Our Mission is to Give Colorado Children a Magical Holiday

The Village Toy Drive is Collecting New Toys for Volunteers of America Colorado this Holiday Season

Drop off new toys for children 0-18 years at First American State Bank – 8390 E Crescent Parkway, Suite 100, Greenwood Village – by December 15, 2024.

Make cash donations directly to Volunteers of America at https://voacolorado.org/the-village-toy-drive/ or scan the QR code

Using peer-to-peer (P2P) payment apps like Venmo, Zelle, Google Pay, Cash App or PayPal has become second nature for many. Whether you’re splitting the dinner bill, sending money to friends or making small purchases, the ease and speed of these platforms are undeniable. However, despite their convenience, P2P payment apps are not without risks. Before you hit “Send” and part with your money, it’s important to be aware of potential pitfalls.

 The Appeal of P2P Payments

P2P payments make sending money simple. All you need is the recipient’s username, email address, or phone number—no need to exchange account details. Transfers are typically fast, and in many cases, they’re free. It’s this simplicity and speed that have made P2P apps a go-to for quick transactions. But as with all financial tools, ease of use comes with its own set of risks.

 Lack of Fraud Protection

Unlike traditional bank transfers or credit card payments, which often come with consumer protections such as fraud prevention, charge-backs, or dispute resolutions, most P2P payment apps offer little to no protection against fraud. Once you authorize a payment, the money is generally gone for good. This lack of recourse can be a major problem, especially in cases where you’ve been scammed.

 For example, imagine buying concert tickets or a product online and sending payment via one of these apps. If the tickets turn out to be fake or the product never arrives, there’s very little you can do to get your money back. This is true even with Zelle, a service integrated into many banks, where payments are treated as “authorized” once sent. First American State Bank offers Zelle and has the added protection of FDIC insurance. The key takeaway here is simple: always exercise caution when using P2P apps to send money to people you don’t know. Stick to transactions with friends, family or trusted parties to reduce your exposure to potential fraud.

 Don’t Keep Large Balances in P2P Apps

While P2P payment apps make it easy to manage small amounts of money, they are not designed to serve as a long-term storage solution. Outside of Zelle—which is backed by FDIC insurance—there is no guarantee that your money in apps like Venmo, PayPal, or Cash App is insured by federal entities like the FDIC or NCUA. As a result, there is no protection in case the platform experiences a security breach or goes under. The **Consumer Financial Protection Bureau (CFPB)** recommends that users avoid storing large sums of money in these apps.

 To stay safe, regularly transfer any balance to your linked bank account, and think of these apps as a supplement to your primary financial accounts rather than a replacement.

 Verify Recipient Details Before Sending Money

Even when you’re sending money to someone you know, mistakes can happen. One of the most common problems in P2P transactions is sending money to the wrong person – is it AbigailG121 or Abigailg122? It’s easy to confuse usernames or mistype a phone number. To avoid this, always double-check the details before sending money, especially if it’s a large amount. Consider sending a small test amount, such as $1, to verify that you’ve got the right recipient before transferring larger sums.

 For added security, some apps like Venmo even allow you to confirm the recipient’s identity by checking the last four digits of their phone number. This small step can save you from accidentally sending money to the wrong person.

 Beware of Scammers

While it may seem obvious not to send money to strangers, scammers can easily manipulate people—even those they know. Peer-to-peer apps are a favorite target for fraudsters who use tactics like impersonating friends or family members on social media. By changing their username or profile picture to mimic someone you know, scammers can trick you into sending money.

 If you receive an unexpected payment request—even from someone you trust—always verify the request outside the app (for example, by calling them directly or messaging them through another platform). Fraudsters are quick to act, but with a little extra caution, you can avoid falling victim to these schemes.

 Conclusion: Use P2P Payments Wisely

P2P payment apps offer tremendous convenience for everyday transactions, but they come with a certain level of risk that should not be ignored. While these apps are excellent for transferring small amounts of money between trusted individuals, they are not a replacement for traditional banking services. Keep your balances low, regularly transfer funds to your linked bank account, and always double-check recipient details before making a payment.

 By exercising caution, staying informed about potential scams, and using the security features these apps offer, you can enjoy the speed and convenience of P2P payments while minimizing the risks.

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**Disclaimer:** Always exercise caution and due diligence when using P2P payment apps. For larger transactions or more secure transactions, consider using more traditional methods such as bank transfers or credit cards, which offer more consumer protections.

GREENWOOD VILLAGE, COLO. – Liesl Sevilla has joined First American State Bank as a New Accounts Specialist, according to Michelle Gruber, vice-president. In her new role, Sevilla will be responsible for identifying new account opportunities, on-boarding new accounts and maintaining customer relationships.

 “Liesl brings nearly 20 years of banking and customer relationship experience to First American State Bank,” Gruber said. “Her proven attention to detail, work ethic and level of integrity make her a perfect fit for our team.”

 Sevilla previously held positions of increasing responsibility with several local and regional banks. She holds a bachelor’s degree from California State University along with a Series 6 and insurance licenses.

 First American State Bank is a locally owned and operated community bank located in Greenwood Village, Colo. Known for its first-class customer service, the bank offers products and services for individuals and businesses alike.

FLU SHOTS FOR CUSTOMERS AND FAMILY MEMBERS

Friday, October 4, 2024, 9am-1pm and Friday, October 11, 2024, 9am-12pm

FIRST AMERICAN STATE BANK
8390 E. Crescent Parkway, Suite 100, Greenwood Village, CO

* If you are 65 or older, we will be offering a high dose flu shot for free. Please request this higher dose flu shot when you make your reservation. This higher dosage flu shot is only available to 65 or older.

Please call Dawn Whaley at 303.694.6464, ext 319
by September 23 to reserve a time.

The Visiting Nurse Association provides shots. Age and health restrictions for receiving a flu shot at a business location may apply. Questions may be directed to the Visiting Nurse Association at 303.698.6378.

Are You On-Track to Meet Your Annual Financial Goals?

We have five simple steps you can take today to help you gauge your progress

 First American State Bank is committed to helping our valued customers stay on top of their annual financial goals. We offer a variety of products designed to help you earn money on deposits, buy that new home, make a desired home improvement and more. But it helps to know where you currently stand beforehand. That’s why a mid-year financial health check is a great way to stay on top of your financial goals and make necessary adjustments so that you’ll end the year right where you wanted.

Here’s a more detailed look at each step: 

1. Review Your Budget

• Evaluate Income and Expenses: Compare your current income and expenses to your yearly financial plan. You can use an online budget calculator or even a simple spreadsheet to help you visualize and streamline this process.
• Adjust Budget Categories: Modify areas where your spending and income patterns don’t align with your expectations. If you haven’t built a budget yet, what’s stopping you? First American State Bank works with an organization called Banzai and they offer an online tool that can help you create a reasonable budget.  

2. Evaluate Savings Goals

• Check Progress: Assess how close you are to meeting your savings targets for various goals such as establishing an emergency fund, saving for that special vacation or building your retirement.
• Adjust Savings Goals: Sometimes, we set goals that are more aspirational than achievable. If your savings goals are not sustainable, identify areas where you can cut back on spending. Again, our friends at Banzai have several tips on reducing food and utility bills.
• Automate Savings: If you don’t have access to it, you don’t spend it. Set up automatic transfers into your savings or retirement accounts to ensure consistent contributions. In this way, you begin to treat savings like one of your other mandatory bills. 

3. Assess Debt Management Progress

• Debt Paydown: Review your debt paydown progress. Check how much debt you’ve paid off and if it matches your goals.
• Spending Habits: Evaluate your credit card usage and any new loans. Consider if these habits are hindering your debt paydown efforts.
• Refinancing and Consolidation: Explore refinancing or consolidating debt to lower interest rates or monthly payments. First American State Bank can help you with this so be sure to ask a banker if this option is right for you on your next visit. 

4. Review Your Investment Portfolio

• Performance Evaluation: Check the performance of your investments and consider rebalancing your portfolio if needed.
• Retirement Contributions: Many employers offer matching funds for the retirement accounts they have for employees. Ensure you’re contributing enough to your retirement accounts to get a full employer match, if applicable.
• Alignment with Goals: Everyone has their own goals and tolerance levels. Make sure your investment strategy aligns with the long-term financial goals you’ve set for yourself and your personal risk tolerance. 

5. Plan and Evaluate Taxes

• Tax Withholdings: Review your tax withholdings and estimate potential tax payments, especially if you are a contract employee.
• Maximize Contributions: Look into maximizing contributions to your retirement accounts and explore other tax breaks or advantages.
• Tax Planning: Use tax planning resources to stay ahead of potential tax liabilities. 

By taking these steps, you can make informed adjustments and improvements to your financial plan. This proactive approach helps you stay organized and empowers you to make better financial decisions. Remember, maintaining financial health is an ongoing journey, and these mid-year checks are crucial milestones to ensure you remain on track. 

Https://blog.banzai.org/have-you-done-your-mid-year-financial-health-check-5-steps-to-ensure-youre-on-track/

Step 1. Review Your Budget

Step 2. Evaluate Savings Goals

Step 3. Assess Debt Management Progress

Step 4. Review Your Investment Portfolio

Step 5. Plan and Evaluate Taxes