According to the National Council on Aging, “estimates of elder financial abuse and fraud costs to older Americans range from $2.6 billion to $36.5 billion annually.”


If you suspect someone may be a victim of elder financial abuse, you should report it to protect the safety and health of the person you are concerned about. This financial abuse could involve theft, fraud, or various scams designed to take an elderly person’s money or property.


Whether the abuser is a family member, a caregiver, or a stranger, it’s important to remember that there could be a real threat to that senior’s checking and savings accounts. These accounts could be wiped out all at once or they can be drained little by little.


Some of the warning signs you should look out for when it comes to elder financial abuse include the following:

  • Unpaid bills piling up.
  • Concerns about how people are handling an elderly person’s finances.
  • Threats of utilities being cut off. (Note: Scammers will often ask you to pay with a wire transfer or a gift card. If you’re unsure, hang up immediately and call your bank or utility company at their official phone number and explain what happened.)


To protect yourself or a loved one from potential financial abuse, here are a few things to remember:

  • Do not give out personal information including account numbers, social security number, or debit or credit card numbers unless you are sure it is necessary.
  • Keep important financial documents locked up or in a safe and secure location.
  • For better protection when purchasing, pay with a debit or credit card.


Reporting elder financial abuse can vary by state. However, you should report suspected abuse to local law enforcement and the local Adult Protective Services agency. If you know where the suspected victim does their banking, you should report your concerns to them as well, so they are able to take the appropriate precautions.


When filing your report, be sure to include the name of the elderly person, his or her address, the name of the suspected abuser, and note what you believe to be happening. Add as much information and detail as possible to the report.


While reporting potential financial abuse can be overwhelming, remember that you are their voice. For more information about financial exploitation of the elderly and vulnerable adults, visit the National Adult Protective Services Association.

As a parent, some of the greatest joys in life are getting to watch your child grow into the person they were meant to be and witnessing their accomplishments… like, graduating and going to college!


Sending your child to college is a significant milestone. While this new journey can be daunting, it’s important to remember that college is more than just four years of higher education. It’s a gateway to once-in-a-lifetime opportunities, personal growth, and multiple new skills.


You can help make the transition less stressful by preparing your child for academic, social, and emotional challenges they may face in the process.  Here are some tips to help you and your child prepare for their new home away from home and to ensure they are set up for success.


Take A Campus Tour

If you haven’t already, be sure to take a walk around campus. Many colleges have summer orientation which is a great opportunity for your teen to familiarize themselves with the campus. These visits will be especially beneficial if they already have their class schedule, as walking around the campus to check out each building where classes will be held can help your new student feel more confident on their first day of school.


Find A Place to Live

Work with your teen to secure a place to live. Many colleges require incoming freshman to live on campus for their first year. However, if they do not have to, work with your child to help them secure a safe and affordable place to live either on or off campus. If your teen has a roommate, this is also a great opportunity for them to connect and get to know them better.


Educate them on Money Management

Talk to your teenager about finances and how to be responsible with money while they’re away. Now that your child will have more freedom, educating them on the importance of financial responsibility can help keep them out of unnecessary debt. The summer before college is a great time to start teaching them the basics of budgeting and saving money. If they don’t already have one, have them open a checking account and get a debit card so they have access to their money. For emergencies, consider having your child apply for a student credit card. These often have low credit limits and are great to have available in the event of an emergency.


Share Some Life Skills

Teaching your child life skills such as cooking, doing laundry, checking the oil in their car, etc. can help make their transition to college life less stressful. Work with your child to equip them with as many life skills as possible before they go off to college. This is also a great opportunity to bond more with your child before they step into a world of their own.


Plan a Closet Clean Out

The summer before attending college is the perfect time to encourage your child to do a closet clean out. Unfortunately, your child will not be able to take everything they own to college with them. However, by doing a closet clean out, they’ll get a better idea as to what they already have. This can make packing for college easier and more organized.


Communicate the Importance of Time Management

The time leading up to college is a great time to teach your child about effective time management. While you’ve been responsible for ensuring they get up on time and make all of their appointments, the months before college are a great time to take a step back and allow them the opportunity to manage those things on their own. This is a great opportunity for your child to have a small glimpse at what being on their own could be like.


Discuss Work and Social Needs

College is a great opportunity for your child to discover more about themselves and shape them into who they want to be. Talk to them about the various clubs, organizations, and other opportunities available on campus they may want to participate in to meet like-minded individuals. Share with them the importance of building a network and how this can benefit them in the future both personally and professionally. If the college your child is attending holds a fair for incoming freshman to discover the campus clubs and organizations, encourage them to attend. This is always a great way to meet new people and discover what they might be interested in, as well as, possibly providing unique experiences that may benefit them in their future.

When it comes to your credit score, there’s almost always room for improvement. If you’ve pulled your score and you’re not satisfied with the number you received, there are several strategies to boost it. But first, you need a little insight into how that score is calculated.

Five major categories are used to determine your credit score which are reported to the credit bureaus by your lenders to generate scores ranging from 350 to 850 (higher is better, of course).

Each category is weighed differently. Here’s a quick breakdown:

  • 40% is based on your payment history, and whether you pay on time.
  • 23% is your credit utilization. Also known as credit usage, it’s the ratio between the total balance you owe and your total credit limit on your accounts. It’s best to keep your credit utilization below 30 percent — this is because if you are consistently maxing out your credit cards, it’ll look like you need money in the eyes of a lender.
  • 21% is the age and type of credit you have. This percentage factors in how long you’ve had different kinds of credit accounts open. The older and more diverse (auto, mortgage, credit card) your credit is, the better.
  • 11% is based on your total amount of recently reported balances on your credit accounts. You’ll want to keep your balances generally low because that’ll suggest to lenders that you are capable of making your payments on time.
  • 5% is based on recent credit applications. Opening multiple credit accounts in a short period of time could represent a greater risk for lenders — multiple recent inquiries may worry lenders that you are applying to so many places because you are unable to qualify for credit — or because you need money in a pinch — so avoid opening too many accounts too quickly. (You don’t have to worry about this if you’re shopping for a mortgage or car loan. All inquiries within 14 days count as a single one.)



  1. Pull your credit reports. The three major credit scoring bureaus, TransUnion, Equifax, and Experian will each allow you one free copy of your report each week. You also have access to your report and score daily through the United Fidelity Bank app. If you choose to get a copy directly from the credit scoring bureaus and you find an error on your report, you should dispute it as soon as possible. Simple mistakes – the wrong address or a misspelling of your name – can be fixed by calling the creditor and asking for an update. If they won’t oblige, or the error is more complicated, you should dispute directly with the credit bureaus. You can do this online.
  2. Pay your bills on time. One day late is still considered late, and just one late payment can lower your score. Consider using an online bill payment service, like Bill Pay, to stay on track with your payments.
  3. Pay down credit card debt. You don’t want to be using more than 30% of the total credit available to you. Keeping your utilization well below that (closer to 10%) can give your score a boost.
  4. Hang onto old cards. Your credit score benefits from long relationships with lenders, so cut them up, but don’t cancel them if you can help it.
  5. Be thoughtful about shopping for new credit. Every time you apply for a new card or loan, the lender takes a peek at your credit history, which dings your score.
  6. Spread your debts around. The mix of credit you have in your file—mortgages, student loans, auto loans, credit cards—shows that you can manage debt from multiple sources.


Remember that time – and patience – are key. You shouldn’t expect a change overnight, but you will see improvement over the course of 12 to 18 months – shorter, if your score is already fairly high and you’re just looking for a bit of a jump.


Article by SavvyMoney contributor Jean Chatzky.

Have you ever asked yourself, “When should I start teaching my kids about finances?”


While there’s no right answer to this question, a good place to start is whenever they have developed fundamental math skills. This is typically between the second and fourth grade.


The goal when beginning to teach your child about money is to help them understand the value of money and the importance of saving. You’ll want to use simple terms and relatable examples that you know your child will be able to grasp. One of the best ways to do this is to use your personal experience. Explain how you work a job to make money, and the money you make from said job allows you to buy things like groceries, clothes, vacations, etc.


If you want to take it a step further, you could set them up with a regular allowance or pay them for doing certain chores around the house. This will give them an applicable experience in understanding the most basic way money is earned. There are multiple ways to introduce money fundamentals to your child(ren), so do some research to find one that works best for you.


Once they understand how money is earned, you can segue into the basics of saving money. A great way to do this is by using a visual example such as a piggy bank or clear jar. This allows children to literally see the money they save and how it accumulates over time. When they are comfortable with the concept of saving, share how their savings can be used for something else in the future. Explain the different ways they could use their savings – to buy something they want for themselves or purchase something for someone else for a special occasion such as a birthday. If you haven’t already, this would also be a good place to open a savings account for your child.


When applying this to real-life, give them the opportunity to use their savings to purchase something they want. This will allow them to determine if they have enough money saved or not helping them comprehend if they need to save some more money or if they already have the amount they need. Once they have the amount needed, let them hand the money to the cashier so they get excited and experience the value of “this for that.”


Helping your child save money can bring up feelings of frustration due to having to wait to purchase something they want. This is a great opportunity to validate those feelings and explain that you, their parent, or guardian, also sometimes have to wait to purchase things you want. Set a regular time together where you sit down and count their money with them, so they know just how much they have saved. And don’t forget to encourage them on their saving journey.


Setting a good foundation for understanding money can help your children be more responsible with it as they get older. Even the smallest money tips can impact the way your children will think about and use money in the future. Visit our Personal Money IQ and scroll down to the “Kids and Money” section for more tips.

Financial Literacy Awareness Month is observed nationwide by a variety of organizations. People all over the U.S. host educational events and activities throughout the month of April to promote the importance of financial literacy – especially to our nation’s youth.


In recognition of Financial Literacy Month, we would like to share some tips to help you better prepare for potential financial situations.


Safeguard Your Accounts with Multifactor Authentication

Multifactor authentication can increase the safe keeping of your financial accounts and information. The most widely used methods are challenge questions and one-time passcodes (sent via text, email, or phone call). This added layer of security does not allow anyone to fully log in to an account until after the username, password, and passcode/security answer are all entered correctly.


Avoid Late Fees with Online Bill Pay

Bills and payments can easily be lost or show up late in the mail. This can cause you to pay unnecessary late fees. To prevent this from happening, consider using online bill pay through your bank account or  your mobile app. Bill Pay allows you to review your payments and make payments as quickly as the next day, so you no longer have to stress about a lost bill or payment. Start using today by logging into your UFB bank account or mobile app.


Save for Early Retirement

When entering the professional workforce, you’ll want to consider how you’ll fund your retirement. Most employers will offer retirement benefits like a 401k. However, IRA’s are also a good option to save. But how much are you supposed to save? First, determine what kind of retirement lifestyle you want. Then, just like budgeting, you’ll want to calculate the cost of that lifestyle and adjust your savings accordingly. Revisit your numbers annually to help you stay on track. If you need help, contact one of our local bankers for more information.


Saving vs. Investing as a Young Adult

Saving and investing can seem daunting when you first begin your career. However, the difference is simple… one is for short-term goals, the other is for long-term goals. For short-term savings goals – such as building an emergency fund, saving for vacation, or buying a car – you’ll want to keep your finances in an easily accessible location. This is normally a regular checking or savings account or can even be a certificate of deposit or high-yield savings account.


On the other hand, saving for long-term goals – like retirement – means investing money into a retirement account such as a 401k or an IRA. As a young adult, understanding where to put your money to start saving for your goals can set you up for a better financial future.

Do you have a high school senior preparing to go to college? Are you overwhelmed by the opportunities, paperwork, and planning of it all?

In recognition of November being National Education Month, we put together five tips to help you and your child better prepare for their higher education and financial future.

  1. Do research: Set up college visits, talk to current students, and encourage your child to submit an early application. Help them stay organized by making a list of all the required paperwork needed for applications, such as letter(s) of recommendation, a copy of their transcript, etc.
  2. Be proactive: Write down important dates such as SAT or ACT test dates and scholarship application deadlines and place them where they will be seen daily. Help your child take charge of their future by ensuring necessary tasks are completed as soon as possible.
  3. Find scholarships: As much as $100 million in scholarship funds go unclaimed every year, according to the National Scholarship Providers Association. Start gathering options by asking questions and researching scholarships that apply for your child. If you don’t know where to begin, reach out to their teacher, guidance counselor, or mentor for help.
  4. Create a budget and open a savings account: It’s never too late to learn financial literacy basics. Work with your child to create a budget and help them open a savings account dedicated to funding their college tuition and other school related expenses.
  5. Talk about the impacts of posting on social networks: Did you know college admission offices can decline or resend an offer based on what you post on social media? Discuss the positive and negative impacts of an online presence with your child. Encourage them to tidy up their social media profiles before sending in their applications.

Congratulations on taking the first few steps in helping your child prepare for college! While you navigate this exciting and emotional process, remember to stay positive and open minded. College is about personal growth and discovery, and this milestone will help your child shape a bright and successful future.