Archive for category: In the Community

F&M Bank is excited to partner with the Virginia Bankers Association Education Foundation (VBA) to offer local seniors a unique, virtual scholarship opportunity called Bank Day. The third Tuesday in March was declared Bank Day by the Virginia General Assembly in 1991.

Through this program, high school seniors learn about banking, financial services, career opportunities and the vital role banks play in their communities.  From their experience, the students are required to write an essay. Fourteen scholarships will be awarded on the basis of the essays.

In order to participate, students must be currently enrolled as seniors in a Virginia high school with cumulative GPAs of 3.0 or higher. Interested students must register online by March 5^th through the VBA.

In March, students will be contacted directly by the VBA with more information about the program and a link to access the student resource webpage.

The Internal Revenue Service and the Treasury Department will soon begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans.

F&M Bank would like to offer some best practices for checking the status of your Economic Impact Payment in advance of the January 4^th official payment date.

Economic Impact Payment Guidance from F&M Bank

F&M Bank receives direct deposit transactions from the Federal Reserve twice daily – 9:00am and 4:00pm. There is often a misconception that a direct deposit could arrive at any time throughout the day, however that is not the case. If you do not see payment after 9:00am within your online banking account, check back after 4:00pm on the same business day. The same guidance applies for an over the phone payment inquiry.

For customers receiving a direct deposit payment, consider utilizing deposit alerts within online and mobile banking. After established, you will receive an alert when your payment has posted.

Additionally, the IRS offers the “Get My Payment” tool on their website. Visit this link to check the status of your payment.

Economic Impact Payment Guidance from the IRS

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.

As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.

Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.

To continue reading, please visit the IRS website. Additional guidance and eligibility requirements are provided.

Fraudsters are always at work, but financial institutions experience increased fraudulent activity during the holidays. This year is no exception. The pandemic created new opportunities for fraudsters, and paired with holiday scams, our customers are reporting increased fraud this season.

It’s extremely important to carefully guard your financial information, especially during a time when online shopping and cash transfers are prevalent. The FTC provides great advice on spotting and avoiding scams. Please, read through the below and put guidance to practice as you’re shopping online or sending cash this holiday season.

Four Signs That It’s a Scam

Scammers pretend to be from an organization you know or impersonate someone you know.

Scammers often pretend to be contacting you on behalf of the government. They might use a real name, like the Social Security Administration, the IRS, or Medicare, or make up a name that sounds official. Some pretend to be from a business you know, like a utility company, a tech company, or even a charity asking for donations. They use technology to change the phone number that appears on your caller ID. So, the name and number you see might not be real.

Scammers will also pose as a family member or friend and can even use a correct name to identify the person they are claiming to be! Be extra cautious in situations like this as fraudsters will prey on your emotions. They’ll claim bail money is needed, or they’re in a bad situation that requires immediate financial support. If you find yourself in a situation like this, hang up immediately and call your family member or friend directly.

Scammers say there’s a problem or a prize.

They might say you’re in trouble with the government. Or you owe money. Or someone in your family had an emergency. Or that there’s a virus on your computer.

Some scammers say there’s a problem with one of your accounts and that you need to verify some information. Others will lie and say you won money in a lottery or sweepstakes but have to pay a fee to get it.

Scammers pressure you to act immediately.

Scammers want you to act before you have time to think. If you’re on the phone, they might tell you not to hang up so you can’t check out their story. They might threaten to arrest you, sue you, take away your driver’s or business license, or deport you. They might say your computer is about to be corrupted.

Scammers tell you to pay in a specific way.

They often insist that you pay by sending money through a money transfer company or by putting money on a gift card and then giving them the number on the back. Some will send you a check (that will later turn out to be fake), tell you to deposit it, and then send them money.

A commonality in many scam situations is the isolation factor. The scammer wants money fast, but they don’t want you to tell anyone about the transaction. Not a family member, or the bank. This is a major red flag! If someone attempts to isolate you from telling others about the transaction, or how the money is being used, it is a scam.

We are also seeing a rise in spoofing.  Learn more about spoofing scam attempts.

What You Can Do to Avoid a Scam

Block unwanted calls and text messages. Take steps to block unwanted calls and to filter unwanted text messages.

Don’t give your personal or financial information in response to a request that you didn’t expect. Legitimate organizations won’t call, email, or text to ask for your personal information, like your Social Security, bank account, or credit card numbers. If you get an email or text message from a company you do business with and you think it’s real, it’s still best not to click on any links. Instead, contact them using a website you know is trustworthy. Or look up their phone number. Don’t call a number they gave you or the number from your caller ID.

Resist the pressure to act immediately. Legitimate businesses will give you time to make a decision. Anyone who pressures you to pay or give them your personal information is a scammer.

Know how scammers tell you to pay. Never pay someone who insists you pay with a gift card or by using a money transfer service. And never deposit a check and send money back to someone.

Stop and talk to someone you trust. Before you do anything else, tell someone — a friend, a family member, a neighbor — what happened. Talking about it could help you realize it’s a scam.

We Can Help

F&M Bank is here for you! Whether you’d like some guidance determining if a call or email is a scam, or if you’ve fallen victim to fraud, please reach out to your local branch. A member of our team will be ready to assist you!

Additionally, we encourage our customers to take advantage of our digital services.  Instead of sending cash or checks to someone you know through the mail, pay a person within our digital banking bill pay feature or P2P. They are great alternatives! Customers can also enroll in e-statements to protect your account information from mail theft. Lastly, consider Identity Theft Protection. This service is a free add-on with our Cash Reward or Cash Back checking accounts!

The contest opened in early August, and over a two week period, we relied on public nominations. Residents of Shenandoah, Page, Rockingham and Augusta Counties, as well as the Cities of Harrisonburg, Staunton and Waynesboro (and neighboring counties and cities), nominated the local businesses they love and shared why they deserve $10,000. F&M Bank received nearly 600 nominations making it quite a task to narrow down the list to 10!

Following the announcement of our Top 10, we opened the contest for public voting. Over a two week period, we received over 2,300 votes to determine our $10,000 winner! On October 6th, F&M Bank celebrated the Top 10 nominees during a reception at the Inn at MeadowCroft in Swoope, VA.

Gloria’s Pupuseria

Making our communities better is a core value we live by at F&M Bank. Although our contest is over, will you join us as we continue to support our neighbors? From restaurants to recreation, the Shenandoah Valley is packed full of extraordinary, locally-owned businesses.

We’re here to support you, and our community, in any way that we can. Whether you’re interested in learning more about volunteer opportunities nearby or seeking a local coffee shop recommendation, a member of our team is happy to assist. Our goal is to always provide banking you love from people who care and keep you up to date on all our products and services. 

If we can help you bank local, or answer any financial question you may have, please don’t hesitate to contact a branch near you or complete a quick form.