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The Government Check Will No Longer Be in the Mail
As of May 1, 2011, paper checks for federal benefit payments have gone the way of the dinosaur. The move to electronic payments will save $120 million annually in costs associated with processing and delivering paper checks.
Here's how the change may affect you:
· When applying for benefits for the first time, you will be required to receive payments electronically. This change took effect May 1, 2011.
· If you are currently receiving paper checks,you will be asked to switch to direct deposit. Current beneficiaries have until March 1, 2013 to make the switch.
Get your federal benefit payments, such as Social Security and Veterans Affairs benefits, deposited right into your Volunteer State Bank account. Call any branch of Volunteer State Bank to set up a direct deposit.
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Second Thoughts
If you could live your life over, what would you do differently?
A survey of retired people reported in the International Journal of Aging and Human Development showed that half of those interviewed would spend more time with their families; prepare financially for the future; get more education; and work toward career development. They report that they would spend less time on one thing, worrying. |
| Top Back to School Safety Tips
Here are some simple reminders for drivers:
- Slow down and be especially alert in the residential neighborhoods and school zones
- Take extra time to look for kids at intersections, on medians and on curbs
- Enter and exit driveways and alleys slowly and carefully
- Watch for children on and near the road in the morning and after school hours
- Reduce any distractions inside your car so you can concentrate on the road and your surroundings. Put down your phone and don't talk or text while driving
Reminder for your kids:
- They should cross the street with an adult until they are at least 10 years old
- Cross the street at corners, using traffic signals and crosswalks
- Never run out into the street or cross in between parked cars
- Make sure they always walk in front of the bus where the driver can see them
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Moneywise
Timeshares are back
Sales of timeshares are booming. In a timeshare, you buy a condo to use for a week or two a year. You pay an up-front fee and maintenance charge. Bill Rogers of Timeshare User's Group (www.tug2.net) says these are some things to consider:
* Don't buy new.
They are priced higher because marketing expenses are included in the cost.
* Consider renting. Sometimes you can get a week at a timeshare at a fraction of the cost of owning.
* Know the area.
In Orlando, for example, there are bargains. But it has low trading power because it's overbuilt.
* See it first.
Visit the property. Photos don't tell the whole story.
Want a Flat-Screen TV? Wait!
High-technology products typically fall in price over time, but flat-screen television sets appear to be stuck. While the prices of computers, cellphones, DVD players and other high-tech gadgets are mainly influenced by the cost of the computer chip they use, flat-screen TV prices are driven by the cost of making the complex screens. Right now there aren't enough plants to keep up with demand.
There could be a ray of sunshine in the future, however. Executives who market LCD sets at Samsung Electronics predict that prices will begin to fall by year's end.
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Dear (Contact First Name)
Welcome to our first "Vol Street Journal" online newsletter. Every month we will bring our readers helpful tips and advice on practical money matters, personal and family financial information and banking news. In addition, we will offer advice on everything from car repair to planning a wedding. Hopefully, you will want to retain each issue so you can refer back to something that was extremely useful. Along the way, we will offer valuable coupons and specials on bank products and services. We will top it off by giving away a $50 gas card each month. Your thoughts and ideas on how to improve our newsletter are welcomed. Send your suggestions to our Marketing Director Terry Durham, tdurham@volstatebank.com.
We appreciate your interest in VSB.
Matt Ricker President / CEO |
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Mobile Banking for VSB is Just Around the Corner
Volunteer State Bank will be adding Mobile Banking to its extensive list of products and services. We have signed a service agreement with Fidelity National Information Services, Inc (FIS). FIS offers one of the most complete mobile banking solutions in the market. Our customers will have the ability to look up their account balances, view their transactions and transfer funds from their cell Phones. In addition, we will have the ability to: (1) Notify customers with alerts and allow them to take action immediately from anywhere (2) Allow customers to locate the nearest branch to open an account or nearest ATM for cash access (3) We can provide "Apps" to manage budgets and utilize offers that save money. Our new Mobile Banking Service will give our customers added service capabilities and greater convenience. Stay tuned for more information. |
| Survey: 36 Percent of Workers Haven't Started Saving for Retirement
Unless they start saving now, many of today's younger workers will have to work well beyond normal retirement age.
It's not just people in their 20s or 30s who aren't saving, some in their 40s and 50s are spending their money on big vacations, new cars, and college tuition. They haven't saved anything for retirement. They may have 401(k) plans at work but contribute little or nothing, even though some of their contributions would be matched by their employers. A quarter of all workers offered 401(k) plans don't take advantage of them.
At the Center for Retirement Research at Boston College, they say people first buy a house, put their kids through college and only then concentrate on their own retirement. It would be better to be involved in retirement savings throughout these years even if saved amounts are not large.
Experts at the American Savings Education Council say people must decide to give up a little now in order to enjoy a comfortable life later. Quoted in the AARP Bulletin, their suggestions merit more thought by everyone:
* Save part of every paycheck. An automatic savings program that removes money from a checking account is the most convenient way.
* Put some money in savings where it can easily be reached for emergencies.
* Get the "free money." Take advantage of 401(k) plans with matching funds.
* When your income increases or your expenses go down (the car or kids' braces are paid off), increase your contributions to your retirement program.
* Find new money for savings by reducing your expenses. Reduce the cost of home or car insurance by increasing the deductibles, for example.
* Never cash out. About 55 percent of 401(k) participants cash out their plans when they change jobs. |
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Where is the Trolley
The employees at Volunteer State Bank have built a replica of an 1850's trolley. The trolley was built to promote the bank at community outdoor events, street festivals and parades.It took five weeks and over 500 man hours to construct the trolley back in April of 2011. Since that time the "Trolley" has been making many public appearances around Sumner and Robertson County.If you would like to have the VSB Trolley involved in your event, contact Terry Durham, Marketing Director: 615-323-1285 or email: tdurham@volstatebank.com.
Trolley Schedule:
September 23-Homecoming Parade, Gallatin, TN
September 24-Goodlettsville Arts and Antique Festival
October 20- Goodlettsville Business Expo
October 22-Monster Bash and Dash, Hendersonville, TN
November 5-Springfield Christmas Parade
December 3-White House Christmas Parade
December 4-Hendersonville Christmas Parade
December 10-Gallatin Christmas Parade
December 10-Goodlettsville Christmas Parade
When you see the trolley, come by and say "Hello" to our bank staff.
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After Being Unemployed...How to Get Finances Back on Track.
If you are back in the workforce after a layoff, you might be wondering how to address financial issues.
For many re-employed people, a new paycheck might not solve all money problems. According to a survey by CareerBuilders, among workers who were laid off in 2010 and found new jobs, 61 percent took pay cuts.
With money tight, pay attention to urgent expenses first.
Attend to maintenance on your home and car. If you put off medical care for yourself and your family, that should be attended to. Advisors for Money Magazine say it's important to get the basics back on track.
The next priority is paying off credit card debt you have accumulated, paying more on the card with the highest interest rate first. Big credit card debt can harm your credit rating.
Paying off a home-equity line of credit is less urgent. The interest is possibly tax deductible (consult your tax advisor). Since the debt is secured, it won't affect your credit score very much.
Since you have probably used all or most of your cash reserves, it's important to rebuild them at the same time. If you have $500 a month in discretionary money, advisors recommend that you put $300 toward debt and $200 toward savings.
Next comes your retirement fund. Even if you can only manage a very small amount, contribute to your new company's 401k plan right away.
If you don't have enough cash to save and pay down debt, plus put a small sum into your retirement plan, it might be wise to refinance your mortgage. Especially if you have significant home equity, it will be easier to do now that you are employed.
Once you have met these goals, you will have more money to put into living life instead of playing catch-up.
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Turning Leaves:Revealing Their True Colors
If autumn is your favorite season, it may be because of the spectacular colors provided by maples, oaks, birch and ash trees. But do you know why leaves "turn" from green to all shades of red, yellow, orange, and even purple? You could say they are showing their true colors. The true color of leaves is masked in the summer by chlorophyll, which is regulated by light. Leaves take in sunlight, water, carbon dioxide, and chlorophyll to make food (glucose) for the tree. In autumn, the
real colors become visible when the chlorophyll weakens, according to chemist Anne Marie Helmenstein. The flaming red of the Red Maple is caused by surging sugars in the sunny days and cool autumn nights when glucose becomes trapped in the leaves, according to Home and Garden magazine. The gold and bronze leaves of the American Beech are created by Carotenoids, a chemical that gives the Northeast United States a claim to be the color capital. For silvery and gold colors, head out to the Rocky Mountains. The Great Smoky mountains are known for reds, oranges and purples. Vermont is famed for its red, orange and yellow fall mountain displays. |
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Press Release
Volunteer State Bank, headquartered in Portland, TN and operating several offices in the Middle Tennessee area, has announced that Gallatin resident Jimmy Overton has accepted the position of Vice President of Loss Mitigation.
Overton is a graduate of Gallatin High School. He has an extensive background in loan servicing that spans more than 25 years. A native of Sumner County, Overton is very active in multiple capacities with numerous community services. He is currently serving his second term on the Gallatin City Council, is the current president of the Gallatin Chamber of Commerce and a board member of Gallatin Day Care Center. His commitment to civic service has provided many past and present opportunities to assist with events, programs, and projects that impact Sumner County. He and his family are members of First Baptist Church in Gallatin.Mr. Overton will have offices in both Portland and Gallatin. He looks forward to serving the customers of Volunteer State Bank. |
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Goodlettsville resident Frank Freels, Jr. has accepted the position of Senior Vice President, Relationship Manager in commercial loans. Frank is a graduate of the University of Tennessee in Knoxville having received a Bachelor of Science degree in Business Administration majoring in Finance. Upon graduation, he began a career in banking in Middle Tennessee that has spanned 23 years. A native of Sumner County, Frank has invested time and effort into various civic activities such as COMPASS, Salvus Center, Hendersonville Medical Center, Hendersonville Area Chamber of Commerce, Gallatin Chamber of Commerce and Hendersonville Rotary. He is also a former County Commissioner having served two terms on the Sumner County Board of County Commissioners. Frank and his family are members of First Baptist Church in Hendersonville. Frank will be based at the Greensboro Village Branch located in Gallatin, Tennessee.
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