Budget For Your Bank

If you haven’t had a chance to attend any of the Money Smart Week events yet, there are still a few days left to attend a few and learn something new! We still have two Budget For Your Bank Activities scheduled this week in Thurston and Clark Counties.  


Bring the kids in and they will get to decorate a piggy bank of their choosing, but they have to work for it. Each child will receive a $10.00 “income” when they come in, along with a budgeting worksheet that lists all the different options at the Piggy Bank Store. There are numerous piggy bank and décor sticker options all listed at different prices. Kids can then choose their piggy bank/sticker combinations but they must stay within their $10.00 budget. For those kids who save at least 10% of their income, there is a Super Saver Prize.
If you have any questions about the Budget for Your Bank Event, you can contact Katrina Roy at Katrina.roy@dfi.wa.gov. The event is free and recommended for kids elementary school aged.



Details for the next two Budget For Your Bank Activities:

Friday April 29th

Vancouver Community Library

901 C Street
Vancouver, WA 98660

10:30-11:30 A.M.

Friday April 29th

Lacey Timberland Library

500 College St SE

Lacey, WA 98503

4:00-5:00 P.M.

Money Smart Week and myRA

Money Smart Week is here! This week is dedicated to helping Americans become financially capable. Money Smart Week is a nationwide campaign with the goal of helping American consumers become financially capable. Money is a stressful topic for many people. MSW offers free classes and events to help people better understand money topics such as investing, saving, debt, using credit, etc. There are events for all ages, demographics, and income levels. You can find a list of all the events in your area here www.moneysmartweek.org/findevents.

One of the American consumer’s biggest challenges is saving. 54% of Americans do not have a savings account with at least three months worth of living expenses in case of emergency. Millions of Americans are not saving enough for retirement, or saving anything at all. The U.S. Department of Treasury has created myRA for those who do not have access to employer-sponsored retirement accounts. You can contribute as little as a few dollars a month and up to $5,500 a year. Contributions are invested in a new United States Treasury Security that safely earns interest at the same variable rate as investments in the government securities fund for federal employees and carries no risk.  For more information on the myRA program, visit https://myra.gov/about/. 

Learn about DFI: Division of Banks

Over the next couple of weeks we’ll be introducing DFI’s five divisions. Each division has a unique role and serves a vital function in protecting Washington consumers.

Today, we start with DFI’s Division of Banks.

The Division of Banks was organized in 1907 and has the responsibility of supervising commercial banks, trust companies, savings banks, savings and loan associations, alien banks, SBA 7A lenders, and business development companies incorporated under the laws of the state of Washington.

Chartering
The Division of Banks charters new banks, business development corporations, trust companies, foreign banks, and savings & loan associations. They also authorize new branches and branch closures; and approve mergers and acquisitions. For a list of banks chartered by the division, visit http://dfi.wa.gov/banks/list.htm.

Mobile Banking Safety Tips

According to the Federal Reserve, one in five American's used their mobile phone to access their bank account at least once in the past year.

While convenient, there are several safety precautions you should take when banking via mobile.

Password Protect Your Phone/Tablet
Password protect your mobile device when it's not in use to prevent unauthorized access and to protect yourself in case your phone is lost or stolen. Consult the documentation of your device for information on how to set up password protection.

Mobile Banking and Mobile Payment Safety Tips

Starbucks and Square recently announced a partnership that will in the future allow them to take transactions from a customer’s phone.

The area of mobile payments and mobile banking is growing, and you will undoubtedly see more of it in the future.

So, how do you protect yourself if you take advantage of the technology? Here are some tips.