How to Decide Whether to Buy or to Rent

September 27th, 2012

It may be a “buyer’s market” in southern Utah but current fluctuations in the economy and the housing market can complicate the decision whether to buy a home or rent.

How do you know what’s right for you?  State Bank recommends that potential buyers ask themselves several key questions before making this important decision:

sold

  • Know your total costs including taxes, insurance and upkeep. If your total costs are more than 30 percent of your gross monthly income, you may be better off renting.
  • What other debt do I have? Total rent or mortgage payments plus credit obligations should not exceed 35 to 40 percent of gross monthly income.
  • The best interest rates go to people with the best credit scores, so what’s your credit score? If your score is low, you may want to delay buying a home until you can improve your score.
  • How many years will I stay in the home? Generally, you need to be in your home for 5 to 7 years to make owning a home worth it.  The longer you plan to live someplace, the more sense it makes to buy.

Bottom line:  Calculate your home ownership costs vs. rental costs, and go from there.

Credit, ATM and Debit Cards: What to do if They’re Lost or Stolen

September 21st, 2012

card8Courtesy of FTC.gov

Many people find it easy and convenient to use credit cards and ATM or debit cards. The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures for you to use if your cards are lost or stolen.

Limiting Your Financial Loss

Report the loss or theft of your credit cards and your ATM or debit cards to the card issuers as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. It’s a good idea to follow up your phone calls with a letter. Include your account number, when you noticed your card was missing, and the date you first reported the loss. (more…)

FDIC Overview

September 18th, 2012

Courtesy of FDIC.com

State Bank of Southern Utah is a member of the FDIC. What exactly does this mean? How does it benefit customers? This video provides a quick overview of what FDIC insurance is and what it does to protect your money.

Tickets – Cedar City Festival of Homes : Cedar City Festival of Homes

September 6th, 2012

State Bank of Southern Utah is sponsoring the Cedar City Festival of Homes.  You can purchase tickets online at www.cedarcityfestivalofhomes or at any State Bank branch.

Don’t forget to use the $2.00 of coupon that can also be obtained from any State Bank branch.

When is the Festival of Homes?

Friday, August 31st – 1:00 pm to 8:00 pm

Saturday, September 1st – 10:00 am to 8:00 pm

Sunday, September 2nd – 1:00 pm to 8:00 pm

Monday, September 3rd – 10:00 am to 8:00 pm (Labor Day)

Friday, September 7th – 1:00 pm to 8:00 pm

Saturday, September 8th – 10:00 am to 8:00 pm

Sunday, September 9th – 1:00 pm to 8:00 pm

How much are the tickets to the Festival of Homes?

Tickets are $10 per person and admits one person to all the homes on the tour.

 

HSA Accounts and Debit Cards

September 5th, 2012

What is an HSA?

A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses.

  • Tax-deductibleContributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
  • Tax-freeWithdrawals to pay qualified medical expenses are never taxed.
  • Tax-deferredInterest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
  • HSA money is yours to keepUnlike a flexible spending account (FSA), unused money in your HSA isn’t forfeited at the end of the year; it continues to grow, tax-deferred
hsa-work

 

How does an HSA Plan Work?

An HSA works in conjunction with high deductible health insurance.Your HSA dollars can be used to help pay the health insurance deductible and any qualified medical expenses, including those not covered by the health insurance, like dental and vision care.

Any funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate, plus 10% tax penalty.

Once you meet your calendar-year deductible, the health insurance pays remaining covered expenses in accordance with the terms and conditions of your particular plan. Some plans pay 100% of covered expenses after the calendar-year deductible is met.

 

How do I get an HSA Debit Card?

An HSA Debit card allows you the convenience of spending money from your HSA account through the use of a card.  An HSA debit card can only be used at a healthcare facility or merchant.  Withdrawal restrictions are also waived on HSA debit cards.

Visit any State Bank branch to fill out an application for an HSA debit card.  Please visit www.sbsu.com for more information regarding the State Bank HSA Account.