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Today First Hope Bank joined the American Bankers Association and banks across the nation to promote an industry-wide campaign educating consumers about the rapid rise in check fraud and how they can protect themselves. Reports of check fraud have nearly doubled since 2021, according to a 2023 report from the Boston Fed, and those numbers continue to climb. The #PracticeSafeChecks campaign empowers consumers with tips and tools to help combat the significant threat posed by check fraud and check washing scams.

“Criminal gangs across the country are turning to check fraud and check washing to steal money from banks and their customers,” said Paul Benda, executive vice president, risk, fraud and cybersecurity at ABA. “With the strong support of participating banks like First Hope Bank, we are confident that the #PracticeSafeChecks campaign will help consumers better protect themselves from this criminal activity.”

First Hope Bank, along with banks from across the U.S., will join forces with ABA to launch the campaign on Oct. 1 to mark the beginning of National Cybersecurity Awareness Month. Throughout the month First Hope Bank will share engaging short videos and consumer tips on social media and in bank branches designed to raise awareness and provide valuable tips to consumers. The new campaign is a companion consumer protection initiative to ABA’s award-winning #BanksNeverAskThat anti-phishing campaign which also relaunches Oct. 1.

The #PracticeSafeChecks website, www.practicesafechecks.com, is the heart of the campaign and reminds consumers that every time they write a check, they are exposing their personal information, such as name, address and bank account number and encourages them to use digital banking options to send money whenever possible. Also available in Spanish at www.cuidatuscheques.com, the website offers the following airline-themed safety tips:

In addition, the #PracitceSafeChecks website covers where personal information gets exposed in checks, explains how criminals and scammers execute check fraud and offers an airline-themed, comprehensive #PracticeSafeChecks guide.

The campaign also features two new #PracticeSafeChecks videos designed to be fun and entertaining to engage consumers. One video offers a fun twist on airline safety checks and the other uses a giant check to emphasize the inconvenience and vulnerabilities of using checks.

To learn more about check fraud and check washing, visit www.practicesafechecks.com.

About First Hope Bank

First Hope Bank, established in 1911, is a full-service community bank serving customers in northwest New Jersey. With a legacy of trust and commitment to the communities we serve, First Hope Bank offers a full suite of banking products and services for both consumers and businesses. Our mission is to provide exceptional financial services while fostering relationships that make a positive impact on the lives of our customers and the community. For more information, please visit www.firsthope.bank.

First Hope Bank Media Contact: Andrew Sommerfeld, Andrew.sommerfeld@firsthope.bank

ABA Media Contact: Sarah Grano, sgrano@aba.com 

Hope, NJ, September 5, 2024 – First Hope Bank is proud to announce its successful participation in the Federal Home Loan Bank of New York’s (FHLBNY) 2024 Small Business Recovery Grant (SBRG) Program. Through this initiative, First Hope Bank secured $50,000 in funding, which has been distributed to six non-profit organizations serving Sussex and Warren Counties.

The grant funds were awarded to the following non-profits: Project Self-Sufficiency, Ginnie’s House Children’s Advocacy Center, Family Promise of Sussex County, Domestic Abuse & Sexual Assault Intervention Services (DASI), Foodshed Alliance, and the Domestic Abuse & Sexual Assault Crisis Center (DASACC). Each of these organizations received funding to support their efforts in overcoming economic challenges exacerbated by inflation, supply chain constraints, and rising energy costs.

The check presentation ceremony took place on Thursday, September 5th, where First Hope Bank’s President and CEO, Dan Beatty, personally awarded the grant monies to the deserving organizations. “We are honored to partner with FHLBNY to provide valuable financial assistance to these incredible organizations who have helped so many as they carry out their missions,” said Dan Beatty. “Their work is essential to the well-being of our community, and as a community bank, we are honored and committed to supporting them as they navigate these challenging times.”

The FHLBNY’s 2024 Small Business Recovery Grant Program offers a total of $5 million in grant funding, aimed at supporting FHLBNY members’ small business and non-profit customers. The program is specifically designed to aid organizations that have experienced financial hardships due to the current economic environment. Eligible recipients, such as the six non-profits selected by First Hope Bank, received grants of up to $10,000 each.

This program empowers participating FHLBNY members, like First Hope Bank, to identify and support organizations that are most at risk of facing financial instability due to loss of revenue or unexpected expenses. “We are immensely grateful for our partnership with First Hope Bank, and we are honored to have received a donation of $8,000 for use in supporting our emergency needs assistance programs for our most vulnerable neighbors. Our decades-long partnership has allowed us to provide crucial programs to individuals and families as they strive for economic self-sufficiency and family stability,” said Deborah Berry-Toon, Executive Director of Project Self-Sufficiency in Newton, New Jersey.

For more information on the SBRG Program, please visit FHLBNY’s official website, https://www.fhlbny.com/.

About First Hope Bank

First Hope Bank, established in 1911, is a full-service community bank serving customers in northwest New Jersey. With a legacy of trust and commitment to the communities we serve, First Hope Bank offers a full suite of banking products and services for both consumers and businesses. Our mission is to provide exceptional financial services while fostering relationships that make a positive impact on the lives of our customers and the community. For more information, please visit www.firsthope.bank.

President & CEO, Dan Beatty

May 29, 2024 – Hope, NJ – First Hope Bank, a cornerstone of the northwest New Jersey community for over 112 years, held its annual meetings of shareholders and reorganization on Wednesday, May 29th.  Directors nominated for reelection and duly elected to a three-year term include Donald D. Somma, Owen D. Dykstra and Michelle M. Beatty.

Somma, who has been with the bank since 1993, most recently served as President and CEO with distinction from 2016. Somma is retiring from his current role but will remain a director serving as the Vice Chair.  Somma has been instrumental in maintaining the bank’s strong community presence and financial stability. Under his leadership, First Hope Bank has navigated various economic landscapes while continuously providing exceptional service to its customers.

Owen Dykstra and Michelle Beatty have been board members since 2003 and 2018 respectively.

The Board of Directors is proud to announce the appointment of Daniel G. Beatty as the new President and CEO, succeeding Somma. Beatty, representing the fourth generation of the founding family, brings a legacy of stewardship, dedication, and innovation to the role. A 1999 graduate of the United States Military Academy at West Point, Beatty served six years in the U.S. Army as an Armor Officer achieving the rank of Captain.  He returned to New Jersey in 2007 and joined the family business alongside his father, Norman E. Beatty – director emeritus and president emeritus; as well as his brother, Lewis R. Beatty – active director. Dan Beatty graduated from the American Bankers Association (ABA) Stonier Graduate School of Banking in 2011 and subsequently served on the ABA’s Endorsed Solution Committee.

Beatty, with his extensive experience and deep-rooted commitment to First Hope Bank’s values, is poised to lead the institution into a future marked by growth and innovation. His vision aligns with the bank’s mission to offer a full suite of banking products and services tailored to the needs of both consumers and businesses.

Among other promotions, Daniel Pimentel has been elevated to Senior Vice President and joins the Executive Committee as the Chief Credit Officer, overseeing the Commercial Credit and Commercial Closing departments.  Pimentel started his banking career at First Hope Bank as a teller, in the summer of 2011.  In 2013 he moved to Consumer Collections and then in 2016 and 2017 he moved on to Lending and Credit respectively.

“I am honored to carry forward the legacy of my predecessors and continue the tradition of excellence at First Hope Bank,” said Dan Beatty. “I could not be more confident with the entire team we have in place, led by our executive committee of Michelle Miragliotta (Chief Administrative Officer), Jennifer Finer (Chief Operating Officer), Neil Martucci (Chief Finance Officer) and Dan Pimentel (Chief Credit Officer).  Our focus will remain on providing exceptional service, fostering community growth, and embracing innovation to meet the evolving needs of our customers.”

First Hope Bank, with its 112-year history, has been a steadfast financial partner to the northwest New Jersey community. The bank continues to offer a full suite of banking products and services, reflecting its commitment to integrity, community, and service excellence.

For more information, please contact:
Andrew Sommerfeld
Marketing Director
First Hope Bank
Phone: 201.602.5631
Email: andrew.sommerfeld@firsthope.bank

About First Hope Bank

First Hope Bank, founded in 1912, offers a comprehensive range of banking products and services to meet the needs of consumers and businesses. With a commitment to community and customer service, First Hope Bank continues to be a trusted financial partner in northwest New Jersey.

May 23, 2024 – Hope, NJ – First Hope Bank is proud to announce that its President and CEO, Donald D. Somma, has been honored with the 2024 Excellence in Banking Award by the New Jersey Bankers Association (NJBankers). This prestigious award recognizes NJBankers members who have demonstrated long-term outstanding service to the New Jersey banking industry.

Somma, who has served as the President and CEO of First Hope Bank since 2016, has been a pillar of the New Jersey banking community for over 41 years. He began his career at Howard Savings Bank before moving on to Peoples Bank in 1989. In 1993, he joined First Hope Bank as the Vice President of Lending Operations. Over his 30-plus years with First Hope, Somma’s responsibilities steadily increased, leading to his current role as President and CEO. He has also served as a director since 2012 and is currently the Vice Chair of the Board.

Under Somma’s leadership, First Hope Bank has continued to thrive, maintaining its commitment to exceptional service and community engagement. His dedication and vision have been instrumental in navigating the bank through various economic landscapes while ensuring its continued growth and stability.

“We are immensely proud of Don’s achievements and the recognition he has received from NJBankers,” said Dan Beatty, incoming President and CEO of First Hope Bank. “His exemplary leadership and unwavering commitment to our community have set a high standard for all of us at First Hope Bank.”

First Hope Bank, with its 112-year history, has been a steadfast financial partner to the northwest New Jersey community. The bank continues to offer a full suite of banking products and services, reflecting its commitment to integrity, community, and service excellence.

For more information, please contact:
Andrew Sommerfeld
Marketing Director
First Hope Bank
Phone: 201.602.5631
Email: andrew.sommerfeld@firsthope.bank

About First Hope Bank

First Hope Bank, founded in 1912, offers a comprehensive range of banking products and services to meet the needs of consumers and businesses. With a commitment to community and customer service, First Hope Bank continues to be a trusted financial partner in northwest New Jersey.

Starting Out

Heading to college brings a new set of everyday costs that students must consider. From daily meals to transportation, the routine expenses can quickly add up. Depending on your living situation, meal plans or grocery bills become a regular part of the budget. At the same time, transportation costs for commuting or exploring the city can impact your monthly expenses, and there will be costs that are due once or twice a year. Managing these costs is crucial for maintaining financial stability and getting the most out of your college experience.

Typical costs include a lot of different things—Not all students will need to pay all of these expenses, but here’s a general estimate of what some things could cost:

The figures are general estimates, and costs vary widely between colleges and regions.

Before heading off to college, take stock of what you already have—chances are, you already possess some essential items. Everyday items like clothing and basic furniture might already be in your possession. By identifying these items early on, you can minimize unnecessary expenses and better allocate your budget toward your needs.

Remember that miscellaneous expenses like laundry, toiletries, and small household items contribute to daily financial demands. While seemingly minor, these costs can accumulate quickly, so be mindful of these everyday expenditures.

Making a Budget

Be prepared: The speed at which money can vanish might surprise you if you’re venturing into independent living for the first time. Suddenly taking on various responsibilities and expenses can be daunting. Crafting a budget is a smart move to ensure mindful spending. This Coach can help you budget based on your needs, wants, and savings.

Reducing Costs

Reducing college costs is a big concern for many students. Scholarships, grants, and work-study programs can significantly alleviate the financial burden of tuition and related expenses. Scholarships and grants are types of financial aid awarded to students, often based on academic or other achievements, that do not need to be repaid. Work-study is a federally and sometimes state-funded program in the U.S. that helps students earn financial funding through a part-time work program while attending college. You can also consider attending community college for general education requirements before transferring to a four-year institution, offering a cost-effective approach to earning a degree.

Another way to reduce costs is living off-campus or sharing accommodations with roommates. You can divide expenses such as rent, utilities, and groceries. To ensure everyone can contribute fairly, it’s important to communicate openly and be aware of budget constraints. By keeping things clear and straightforward, you can all stay on the same page and save money together.

Down Payments

The cost of buying a home depends largely on where you live and what you’re buying. No matter your budget, you’ll need to keep certain costs in mind that apply to any purchase. First, you’ll need cash for a down payment, usually a percentage of the total cost of the home. First-time home buyers may be able to put as little as 3-5% down in cash—on a $300,000 home, 3% is $9,000, so that’s still a good chunk of change. Some programs require less of a down payment—ask your lender what is available for you.

Traditionally, buyers are encouraged to put down 20% to avoid paying for private mortgage insurance, or PMI. PMI is a protection for the lender against you defaulting on the loan. If you put down 20% or more, you won’t need mortgage insurance. Otherwise, plan on that additional cost, which could be as much as a few hundred dollars a month on top of your regular mortgage payment.

Mortgage & Fees

Speaking of your mortgage payment, you’ll want to get preapproved for a mortgage so you know what you can afford. Preapproval is not a guarantee that you’ll qualify for a mortgage, but it’s as close as you can get. A lender looks at your income, assets, and credit score, then gives you an idea of the types of loans you qualify for, how much you can borrow, and potential interest rates.

Your mortgage payment depends on the principal amount borrowed, the interest rate for borrowing the money, and the term or length of the mortgage.

Typically, lenders want your mortgage payment (including PMI, property taxes, and homeowners’ insurance) to stay below 28% of your gross monthly income (that’s the amount before taxes are taken out). For example, if your gross pay is $50,000 a year, or roughly $4,100 a month, that gives you a max payment of $1,148 a month. As part of this process, lenders assess your other debts, like car and credit card payments.

Just because you qualify for a specific payment doesn’t mean it’s a wise idea for you. Your mortgage lender has no idea how much you spend on other bills and costs, like groceries, savings, and vacations. It’s up to you to decide how much of a margin you need to keep in your budget to feel financially secure. As a first-time buyer, especially, it may be a good idea to look for a home on the lower end of what you can afford.

When You Don’t Get Approved

Somewhere around 10% of all mortgage loan applications are denied, with a slightly higher rate for Federal Housing Administration (FHA) loan applicants. If you’re turned down for a loan or during the pre-approval process, take the time to find out why. Make sure they are working off of current information—you could have an error on your credit report that is impacting your credit score. If you do find issues on your credit report, contact the credit bureau to report them.

If the denial isn’t because of an error, now is the time to take steps toward securing a mortgage in the future. Keep the following best practices for good credit in mind.

Under the Fair Housing Law, lenders cannot turn you down because of your age, race, gender, marital status, or religion. If you think you’ve been discriminated against, file a complaint with the U.S. Department of Housing and Urban Development. You can also report the violation to the appropriate government agency provided by the lender, or check with your State Attorney General’s office to see if the creditor violated state laws.

Real Estate Agent Fees

Many homebuyers—especially first-time ones—use a real estate agent to purchase a home. Real estate agents know the market and price trends, know which neighborhoods and features are most desirable, and can help you with price and contract negotiations.

These services come with a cost, though. Real estate agents are typically paid a commission of 5-6% of the purchase price. On a $250,000 property, that’s $12,500 split 50/50 between the buyer’s agent and seller’s agent. Good news though: if you’re buying a home, typically the seller pays the real estate commissions.

Closing Costs

Before a home is truly yours, you’ll need to finalize the sale and sign the documents (many, many documents!). At this time, closing costs are due, too. These are one-time costs that you can either pay upfront or possibly roll into the mortgage. Closing costs cover all of the expenses of applying for the loan and finalizing the sale, and typically run between 2-5% of the overall purchase price. Your closing costs may include fees for services required by your mortgage lender, including:

Renting vs. Buying

The costs associated with buying a home can be overwhelming, but that doesn’t mean it’s the wrong choice. It’s up to you to weigh the benefits of ownership vs. renting.

Ways Renting Saves You Money

Ways Buying a Home Saves You Money

There is no specific home buying timeline that works for everyone, so make sure you don’t rush the process. Consider the costs, pros, and cons before you make this life-changing decision.

Types of Debt

While being in debt is never ideal, some types of debt are better than others, and debt is sometimes broken up into “good debt” and “bad debt.”

“Good Debt” is debt that is an investment back into yourself or that increases the value of what you own. That could include student debt, a mortgage, or other investments.

“Bad Debt” is when you borrow for something that you’re losing money on. This could include things like credit card purchases for clothes or food and payday loans. Because of how quick cars lose value, auto loans often walk the line between “good” and “bad” debt.

That being said, even if your debt is technically “good,” that doesn’t mean it won’t still end up hurting you if you become unable to make your payments.

Debt Strategies

There are strategies to help you get back in control if you find yourself overwhelmed with debt payments (and even if you’re not overwhelmed, per say, these will still help you pay off your debt faster).

Tips to Get Out of Debt

Beyond the major strategies, there are other adjustments that you can make to your approach to debt and daily spending habits that make a large impact when it comes to paying down debt.

Why are late and missed payments bad?

Late and Missed debt payments are bad for your credit score. Your credit score determines how much you can be trusted to borrow, and it affects “good” and “bad” debt. Forgetting to pay your credit card on time might eventually prevent you from getting a home or car loan.

In today’s uber-connected online world, the risk of identity theft is hard to avoid. But there are ways to minimize identity theft risks and stay ahead of scammers and thieves who want your personal information.

Know the Risks
According to the Pew Research Center, nearly 30% of Americans were impacted by at least one of three kinds of major identity theft within the previous 12 months of being surveyed. The most common was fraudulent charges on their credit or debit card (21%), while 8% had someone take over their social media or email without their permission, and 6% had someone try to open a credit card or get a loan in their name.

Unfortunately, when scammers assume your identity, you may be liable for their debts and charges, or out whatever cash was spent.

Use Credit Card Protections
Use credit cards to limit your cash liability. Most credit card companies have zero-liability fraud protection policies, and federal law limits cardholder liability to $50, no matter how much was charged.

To benefit from this fraud protection, you need to report changes within 30 days. Make it a habit to regularly review transactions on your statements and immediately report any unauthorized purchases or transactions. It can be a hassle to deal with these issues, even if you aren’t on the hook for charges. Better to minimize the risk with identity theft best practices.

Look for Security Signs
Before you shop or otherwise engage with a website, check for important security safeguards. Reputable companies use an SSL certificate to verify the website’s identity and provide an encrypted connection.

Checking for an SSL certificate is simple—look for a lock symbol to the left of the company name and “https” in the URL.

Watch Your Links
Phishing links often imitate legitimate companies or websites as a way to procure your personal information. Before you click any link or attachment—even those from companies or people you know and trust—check for typos, misspellings, or other red flags. It’s possible they were hacked and the link will allow scammers to access your info or download a virus to your device.

Be wary of pushy calls-to-action or limited-time offers that require your personal information. Deals that seem too good to be true often are.

Telemarketing Traps
Offers of free trips, discounted magazine subscriptions, and the like are the most common form of telemarketing. Sometimes, these calls are legit. Other times
not so much.

Fraudulent phone calls were the second-highest contact method used in fraud reports, according to the Federal Trade Commission (FTC) Consumer Sentinel Network. (Text was no.1). This category accounted for $203 million in money lost, with a median loss of $1,500.

Telemarketing fraud impacts all ages, but it’s the top contact method for fraud reports for people ages 70-79 and 80 and older. The most common scams include business imposters, tech support scams, prizes, sweepstakes and lotteries, and government imposters.

If you receive an unsolicited phone call from a company you don’t know, ask them to send you information in the mail about their products or offer. Even if the call is from a company you’re familiar with or have done business with in the past, be careful about giving out personal information over the phone.

This includes your:

Report suspicious calls to the FTC by filing a consumer complaint form or calling the hotline, 1-877-FTC-HELP.

You can also add your number to the Do Not Call List, but keep in mind there are still millions of violations of numbers on the list.

Resources for Victims
To learn more about fraud and its impacts on your financial security, visit Fraud.org, the National Consumer League’s Fraud Information Center website.

Contact your bank or credit card company if you think your account has been compromised. Then visit IdentityTheft.gov to report the theft and find out next steps.

This article has been republished with permission. View the original article:  Preventing Identity Theft

Disclaimer

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.

At First Hope Bank, we understand the paramount importance of securing your online interactions, especially when it comes to sensitive information like login credentials. Cybersecurity is not just a buzzword; it’s a fundamental aspect of ensuring a safe and trustworthy digital environment for our valued customers.

The internet has revolutionized the way we bank, but it has also brought forth challenges, with cyberattacks becoming increasingly sophisticated. Did you know that over 92% of cyberattacks originate from authentication issues? These issues include phishing emails or spoofed websites cleverly designed by bad actors pretending to be someone they’re not, often through the use of lookalike domains.

Most banks, including the majority of the internet, operate within open, unrestricted Top Level Domains (TLDs) such as .com, .net, .org. The accessibility of these domains, combined with the growing complexity of cyber threats, puts the onus on end-users to navigate a potential minefield of malicious sites. Despite decades of cybersecurity education, it’s evident that relying solely on user awareness is no longer sufficient.

Enter .BANK, a revolutionary TLD specifically designed to address the authentication challenge faced by banks and their customers. In 2015, the banking industry, in collaboration with fTLD Registry Services, introduced the .BANK domain. Unlike traditional domains, .BANK is restricted to verified banks and their associations through a meticulous multi-step verification process. This process ensures that when you see “.bank” in an email address or website URL, you are unequivocally interacting with a legitimate bank or its association.

The verification process doesn’t stop there. .BANK goes a step further by imposing Security Requirements that banks must comply with to use their .BANK domains. These requirements include advanced cybersecurity measures like DNSSEC and email authentication, reinforcing the notion that only the bank and whitelisted organizations can send emails as the bank.

The beauty of .BANK lies in its simplicity. By incorporating “.bank” into our online presence, we are offering our customers an easy and foolproof way to authenticate their interactions with First Hope Bank. It becomes a permanent, repeatable part of everyone’s cybersecurity hygiene – a simple yet powerful tool to prevent those ‘bad clicks’ that lead to the most common and costly cyberattacks. We, at First Hope Bank, believe in the proactive adoption of .BANK for a more secure online banking experience. Our team is readily available to answer any questions, share best practices, and help protect you and your accounts. Remember, when interacting with First Hope Bank, look for the .BANK domain (www.firsthope.bank). Together, let’s prioritize cybersecurity and make every online interaction a secure one. Your trust and security matter to us, today and always.

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