_{This article is published by Am Miller from the America Saves team, STAYING ON TRACK WITH YOUR SPENDING & SAVINGS PLAN, https://americasaves.org/resource-center/insights/staying-on-track-with-your-spending-savings-plan/, 2023}

Here are some tried-and-true strategies that can help keep you focused and on track with your plans.

Life happens (no matter what plans you may have) and can set our finances off in a tailspin if we let it. Even with the most thought-out plan, things can get in the way and cause us to fall off track with our finances from time to time.

Fortunately, there are things you can do to stay on course and keep your finances in line – even when life has thrown you a curveball - or two! Here are some tried-and-true strategies that can help keep you focused and on track with your plans:

• Review your Spending & Savings Plan and make some adjustments if necessary. It’s important to have a clear view and know what you have coming in and going out to stay in control.
• Keep what matters most front & center. Your financial goals are based on your personal values, so having reminders up in your office, around the house, stuck to your mirror – whatever or wherever works that will help keep you focused on the things that matter most to you.
• Get your family involved. Managing money and meeting financial goals as a family can lead to success when everyone is on the same page and working together. Get some tips from our article, Creating a Spending & Savings Plan for Your Family.
• Focus on the things you can control and let go of the things you can’t. Keeping an eye on spending and expenses is one of the best ways to manage your money.
• Make it Automatic! It’s our favorite way to save and stay on track. Setting up automatic deposits from your paycheck or checking account is a great way to ensure your money is going where you want it to, and before you can spend or divert it to something else.
• Have an Emergency Fund that you can use to cover unexpected expenses. Emergencies can happen at any time and being prepared for them can make a huge difference when trying to stay on track with your spending and savings. A broken appliance, flat tire, or other unexpected expenses can throw a wrench in your spending and saving plan if you're not prepared. These are the times when dipping into your savings is necessary and ok - that's what it’s there for!
• Look for ways to save. Maybe it’s cutting back on spending, paying down debt, eating out less, or canceling unused monthly subscriptions, thinking outside the box and looking for additional ways to save can pay off and help you stay on track. If you’re looking for some inspiration, check out our list of 54 Ways to Save Money.
• Look for ways to make extra money. If you have the physical, mental and emotional space, start a side hustle, sell your old stuff, or rent out your spare bedroom. Get creative and earn some extra income. Here’s a list we’ve put together of 15 ways you can bring in some extra cash.
• Keep Learning. Knowledge is power! Not only does it expand what you know, but reading up on various topics can help you become better at managing your finances. Check out our Resource Center to find blogs, articles, saver stories, and other tools and tips that you can use to become a more informed and empowered saver.
• Stay Focused & Motivated. We LOVE helping savers stay on track and meet their goals – it’s our #1 mission! Follow us on social media to stay tuned in and up to date on the latest tips, trends, and tools we provide our savers on a regular basis that can help keep you motivated.

Get on the right track today! Take the America Saves Pledge if you haven’t already and we’ll be your partner along the way. You’re future self with Thank You!

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This article is published by  the American Bankers Association, Protect Yourself and Your Money, ABA.com/advocacy/community-programs/consumer-resources/protect-your-money/fake-check-scams, 2024

Fake checks continue to be one of the most common instruments used to commit fraud against consumers. Before you deposit a check you weren’t expecting or wire funds to an unknown recipient, here is what you should know:

How do Fake Check Scams Work?

There are many variations of the scam. It usually starts with someone offering to:

• Buy something you advertised for sale
• Pay you to work at home
• Give you an “advance” on a sweepstakes or you’ve won
• Give you the first installment on the millions you’ll receive for agreeing to transfer money in a foreign country to your bank account for safekeeping

Fraudsters issue you a check or money order worth more than the amount owed to you and instruct you to wire the excess funds back to them before receiving your lump sum payment. After you’ve sent the money, you find out that the check or money order is bogus.

Tips to prevent fake check scams:

What should you do to protect yourself?

• Even if the check has “cleared,” you may not be in the clear.  Under federal law, banks must make deposited funds available quickly, but just because you can withdraw the money doesn’t mean the check is good, even if it’s a cashier’s check or money order. If you have any questions about whether or not the check is good, talk to your banker. Be sure to explain the source of the check, the reasons it was sent to you, and whether you are being asked to wire money back.
• Don’t be fooled by the appearance of the check.  Scam artists are using sophisticated technology to create counterfeit checks that mirror the appearance of legitimate checks. Some are counterfeit money orders, some are phony cashier’s checks and others look like they are from legitimate business accounts. The companies whose names appear may be real, but someone has dummied up the checks without their knowledge.
• Never ‘pay to play.’ There is no legitimate reason for someone who is giving you money to ask you to wire money back or send you more than the exact amount —that’s a red flag that it’s a scam. If a stranger wants to pay you for something, insist on a cashier’s check for the exact amount, preferably from a local bank or one with a local branch.
• Do not respond to online solicitations for “easy money.” Social media scams like card cracking may offer “quick ways to earn extra cash,” but keep in mind that easy money is rarely legal money.
• Verify the requestor before you wire or issue a check.  It is important to know who you are sending money to before you send it. Just because someone contacted you doesn’t mean they are a trusted source.
  Report any suspected fraud to your bank immediately. Bank staff are experts in spotting fraudulent checks. If you think someone is trying to pull a fake check scam, don’t deposit it—report it. Contact your bank and report it to the Federal Trade Commission or The Better Business Bureau’s Scam Tracker.

This Scam Happens Way Too Often. Learn How to Prevent it.

The ABA Foundation and the FTC seek to raise awareness of the growing fake check scams.

VIEW THE FAKE CHECK SCAMS INFOGRAPHIC

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Call on Katahdin Trust to help you

At Katahdin Trust, we take financial security and safety seriously. While anyone can be a victim of fraud, many ways exist to minimize your risk. For example: 

• We train our employees to ask questions when cashing checks or doing other transactions that don’t seem quite right, talking with customers withdrawing large amounts of cash, etc.
• We keep our employees and customers informed on current scams, so they are aware. 
• We participate in national campaigns through the American Bankers Association such as #BanksNeverAskThat and Safe Banking for Seniors.
• We have a quarterly Newsletter with Safety Tips sent out with our printed and eStatements.
• We offer free online and in-person financial literacy presentations with topics to provide seniors with safe banking experiences: www.katahdintrust.com/Financial-Literacy
• We post articles on our blog page with topics related to current scams and issues we want our customers to be aware of: www.katahdintrust.com/Blog

Reach out to us today to contact any of our customer representatives.

Katahdin Trust Company. Community Banking at its best since 1918.

EOE/M/F/VET/DISABLED
Member FDIC
Equal Housing Lender

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Every day, thousands of people fall victim to fraudulent emails, texts, and calls from scammers pretending to be their bank. In this time of expanded use of online and mobile banking, the problem is only growing worse. The Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $8.8 billion to phishing scams and other fraud in 2022—an increase of 44% over 2021. 

It’s time to put scammers in their place.

Online scams aren’t so scary when you know what to look for. And at Katahdin Trust, we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.

We want every bank customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That. Because when you know something sounds suspicious, you’ll be less likely to be fooled.

These top 3 phishing scams are full of red flags

According to financial planners, there are three pitfalls to avoid when spending around the holidays.

1. Text Message: If you receive a text message from someone claiming to be your bank asking you to sign in, or offer up your personal information, it’s a scam. Banks never ask that.
2. Email: Watch out for emails that ask you to click on a suspicious link or provide personal information. The sender may claim to be someone from your bank, but it’s a scam. Banks never ask that.
3. Phone Call: Would your bank ever call you to verify your account number? No! Banks never ask that. If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.

You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying. For tips, videos, and an interactive quiz to help you keep phishing criminals at bay, visit www.BanksNeverAskThat.com. And be sure to share the webpage with your friends and family.

Katahdin Trust Company. Community Banking at its best since 1918.
EOE/M/F/VET/DISABLED
Member FDIC
Equal Housing Lender

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This article is published by the American Bankers Association, Protect the Elderly from Financial Exploitation, ABA.com/advocacy/community-programs/consumer-resources/protect-your-money/elderly-financial-abuse, 2023

You, or someone you know, could become the victim of a growing crime in America — financial abuse of older Americans. Seniors are increasingly becoming targets for financial abuse. As people over 50 years old control over 70 percent of the nation's wealth, fraudsters are using new tactics to take advantage of retiring baby boomers and the growing number of older Americans. Senior financial abuse is estimated to have cost victims at least $2.9 billion last year alone.

What is Elder Financial Abuse?

It’s a crime that deprives older adults of their resources and ultimately their independence. Anyone who sees signs of theft, fraud, misuse of a person’s assets or credit, or use of undue influence to gain control of an older person’s money or property should be on the alert. Those are signs of possible exploitation. Older Americans that may have disabilities or rely on others for help can be susceptible to scams and other fraud. Advances in technology can also make it difficult for seniors to know who to trust and what's safe.

Despite these threats, taking simple steps to safeguard personal information and being aware of warning signs can protect aging men and women from financial abuse.

Tips for Seniors

What should you do to protect yourself?

• Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or a financial advisor about the best options for you.
• Shred receipts, bank statements, and unused credit card offers before throwing them away.
• Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
• Lock up your checkbook, account statements, and other sensitive information when others will be in your home.
• Order copies of your credit report once a year to ensure accuracy.
• Never give personal information, including Social Security Number, account number, or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
• Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
• Never rush into a financial decision. Ask for details in writing and get a second opinion.
• Consult with a financial advisor or attorney before signing any document you don’t understand.
• Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
• Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
• Pay with checks and credit cards instead of cash to keep a paper trail.
• Feel free to say “no.” After all, it’s your money.
• You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services or tell someone at your bank.
• Trust your instincts. Exploiters and abusers often are very skilled. They can be charming and forceful in their effort to convince you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.

What should you do if you are a victim of financial abuse?

• Talk to a trusted family member who has your best interests at heart, or to your clergy.
• Talk to your attorney, doctor, or an officer at your bank.
• Contact Adult Protective Services in your state or your local police for help.

Tips for Family and Friends

What are the warning signs of financial abuse?

The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:

• Unusual activity in an older person’s bank accounts, including large, frequent, or unexplained withdrawals.
• ATM withdrawals by an older person who has never used a debit or ATM card.
• Changing from a basic account to one that offers more complicated services the customer does not fully understand or need.
• Withdrawals from bank accounts or transfers between accounts the customer cannot explain.
• New “best friends” accompanying an older person to the bank.
• Sudden non-sufficient fund activity or unpaid bills.
• Closing CDs or accounts without regard to penalties.
• Uncharacteristic attempts to wire large sums of money.
• Suspicious signatures on checks, or outright forgery.
• Confusion, fear, or lack of awareness on the part of an older customer.
• Refusal to make eye contact, shame, or reluctance to talk about the problem.
• Checks written as “loans” or “gifts.”
• Bank statements that no longer go to the customer’s home.
• New powers of attorney the older person does not understand.
• A caretaker, relative, or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
• Altered wills and trusts.
• Loss of property.

What should you do if you suspect financial abuse?

• Talk to elderly friends or loved ones if you see any of the signs mentioned here. Try to determine what specifically is happening with their financial situation, such as a new person “helping” them with money management, or a relative using cards or credit without their permission.
• Report the elder financial abuse to their bank, and enlist their banker’s help to stop it and prevent its recurrence.
• Contact Adult Protective Services in your town or state for help.
• Report all instances of elder financial abuse to your local police—if fraud is involved, they should investigate.

Remember
Never give your Social Security number, account number(s), or other personal financial information over the phone unless you initiated the call.

For more information, check out the FBI's elder fraud tips.

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Call on Katahdin Trust to help you

At Katahdin Trust, we take financial exploitation seriously and are always available to you if you suspect any fraudulent dealings are taking place in the name of an elder person you care about. For example: 

• We train our employees to ask questions when cashing checks or doing other transactions that don’t seem quite right, talking with customers withdrawing large amounts of cash, etc.
• We also offer safer alternatives to our customers that might prevent abuse, such as suggesting alternatives to large cash withdrawals and making customers aware of ways to limit the risk of joint accounts.
• We keep our employees and customers informed on current scams, so they are aware. 
• We participate in national campaigns through American Bankers Association such as #BanksNeverAskThat and Safe Banking for Seniors.
• We have a quarterly Newsletter with Safety Tips sent out with our printed and eStatements.
• We offer free online and in-person financial literacy presentations with topics to provide seniors with safe banking experiences: www.katahdintrust.com/Financial-Literacy
• We post articles on our blog page with topics related to current scams and issues we want our customers to be aware of: www.katahdintrust.com/Blog

Reach out to us today to contact any of our customer representatives.

Katahdin Trust Company. Community Banking at its best since 1918.

EOE/M/F/VET/DISABLED
Member FDIC
Equal Housing Lender

CONTACT US REQUEST A "SAFE BANKING FOR SENIORS" PRESENTATION BACK TO BLOG PAGE  

When Maine Cash Access (MCA) was formed in the year 2000, there were more than 16 community banks offering 230+ surcharge-free ATMs. Over the years, several banks have exited the alliance and today there are only 10 member banks with 130 ATMs.

What is happening on January 19, 2023? 

On Thursday, January 19, 2023, the ten member MCA banks will no longer offer surcharge-free access to their ATMs. You will, however, be able to continue to use all 16 Katahdin Trust ATMs with a Katahdin Trust debit card surcharge-free!

What other alternatives do I have to access cash without paying a fee?

With this change, we also want to remind you there are other ways to access cash without paying a fee, like:

• Getting cash back at point-of-sale (POS), at the grocery store for example.
• Qualifying for ATM fee refunds with a personal or business checking account.
• Using other payment options replacing the need for cash, like Zelle® and The Pays.

We are here to help you at all times. Please let us know if you’d like to talk about other account options we offer that provide surcharge-free ATM access. We are only a call away at 1-855-331-3221.

Thank you for banking with Katahdin Trust.

At non-Katahdin Trust ATMs, a $2 fee plus terminal owner charge may apply.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Katahdin Trust Company. Community Banking at its Best! Since 1918. Member FDIC. Equal Housing Lender. 

CONTACT US BACK TO BLOG PAGE  

With inflation still at an all-time high and the rise of fuel and grocery prices not letting up, the smartest way to get your holiday budget under control is to plan ahead now—and not burn up your budget with last-minute shopping.

A budget, simply put, is a spending plan based on your income and expenses. If you start now in November, estimating how much surplus money you’ll have for holiday gifts and parties, you’ll be financially better off when January rolls around.

Three biggest spending mistakes

According to financial planners, there are three pitfalls to avoid when spending around the holidays.

1. Not setting up a spending budget per person, per gift. The common rule of thumb is to plan on spending between $50 and $100 on a gift for a family member and between $20 and $50 for a friend.
2. Opening store credit cards. While it seems smart at first to get a discount on an item with a new store card, it actually hurts you in the long run as it spurs a hard inquiry on your credit score, which could knock it down a few points.
3. Two words: Black Friday. This year, it’s Friday, November 25, the day after Thanksgiving. And even if there is a sale you can’t resist, check to make sure the item is in your holiday budget. Otherwise, that sale leads to overspending on an item you can’t afford, which cancels out the whole purpose of the sale price.

Avoid holiday scams

The holidays are a time of year when people are feeling generous and in the giving spirit—and scammers prey upon those feelings. Beware of what’s called non-delivery and non-payment crimes. The first instance is when you pay for an item or service online, but the goods are never received. In the second case, you’re the one shipping goods or offering services, but you never get paid. Last year, these two scams alone cheated more than $337 million dollars out of good-hearted people.

The FBI urges computer users to check each website’s URL to make sure it’s legitimate. Do an extra bit of research and check the company’s reviews before making a purchase. And always be wary of getting any suspicious links or attachments in your email or through social media. You could inadvertently download malware to your device.

With the ever-evolving tactics of cybercrime, there are multiple ways perpetrators attempt to swindle people online. The FBI reported that $6.9 billion was lost through internet crimes in 2021. Be sure to browse our past blog: How to Protect Yourself Against Cybercrime and Scammers and protect yourself and people in your life who might be vulnerable to these crimes.

How Katahdin Trust can help you prepare

With a solid holiday budget in place, put the power of Katahdin Trust in the palm of your hand with our mobile banking app. Check your daily spending limits with an Instant Balance Feature, get instant access to your Transaction History, or transfer money from one account to another with one click. To stay on top of your spending plan, you can also receive custom account and activity alerts and establish transaction controls for dollar amount limits. Going in on a gift with a family member or friend? You can send money to friends and family with Zelle®.

Additionally, you can start early by opening a special Christmas Club account, which only requires a $1 minimum to open and no monthly fee. Deposits are automatically transferred from a Katahdin Trust checking or savings account so you can “set it and forget it.”

Another way to save money is to use your debit card to purchase everything on your holiday list, rather than use a credit card, which has higher interest rates. If you’re interested in opening an account with Katahdin Trust, you can walk into a branch today and get a card to use immediately. Use the tips featured in this blog to keep your spending on track this holiday season and reach out to our customer service representatives if you have any other questions. We’re here to help!

Our mobile banking app is free but message and data rates from your wireless carrier may apply. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Please refer to Katahdin Trust's Fees for General Services brochure for additional fees that may apply. Member FDIC. Equal Housing Lender.

Katahdin Trust Company. Community Banking at its best since 1918.
EOE/M/F/VET/DISABLED
Member FDIC
Equal Housing Lender

OPEN A CHRISTMAS CLUB ACCOUNT CONTACT US BACK TO BLOG PAGE  

Many of us have an older person in our lives who protected us from financial mistakes growing up, whether it was our parents, family members, or trusted friends, and now the time has come to give them the same level of protection. October 1st marked International Day of Older Persons, a day to challenge negative stereotypes and misconceptions about older persons and aging...and a good time to check in on someone you care about.

While seniors sometimes need more assistance in their day-to-day activities, protecting a loved one from financial exploitation is paramount to that person’s physical health, mental health, and safety.

What is Financial Elder Abuse and Exploitation?

A 2022 Consumer Affairs report estimated that more than 3.5 million older adults are victims of financial exploitation, with older people being swindled out of $3 billion a year.

The federal government and every state have laws to protect older adults from such abuse. The United States Department of Justice defines this criminal action as when a perpetrator (sometimes well known to the victim, such as a friend, family member, or a caregiver) deceives the older person by improperly using “money, property, or other resources for monetary or personal benefit, profit or gain. This includes, but is not limited to, theft, misappropriation, concealment, misuse or fraudulent deprivation of money or property belonging to the elderly or adult with a disability.”

Often, the perpetrator has cultivated a trusting relationship with the older person, so that there is no suspicion over the latter’s financial activity. In cases where someone has Alzheimer’s or dementia, that person is even more vulnerable to being preyed on.

Examples of Financial Elder Abuse

Con artists are adept at targeting certain elders due to higher rates of cognitive decline, social isolation, and emotional vulnerability, particularly if they have trouble recognizing or reporting fraud. Nursing homes report that the most common types of financial abuse include:

• Fraud

Criminals have been particularly successful with scams involving the telephone and Internet, such as the Grandparent scam, where a con artist impersonates a grandchild in distress. Medical identity theft is another scam that con artists use to obtain social security numbers or medical ID numbers to gain access to the victim’s finances. There are many more schemes that fraudsters use and here’s a list to be aware of.

• Theft

The most common instance of financial exploitation occurs when the perpetrator steals the elder’s valuable property, misuses the elder’s cash, cashes unauthorized checks or credit cards, or robs them in their own home while impersonating a utility service.

• Misuse of authority

This can either be the work of a crooked financial advisor, who convinces an older person to buy annuities that mature after that person’s death or charges excessive commissions on trading. Or it can be even more insidious: for example, if a caregiver or family member withdraws money in the elder person’s name or makes changes to the elder’s property without consent. If the elder is suffering mental decline and the perpetrator tricks the person into signing over a power of attorney, the perpetrator may have the ability to change the elder’s will, may be able to remove the elder’s property title, or may be able to add the perpetrator’s name to a bank account.

Consequences of Financial Elder Abuse

The monetary consequences can be devastating if an elder has been duped long enough, resulting in a loss of life savings. Since many older adults are retired and living on fixed incomes, financial exploitation can result in no longer being able to afford rent, assisted living care, or even basic living expenses—unlikely to be replaced with additional earnings. Compounded upon that, emotional and physical problems can manifest after exploitation.

A 2019 study on Finance, Cognition, and Health found that older individuals who realized they’ve been exploited by scams or fraud suffered greater symptoms of depression and anxiety, sleep issues, and in some cases, worsened medical conditions.

How to protect a loved one from elder financial abuse

First, learn to recognize the signs: particularly by checking the elder’s finances. Take note if there are unusual purchases or money transfers by the individual or caregiver, unpaid bills, fake signatures on important documents, or sudden changes in the person’s will.

Do a wellness check to determine if the elder is in any danger; if so, call the police. If not, but you suspect financial abuse, contact an Adult Protective Services agency. You can also check in with a mandated reporter (a professional required to report suspected abuse to the authorities, such as the older person’s doctor, or nurse.) In Maine, you can find these resources here.

Additionally, The Maine Long-Term Care Ombudsman Program, a non-profit agency, provides free and confidential advocacy services for residents of nursing homes and assisted care living centers.

Call on Katahdin Trust to help you

At Katahdin Trust, we take financial exploitation seriously and are always available to you if you suspect any fraudulent dealings are taking place in the name of an elder person you care about. For example: 

• We train our employees to ask questions when cashing checks or doing other transactions that don’t seem quite right, talking with customers withdrawing large amounts of cash, etc.
• We also offer safer alternatives to our customers that might prevent abuse, such as suggesting alternatives to large cash withdrawals and making customers aware of ways to limit the risk of joint accounts.
• We keep our employees and customers informed on current scams, so they are aware. 
• We participate in national campaigns through American Bankers Association such as #BanksNeverAskThat and Safe Banking for Seniors.
• We have a quarterly Newsletter with Safety Tips sent out with our printed and eStatements.
• We offer free online and in-person financial literacy presentations with topics to provide seniors with safe banking experiences: www.katahdintrust.com/Financial-Literacy
• We post articles monthly on our blog page with topics related to current scams and issues we want our customers to be aware of: www.katahdintrust.com/Blog

Reach out to us today to contact any of our customer representatives.

Katahdin Trust Company. Community Banking at its best since 1918.

EOE/M/F/VET/DISABLED
Member FDIC
Equal Housing Lender

CONTACT US REQUEST A "SAFE BANKING FOR SENIORS" PRESENTATION BACK TO BLOG PAGE  

Over the last few years, industries across the world have been affected by “The Great Resignation.” Being forced to work from home, making changes to our typical daily routines, and living with uncertainty have caused employees to re-evaluate their career goals, while also being conscious of the health and wellness of their families.

For many, this has meant a complete career change. Understanding and agreeing with the mission and values of the company you work for has become as critical as ever, which is why focusing on careers that are rewarding and allow you to help others has been a priority for many job seekers. One such career is banking, where you are able to assist your local community members on a daily basis, whether they are looking for financial advice, want to start a business, or want to take out a loan. A career in banking is something most individuals can pursue, and some positions do not require higher education. Here is some information about what a career in banking looks like, and why it might be a great fit for you.

What Do Bankers Do?

A banker’s main job is to provide financial assistance to customers and help them achieve their goals. Bankers assist customers with setting up savings and checking accounts, helping them deposit and withdraw money from these accounts, advising them on loan options, and acting with the customer’s best interest in mind. However, there is a lot more work that is done behind the scenes that help banks function at a high level.

Different Jobs in Banking

When you walk into a bank, the first people you see will likely be the tellers, sometimes known as Community Bankers or Universal Bankers, who are responsible for handling everyday transactions and assisting customers with their banking needs. These employees fall under the Retail Services Department, which helps to service deposit and loan accounts. Every bank has a variety of other departments in place to help the bank be successful. These can include departments such as:

• Executive Management: This department encompasses the President and CEO, Chief Financial Officer, Chief Marketing Officer, and other high-level executives responsible for overseeing and managing the entire bank.
• Commercial Services and Business Development:  This department develops and maintains relationships with business customers, and ensures that established lending policies are met by maximizing profitability and minimizing risk.
• Compliance:  Compliance personnel ensures that all activities and relationships between customers and bank employees are carried out within the confines of laws and regulations.
• Credit Control:  This department follows up on delinquent accounts to make sure that payments are received.
• Deposit and Loan Operations:  These employees manage bank operations and support loan and deposit personnel.
• Electronic Banking:  This department assists customers who use the bank’s electronic services, including the website, debit cards, and mobile banking apps.
• Finance:  This department tracks and records transactions from the institution, along with budgeting and forecasting the financial future.
• Human Resources:  The HR team assists in recruiting, hiring, and retaining employees.
• Information Technology:  This department maintains the digital systems used by the bank, including ATM network, software, hardware, and internal computer networks.
• Marketing:  This team builds the brand awareness and profitability of the bank within the community.
• Training:  The training team helps to onboard new employees and educate current employees on standards and regulations that pertain to their positions within the bank.

Beyond what most people can see, banking is a lot more than helping people deposit checks or withdraw money from their accounts. There are roles for people with different personalities and skill sets, yet each role works together to assist customers to achieve their financial goals.

Necessary Skills and Education

To get your banking career started, you will need a foundation of skills including, but not limited to, math/statistics, business, and customer service. Math will be important in virtually every role, whether you are analyzing the effectiveness of the latest advertising campaign or looking for ways to help your customer save for their child’s education. Business skills will be valuable for offering advice to customers looking for loans and lending services. Finally, language skills and relationship skills are important skill sets for good customer service in order to maintain a positive and supportive environment.

You can be hired for some roles with a high school diploma, but to be considered for higher-level positions, obtaining a four-year degree or master’s degree will be key. A finance degree is a smart choice for anyone with a passion for the analysis of numbers and key metrics (investment banking, credit analysis, financial planning, etc.), whereas a business degree is a more flexible and well-rounded option for someone who might not know exactly what sector of banking they want to enter into. Additionally, degrees in Accounting, Computer Science, and Statistics can be useful for more specific internal positions at most banks.

Why Banking?

If you’re wondering if a career in banking is right for you, there is a wide range of benefits for you to consider. Besides the job satisfaction of helping people manage their finances or helping the bank in a support role, banking careers offer competitive salaries, retirement benefits, and healthcare options. Banking is also very conducive to allowing entry-level employees to grow their careers through additional training and development. Additionally, banking allows for stable hours, an important work-life balance, and the ability to provide expertise on a variety of topics to community members. Local banks also play a critical role in the community and place a very high value on volunteerism. Not only will you be given the time to be active in the organizations that matter to you and your neighbors, but it’s encouraged.

Start Your Career With Katahdin Trust

Looking for more than just a job? Want to make a difference where you live and work? Explore what's possible with a career at Katahdin Trust, named one of the 2018-2024 Best Places to Work in Maine and designated as a 2022 - 2024 Best Place for Working Parents. We offer personal and business banking services across our 16 branches from Scarborough to Fort Kent, plus an Operations Center in Houlton. With more than 40 career choices, we have positions available to match your interests and passions, complete with the ability to move up in your career with certificates and diplomas in dozens of banking categories. You'll receive the incentives, tools, resources, and personal support you need to pursue your professional dreams and cultivate meaningful relationships with the people and communities you support. Take the next step in your banking career today and view our job openings page at Katahdin Trust Company.

Katahdin Trust Company. Community Banking at its best since 1918.
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It finally happened. The light bulb in your head has gone off: “I have a business idea that will change the world!”.

While many of us have been in this situation before, it’s important to not get carried away in the moment. To be a successful entrepreneur and business owner, it is vital to think ahead, develop a business plan, consider a launch strategy, and think about your business trajectory. It’s also important to have a plan for the less glamorous tasks of securing funding, registering with the government, and buying insurance.

This sounds like a lot, and it’s definitely not something to brush over. Here are a few recommended steps to take to ensure that your business venture is set up correctly and can become successful in all stages of the business lifecycle.

1- Solidify your Business Idea and Plan

You have an idea for a business. Now what? In order to make it as successful as possible, you will need to outline the purpose, main goals, and mission of your business. This stage is extremely important, as it will inform a lot of the decisions you make as a business owner.

There are a few key components of every business plan:

• Executive Summary:  Explain the purpose of your business, what you sell/offer, and a brief overview of the company structure
• Mission and Vision Statements:  These statements describe your objectives as a company and the desired future position. They should be meaningful, specific, and motivating
• Situation Analysis: A breakdown of any successful competitors in your industry with insight into their strengths and weaknesses
• Financial Goals/Objectives:  Explain the benchmarks you want to achieve within the first few years of existence

Once you feel comfortable with your business plan, you’re ready to move forward in financing your business.

2- Securing Business Financing and Funding

You now have a set plan for how to bring your business to life. However, most new business ventures need money up-front to cover things like renting a location, purchasing relevant supplies or equipment, payroll, and more. Being able to estimate your costs at the beginning, especially factoring in additional funds for any unforeseen expenses and challenges, will help you avoid running out of money.

New business owners need to be aware of multiple types of costs in order to optimize their cash flow:

• One-time vs. ongoing costs: An example of a one-time expense would be purchasing a new pizza oven for a pizzeria. By comparison, ongoing costs could be rent, labor, utilities, etc. which need to be paid out continuously throughout the life of the business.
• Essential vs. optional costs: Essential costs are expenses that will need to be paid in order for the business to continue to survive and grow, such as labor, insurance, and rent/utilities. Optional costs can be made after essential costs are paid with any remaining money not allocated in the budget. Some optional costs might be capital upgrades, advertising/marketing expenses, or bonuses for employees to encourage retention and raise morale.
• Fixed vs. variable costs: Fixed costs are expenses that will repeat every month, like rent. Variable costs scale with business output and can be dependent on different factors, such as the processing rates for credit cards or the cost of goods necessary for production.

Knowing how to navigate these costs will greatly benefit you and your business as you move forward in the business lifecycle.

3- Choosing the Right Bank

If you need to borrow money to help start your business, there are many options available to you. Sifting through business loans and trying to entice investors can be stressful, which is why choosing the right bank is so important. Marcus Anwar, co-founder of OhMy Canada, recommends smaller community banks because they are in tune with the local market conditions and will work with you based on your overall business profile and character.

Whether your company requires funds for day-to-day operations, seasonal cash flow, expansion, or other business needs, you can count on your local community bank such as Katahdin Trust for specialized help getting your business off of the ground.

4- Determining your Legal Business Structure

This step will determine what kind of income tax return your business will file every year. There are a few common business structures that are used today. This can be a sole proprietorship, where you own the business by yourself; a partnership, where two or more people share responsibilities; a corporation, where multiple shareholders contribute towards the capital stock; or a Limited Liability Company (LLC).

For help determining what structure would be best for your business, reach out to us at Katahdin Trust today at 1-800-221-2542. We’re happy to help.

5- Register with the Government and IRS

To ensure that your business pays taxes and is officially recognized in your state of operation, you will need to register your business. This will include gathering licenses and permits from your city or county government, as well as other legal documents. For more information on this process, resources from the U.S. Small Business Administration (SBA) are available.

6- Purchase an Insurance Policy

Insurance policies are designed to ensure your financial security should something go wrong during the course of your business operation. These policies fall into a few different categories:

• General Liability Insurance:  This will protect against financial loss from damage to your property, pending lawsuits, etc.
• Product Liability Insurance: This insurance policy will help recoup losses from defective or unsafe products
• Professional Liability Insurance: This will protect against losses from negligence and malpractice
• Commercial Property Insurance: This protects against damage to company property from natural disasters to vandalism
• Home-Based Business Insurance: This can be added to homeowner’s insurance for business equipment and any third-party injuries
• Business Owner’s Policy: This is a combination of all coverage options, which can often save business owners money

Take the time to research the best and most relevant policy for your business based on your perceived risks and business structure.

7- Build your Team and Choose your Vendors

You’re getting there! After you have taken care of your insurance policy, have some funding secured, and are officially recognized by your local government, it’s time to start hiring and building internally!

Job sites like LinkedIn, Indeed, and Glassdoor are easy ways to reach job-seekers in your community. Otherwise, consider targeted advertisements in places that ideal employees are likely to visit– including digital avenues like social media. Make sure to include a brief description of the roles you are hiring for, estimated salary, hours, and any other expectations you have of your prospective employees. Once you have applicants, start looking through and make the right hires!

Choosing the right vendors is also very important for many small businesses. Sarah O’Neill, the VP of HR & Administration for logistics provider humano, believes that this process can be simplified based on four key factors: Cost, Capability, Communication, and Character. If you find a vendor that meets your needs in these four C’s, they’re likely going to be a great fit for your business.

8- Brand, Advertise, and Watch Your Business Grow

To establish and grow your business, branding, and advertising can take your presence to the next level. Coming up with a sleek and easy-to-recognize logo will be helpful in positioning your business against your competitors. Having a strong, consistent presence across your social media and website will do wonders for your business, allowing you to reach potential customers outside of your typical demographic.

Popular apps like TikTok and Instagram have helped many small businesses grow over the last few years by offering an easy way to promote services and share behind-the-scenes content. Many businesses that do not have an internal marketing team opt to hire an outside vendor that specializes in those services. Picking the right advertising agency/partner should come down to the same four C’s listed above: Cost, Capability, Communication, and Character. Make sure to ask for monthly reporting to be able to smartly monitor your digital presence and make any needed changes.

9- Diversifying Your Management

Managing an entire business by yourself is not an easy task, and as your business continues to grow, it might make sense to bring in other trusted professionals for management roles. Depending on the industry and size of your business, this could include hiring a marketing/sales director, operations director, accountants, and other important positions to take responsibilities off of your shoulders.

In order to make the right hiring decisions, you will need to ensure that these people understand the mission and vision of your business. Someone who doesn’t get the “why” of your business and is just looking for a paycheck won’t be a good fit. Chemistry is another factor you will need to consider. Could you see yourself working alongside these new managers effectively, even in times when there are disagreements? Additionally, in the scenario where you decide to step away completely from the business in the future, would you trust them to take over control of your business?

Even though these seem like straightforward questions, they will help you surround yourself with the right people.

10- It’s Time to Get Started

Now that you have a better understanding of the business creation process, it’s important to get started by connecting with your local bank. Banks like Katahdin Trust can help you get financially ready to reach out to investors, select the right business loan, and offer guidance and clarification. When you bank locally, you'll always have a team of professionals ready to assist you with your personal and business banking needs.

We have locations all over Maine, from Scarborough to Fort Kent, so that Maine entrepreneurs can feel supported and educated when it comes time to launch their business.

Reach out to us today and get started on launching your Maine business with the help of our dedicated team.

Katahdin Trust Company. All loans are subject to credit approval. Member FDIC. Equal Housing Lender.

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The concept of the “American Dream” has been glorified over the last century in pop culture, usually referring to building a family in a safe, suburban environment while living comfortably. Unfortunately, one of the key aspects of this idea has become increasingly more difficult to achieve: homeownership.

Simple Statistics

Looking at statistics from 2019 provided by the American Bankers Association, it is clear to see why so many Americans have struggled to be able to purchase homes:

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  Nearly 1/3 of American households devote more than 30 percent of their income to housing costs.

  
  
• Eleven million renters spend more than half of their household budget on a place to call home.
• Two million seniors spend more than 50 percent of their income on rent during their "golden years."
• For every 100 extremely low-income households, there are just 37 affordable rental units available.
• The average cost of building a one to three-story apartment complex is roughly $192/square foot, meaning the average rent will usually be between $1,500 to $2,000.

In general, Americans are spending a lot of money on simply maintaining their current housing situation, with not many clear opportunities to be able to save for a home. In the state of Maine, prospective homebuyers have been faced with additional challenges, including low inventory, strong demand, limited savings, and zoning and land use regulations, to name a few. However, if you’ve experienced one or more of these challenges, you should know that you are not alone, and there are resources available to help you navigate these situations. Here is some information you should be aware of in the home search process, along with resources on how to make the process easier.

Homebuyer Support Programs

It is easy to feel overwhelmed during the home-buying process, which is why banks and other organizations have support programs in place to help. Banks work with consumer groups, nonprofits, and government agencies to foster community development and support homebuyers through down-payment assistance, securing lower interest rates, and closing cost assistance, among other resources. Below is a list of a few of the many organizations and agencies that help families find homes:

• Federal Home Loan Bank of Boston’s (FHLB Boston) Equity Builder Program: This program provides grants to New England residents in the home search process to assist with down payments, closing costs, and home rehabilitation expenses.
• State Housing Finance Agencies: HFAs help homeowners spend less money on interest rates, down payment mortgages, and closing cost assistance.
• Affordable Housing Agencies: These agencies help lower-income families secure affordable housing in their communities. Many agencies offer resources and classes for the financial betterment of their clients so that one day they can work toward being a homeowner.
• FHLBank Boston’s Housing Our Workforce (HOW): This program offers a two-to-one match of down payments made at the time of purchase for eligible homebuyers making between 80-120% of their area median income.

These programs, among others, are important because they allow people who previously might not have ever expected to own a home, to work towards achieving their own “American Dream.”

Finding Help Locally

Katahdin Trust takes great pride in providing financial contributions to local organizations that focus on safe and affordable housing in Maine. We partner with nonprofits like the Bangor Area Homeless Shelter, Hope & Justice Project, The Opportunity Alliance, Homeless Services of Aroostook, Preble Street, United Veterans of Maine, Habitat for Humanity, and many others. 

In addition to partnering with local organizations, Katahdin Trust also offers direct assistance to homebuyers with Mortgage Loans and Down Payment Assistance in order to help as many Maine families as possible, from Fort Kent to Scarborough. With the Equity Builder Program, eligible borrowers can receive up to $22,000 in grant funds to put towards down payments, mortgage insurance, and closing costs. Katahdin Trust’s Housing Our Workforce program is another option, which provides up to $20,000 towards a down payment for qualified homebuyers with a 2:1 match. Katahdin Trust also offers first-time homebuyer, rural development, fixed/adjustable rate, and construction mortgage loans as well. Always reach out with any questions about this process, as local mortgage specialists are only a call away and happy to help, at 1-855-331-3221.

All loans are subject to credit approval. Property insurance is required. Programs may be offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance. Eligibility and income level requirements vary by program. May not be combined with any other type of down payment program. Ask your local bank for details. Member FDIC. Equal Housing Lender.

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