you find the one that works best for you.

  1. Affordability

Before you commit to a paid subscription, research free or free trial periods of budgeting apps to determine whether the functionality is worth the cost. Many apps offer free features (like goal setting) with the option to upgrade later to unlock additional features.

  1. Security 

Given the sensitive nature of financial information, security is essential when choosing a budgeting tool. Ensure that the app employs enhanced security protections such as encryption, multi-factor authentication, and regular updates and notifications to protect your financial data from unauthorized access. Learn more about our commitment to your financial security in this great YouTube series.

  1. Interface

User-friendly, intuitive design ensures you can navigate the app effortlessly, saving you time and frustration. Look for apps that allow you to quickly input transactions, set budgets, and track your spending without a steep learning curve. Some apps even offer interactive tutorials to guide you through the setup process.

 

Before investing time into learning or creating a new budgeting tool, check out a few free resources that can help you with summertime spending. All customers have access to the following:

  • Spring Bank Mobile App for instant access to your personal savings and checking accounts online
  • Free financial counseling with our partners at Ariva & GreenPath Financial Wellness
  • Free access to Autobooks for all customers with a small business bank account
  • One-to-one customer service. If you need help creating your financial goals or getting clearer on how to achieve them, our team is here to help you. Visit us in person, or give us a call at 718.879.5000

 

Did you know that you can earn rewards just by using your Spring Bank debit card?

In today’s economy, we understand you are looking for ways to maximize every dollar. Our  ScoreCard® Rewards Program does just that. When you enroll your debit card linked to your personal checking account or business checking account, you’ll be able to earn points on every dollar you spend, which you can redeem for unique rewards. For example, you can cash in your points for new technology, home goods, travel, entertainment, and more.

And we are happy to announce that we’ve recently made some upgrades to get you even more perks!

You can now save money on your purchases at select Walmart and CVS stores by redeeming your points as cashback on the spot. You automatically accrue points when you open a personal checking account or business checking account with us.  With our new cashback option available at select Walmart and CVS locations, you can save money on your transaction using your Spring Bank debit card at the register or self-checkout.

Here’s how to earn and start redeeming your ScoreCard® Rewards:

  1. First, create a ScoreCard® account so you can access the points you accumulate with your Spring Bank debit card.
  2. Make purchases with your Spring Bank debit card from your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
  3. Redeem your points for travel, merchandise (i.e., electronics, appliances, and more), or experiences such as concerts and special events.

Remember, you can earn points even faster if you hold multiple debit cards by accruing points from all your cards into one rewards account. In addition, households who have multiple Spring Bank debit cards can join their accounts to build points and earn rewards faster.

Finally, don’t forget to take advantage of two great promotions with our ScoreCard® Rewards Program today:

  1. Receive 2,500 bonus points when you enroll in ScoreCard® Rewards and complete your first eligible purchase with your Spring Bank debit card.
  2. Our annual birthday gift to you! When you enroll in ScoreCard®, you automatically receive 500 bonus points on your birthday every year — on us.

Get the most out of your spending by signing up for ScoreCard Rewards today! You deserve the perks. Receive 2,500 bonus points when you enroll and make a purchase. Learn more.

Long gone are the days of receiving documents about your financial information as a hard copy in the mail. Physical copies come with risks and inconveniences. For example, if you live in a multi-unit apartment complex, your mail might get sent to the wrong recipient. Also, accumulating documents can take up extra space in your apartment. Take the easy, efficient, and environmentally friendly route with E-Statements: paperless financial records you can access through your mobile and desktop devices.

With E-Statements, you can access your personal checking account or business checking account activity with just the click of a button. Enrolling is extremely simple. All you need is an email address, and you’ll have 24/7 access to your monthly statements through the Spring Bank mobile app. You’ll never have to print or recycle your statements ever again. Plus, enrolling in e-Statements is completely free and eliminates the monthly service charges that mailed statements incur.

As a bank in New York, we know how busy life can get in the city. So, save yourself time, money, and stress by taking the easier route with E-Statements. This feature grants you access to your financial information whenever you need it and supports our climate goals as a B Corp and member of the Global Alliance for Banking On Values.

National Consumer Protection Week is March 5-11, 2023

The digital world is here to stay. Although automation through technology makes managing money more convenient, it also exposes your personal savings and other information to risks. Cybersecurity is essential for protecting you against unauthorized disclosure, theft, or other privacy threats.

During National Consumer Protection Week, we’re discussing ways to avoid frauds and scams online to protect your personal information and personal savings. Learn about common types of online security thefts and tips you can implement to prevent them from happening to you:

Phishing
Phishing is a cybercrime in which a hacker poses as a reputable organization to trick you into sharing sensitive personal information such as bank logins, credit card numbers, and passwords. Hackers may contact you via phone, text, or email and could pose as your employer or other people you know. They will often use fear, the power of authority, or rely on human kindness to coerce you into sharing your personal information.

Tips to protect against phishing:

  • Recognize who is contacting you: Are you receiving messages from someone you communicate with regularly? If not, find a way to verify their phone number or email from an outside source.
  • Notice what they’re asking: Is this something they would typically come to you for? If it feels out of the blue, take your time to think about whether this may be real or not. Also, beware of hackers requesting you to send money through Zelle® and other services. You should only transfer money to those you know and trust.
  • Be cautious about email attachments: Steer clear of suspicious messages containing attachments or hyperlinks. Check for spelling errors and hover your mouse over the link to reveal its destination before clicking.

 

Tax Scams

With tax season underway, criminals may look for ways to access your personal information to rob you of your refund, personal savings, or even your identity. People may contact you pretending to be from the IRS claiming that you owe taxes or “requesting verification.” These are called IRS imposter scams and are just one of many tax crimes.

Spot tax scams fast with these tips:

  • Beware of calls from the IRS: The official IRS will always contact you by mail before calling about unpaid taxes. First, ask the caller to verify their name, badge number, and call back number. Then, call TIGTA at 1-800-366-4484 to confirm their reason for contacting you.
  • Don’t give in to demands to pay immediately: The IRS does not demand immediate payments, especially through prepaid debit cards, credit cards, gift cards, or wire transfers.
  • Don’t give in to law enforcement threats: Scammers may threaten to immediately bring in local police and have you arrested for not paying taxes. The IRS or its authorized private collection agencies will never do this.

 

Stay up to date on tax-related thefts by reviewing the IRS Dirty Dozen list. Every year, the IRS publishes this list of common tax scams and tax evasion schemes to raise awareness among tax filers and professionals.

If you’re looking to get your taxes done, check out our partner Ariva: they offer free tax preparation with IRS-certified professionals and free financial education from expert counselors. Plus, they’re located right upstairs from our Bronx branch.

Identity Theft

Getting your identity stolen can happen to anyone, even the wary. Identity theft occurs when someone uses your personal or financial information without permission. Thieves may use it to spend or steal your money, open credit card accounts, apply for personal loans, or use your health insurance.

Monitor your banking and credit card activity to look for signs that your identity may have been stolen:

  • Not receiving billing statements or other mail
  • Receiving reports for credit cards you didn’t apply for
  • Seeing unknown transactions in your personal checking account
  • Getting notified by the IRS that more than one tax return has been filed in your name
  • Being informed about a data breach regarding your personal information where you have an account

 

Identity theft can be a scary and frustrating experience, but there are steps you can take to protect your personal information:

  • Secure personal documents: Keep your personal, medical, and financial records safe. Put them somewhere only you and those you trust can access them securely. Shred your documents before disposal.
  • Update your mobile and online security: Create a strong password, and don’t use the same one for everything. When available, use two-factor authentication for extra protection. It’s always a best practice to regularly update your software for the latest security installments.
  • Protect your card information: Memorize your PIN and don’t share it with anyone. Only use your card to make purchases on websites you trust. If you save your card information on your phone or laptop, secure your device with a password.

 

Using technology to manage your finances is a great way to stay on top of bills, track your expenses, transfer money, and so much more. Don’t let the dark side of the web scare you from leveraging such convenience. Protect yourself and your money with these helpful tips.

Check out more tips for smart money management:

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“Our culture is rooted in community and personal relationships. We value our clients and prioritize one-on-one connections to understand their goals and who they are. By doing so, we can serve them better.” – Josefa Ruiz, Spring Bank Branch Manager

While we’re proud of our designations as a B Corp and Community Development Financial Institution (CDFI), we know that it’s the people who make up the Spring Bank team that truly make us a community bank. Their kind, personable, and caring energy connects individuals, small businesses, and nonprofits to our affordable services which help our neighborhoods grow. 

That’s why this month we’re happy to introduce you to one of our valued team members, Josefa Ruiz. 

Josefa has been with Spring Bank for six years as the Vice President and Branch Market Manager for our Harlem and Bronx locations. She’s done everything from consumer lending to personal banking to commercial banking. Her current role consists of training staff to be “universal bankers,” meaning that they can both serve as tellers and also know our full suite of financial products in order to support our clients, whether it’s a nonprofit seeking a loan or a local entrepreneur looking to open a new business bank account. Building a team with a diverse skill set means that no matter who our clients meet or what their needs are, they’re in good hands. 

While Josefa’s top priority is coaching and mentoring staff, she also contributes to the bank’s growth. Like many of our team members, Josefa has a real commitment to the bank’s success, which comes through her work. 

“Working at Spring Bank is something I’m truly proud of. I’ve put my efforts into investing in this community and I want to see it grow,” she says.

Josefa is always learning something new. As a small bank in NY, she’s been able to get involved in bank operations in a way that branch managers at larger institutions typically don’t. This allows her to support her teammates better and quickly make improvements, something she never experienced working for big banks in the past. 

“If there is ever a concern, I can communicate with the CEO, COO, President, or the Chief Lending Officer easily. They really value my opinion, and you just don’t see that at other institutions,” Josefa says.

Thanks to Josefa, our staff is guaranteed to give you a personalized experience, whether online or at a branch. She understands that accessibility is everything when it comes to serving our community, and proudly shares how our services are designed to make banking convenient and easy, and built to support you, your business, and your family for the long term. 

For example, we offer Zelle through our Spring Bank app so you can securely pay rent, split a bill, or gift money instantly. We also know that 40% of New Yorkers are foreign-born, so you can open a personal checking account or personal savings account with us as a non-resident with just an ITIN. Did you recently apply for personal loan and want a status update? You don’t have to call an 800 number to get in touch – simply call our direct line and get instantly connected to a real team member who will support you.

As Josefa says, “Our culture is rooted in community and personal relationships. We value our clients and prioritize one-on-one connections to understand their goals and who they are. By doing so, we can serve them better.”

Our mission has always been to serve the needs of individuals and small businesses in New York City. While we continue to make our impact felt as a community bank in Bronx, New York, we have plans to make our affordable and transparent services more accessible by expanding our branches into Brooklyn in the next few years. And Josefa will be part of it every step of the way.

“We value our clients. We ask questions and truly listen to the answers – we’re not just here to sell a product. It’s important to us to be there for them because it’s the relationships that make the Spring Bank culture and community what it is,” she adds. 

Thank you so much, Josefa! We are so grateful to have you on the Spring Bank team and look forward to continuing our mission to build a stronger, more resilient NYC together.

Interested in learning more about Spring Bank? Find out what makes The Bronx a place where everything is possible or get the back-to-school season started off on the right foot with 6 healthy money management tips to teach kids and young adults. 

Meet other members of our team: 

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We strive to be more than a bank. Our goal is to bring ethical and inclusive finance to the Bronx and the greater New York City area. As NYC Climate Week kicks off, we want to share our recent pledge to Bank.Green’s Fossil Free Banking Alliance, an organization that  recognizes banks that divest from — or, as in our case, have never invested in — fossil fuels.

With this new commitment, we certify that we will not fund the production or extraction of fossil fuels. Pledging with Bank.Green is just one of the ways we take action on our commitment to better banking with Bank for Good, the national movement of banks who recognize their responsibility to address the climate crisis.

We also continue to improve our measures internally. For example, we have been carbon neutral since 2018. As a B Corp, doubling down on our environmental impact is a core value of our ethos.

We’re making certain that we’re not only carbon neutral, but also ensuring that our actions internally and externally reflect the same goals in protecting the environment. 

We take a stand against fossil fuels because it not only negatively impacts the environment at large, but they also directly contribute to climate change’s effects on the communities we serve. According to the EPA, “the effects of climate change disproportionately fall on underserved communities who are least able to prepare for, and recover from, heat waves, poor air quality, flooding, and other impacts.” In short, environmental inequity goes hand-in-hand with financial inequity. Taking the Bank.Green pledge and taking action is a part of our vision to build abundant futures for our clients and their families for the long-term. 

There is no set plan for sustainability that will work forever. We are constantly evolving in terms of our goals and initiatives to improve our impact.

We adapt to changes as we continue our sustainable journey. With our commitments to Bank.Green, Bank for Good, as well as other climate-friendly initiatives like our E-Bike Loan NYC and Green Personal Checking Account, we are closer than ever to transforming how banks do business for good. We hope to inspire other banks in NY – and across the country – to do the same. 

Ready to take climate action? Check out some ways you can go green with us:

  • Enroll in paperless statements for your personal checking account, personal savings account, or business checking account.
  • Encourage your employer to enroll in our Employee Opportunity Program, so that you and your colleagues can make your commute cleaner and greener when you apply for personal loan through our E-Bike Loan NYC.
  • Get your kids involved in nature-based activities, like boatbuilding, sailing, and environmental science with Rocking the Boat, our nonprofit partner.
  • Join our nonprofit partners at Bronx River Alliance for a variety of community outdoors activities, including paddling the river, gardening, and volunteering opportunities. 
  • Interested in learning if your bank is contributing to climate chaos? Find your bank’s report on Bank.Green. 

We know you have enough to do running your own business. With a Spring Bank business banking account you don’t need to use a third-party service to handle your transactions you can simplify your business transactions with Autobooks.

Having a business checking account with Spring Bank means organized bookkeeping and professional credibility, even for the newest businesses. Autobooks allows you to step it up a notch by sending invoices, accepting payments, and getting paid directly to and from your business checking account. Plus, accepting credit card payments has never been easier! 

With Autobooks, you can:

Send professional invoices: customize and send invoices right to your customers. Autobooks offers seamless payment options through email or text messages.

Receive payments directly: customers can fulfill invoices through debit cards, credit cards, or bank transfers. Payments are sent directly to your small business account.

Monitor payment activity: stay up to date on the status of your invoices. See who has viewed, paid, or is past due. You can also access other financial documents like Balance Sheets or General Ledgers so you always know where your business’s finances stand.

You didn’t get into business to spend all of your time on administrative tasks. Do more of what you love with Autobooks! Try it out by sending a test invoice today or book a demo with us so we can show you how quick and easy it is to use.

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We’ll always tout the benefits of having a healthy amount of money in a personal savings account. Still, since we all have to spend money every day, whether it’s on groceries, gas, or life’s other necessities, why not earn rewards for the money you have to spend?

Introducing Our ScoreCard Rewards Program

Make your money work harder for you with our ScoreCard Rewards Program. Earn points when you spend with your Spring Bank debit card and redeem them on the vast selection of rewards. From 4-star hotel stays to designer fashion and trendy appliances, there’s something for everyone. So register your Scorecard account today to view your accrued points and treat yourself to all the perks your debit card can help you receive!

How It Works:

  1. First, enroll your card to start accumulating points as you spend.
  2. Make purchases with your Spring Bank debit card from either your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
  3. Earn 1 point for every $2 you spend with a signature or every $4 you spend using your PIN.
  4. Redeem your points for travel, merchandise (like electronics, appliances, and more), or experiences like concerts and special events.

Ways to Earn Points Faster

Customers who hold multiple debit cards from their Spring Bank personal checking accounts or business checking accounts are welcome to combine points into a single rewards account. For business bank accounts, the business can earn points from all associated cards, though the owner is the only one who can claim rewards – all cards remain under the account owner’s control.

Likewise, households can merge points. For example, if you and your spouse have Spring Bank debit cards connected to your personal checking accounts, you can combine points to earn rewards faster and redeem points for rewards!

We’re offering 2,500 points as a special sign-on bonus to reward those who enroll in the program and use your debit card within 60 days of enrollment. Plus, any customer who signs up also gets 500 bonus points on their birthday!

Ready to upgrade your tech, book that bucket list trip, or dance to your favorite band at that sold-out concert? Register your card and start earning points today!

“I live at the bottom of a hill. With my old, non-electric bicycle, I used to push it up that hill, then again and again because my neighborhood has a lot of hills. I was practically pushing it all the way to work! But now I can enjoy the ride because of my new E-Bike and the E-Bike Loan NYC I received from Spring Bank.” – Pamela Martinez

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Pamela Martinez is a teacher’s assistant here in The Bronx and the Hunts Point Alliance for Children, and she was one of the first New Yorkers to receive an E-Bike and E-Bike Loan NYC through our partnership with the Equitable Commute Project (ECP). The ECP was developed at the height of the Covid-19 pandemic as a partnership between NYU Stern, the Hope Program, Electric Avenue, Transportation Alternatives, and us as the financing partner. Our mission is to create a healthier, more affordable, and greener commute for the one million+ NYC frontline workers.

Through our new E-Bike Loan NYC, employees can receive a loan of up to $2500 to use for a new E-Bike, which will also help them build their credit and savings – all with no minimum credit score requirement.

“I’d wanted an E-Bike for a long time! And my employer knew that I rode my old bike to work every day. But for me, not being from this country, I didn’t have credit yet. However, I learned I could get the E-Bike Loan NYC through the Employee Opportunity Program from Spring Bank, and I could pay it back little by little. So I applied, and my loan was approved right away! Now I love riding my new E-Bike, especially because I have to carry so much back and forth every day,” Pamela says.

If you bank with us, you know that we’re so much more than just a bank – even though we are one of the best banks in NY! We’re a community. And that’s why we were so excited to work with Pamela. She takes care of the people around her: developing daily science experiments and dance parties for the kids, collecting winter coats for donation on Giving Tuesday, and even ensuring that struggling families in the neighborhood get connected to the services they need.

“I love my job,” says Pamela with a smile. “I love helping people. I love that we’re doing good for kids, families, and the community. Hunts Point has a lot to give. You have to dig and find the resources – and that’s what we do for these families.”

Ensuring that our customers and community are taken care of is always at the top of our minds. Therefore, we designed the application process for the E-Bike Loan NYC to be as smooth and straightforward as possible. Learn more about it here.

“Everyone at Spring Bank was so helpful!” Pamela says. “Because I went through my company, they had a lot of the information I needed. Everything else I could do by myself online – it was very easy.”

Commuting by E-Bike is a good choice for more than just your wallet. It’s often more reliable than public transportation. And as Pamela notes, it’s also good for the environment, which means a healthier, greener future for her children and students.

“I ride my E-Bike everywhere now: to the beach, visit my family in Brooklyn, and even go to Costco with it! Everybody knows me as ‘The Bike Lady’ in the supermarket,” she laughs.

We love to see it! 🙌🏽 🚴🏽

Ready to get an E-Bike of your own? Learn more about our E-Bike Loan NYC. If you’re an NYC employer, check out how you can support the financial health of your employees with our Employee Opportunity Program, which includes the E-Bike Loan NYC. Find out more about the Equitable Commute Project. Finally, check out our personal savings and personal checking accounts. We’re honored to serve the people of New York as one of the best banks in The Bronx, New York!