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Revere Bank Sponsors America East Conference for SBA Lenders - August 12, 2015

Laurel, Md. (August 12, 2015) — Revere Bank is proud to be an exhibitor sponsor of the 2015 America East Conference for SBA Lenders. Ken White, Revere Bank’s vice president and relationship manager, is on the steering committee for the conference, which takes place August 12-14 at the Hyatt Regency in Baltimore. The conference promotes networking and educational growth for attendees, including new and seasoned SBA lenders from Florida to Maine.

Elder Financial Abuse: What it is and How to Protect your Loved Ones - August 5, 2015

What is elder financial abuse?

As the population ages, seniors are increasingly becoming targets of financial abuse. People over the age of 50 control 70% of the nation’s wealth, and those who are frail or otherwise vulnerable may be susceptible to scams and other forms of financial exploitation. A recent report estimated that the elderly lose $36 billion each year – an average of $30,000 per senior – to financial abuse.

As defined by the Older Americans Act, “financial exploitation is the fraudulent or otherwise illegal, unauthorized or improper actions by a caregiver, fiduciary or other individual in which the resources of an older person are used by another for personal profit or gain; or actions that result in depriving an older person of the benefits, resources, belongings or assets to which they are entitled.”

Examples of elder financial abuse include:

  • Theft or misuse of money or property, often by a caregiver or in-home helper.
  • Exploitation by an agent under Power of Attorney or by a person in a fiduciary relationship.
  • Investment fraud and scams, including deceptive “free-lunch seminars” selling unnecessary or fraudulent financial services or products.
  • Lottery and sweepstakes scams.
  • Scams by telemarketers, mail offers or door-to-door salespersons.
  • Computer and Internet scams.
  • Identity theft.
  • Reverse mortgage fraud.
  • Contractor fraud and home improvement scams.
  • Sweetheart scams, whereby a person professes love for the senior and asks for or receives money and other valuable gifts.

Who commits senior financial abuse?

The vast majority of abusers are family members, most often adult children, spouses and partners. Others who financially exploit elders include:

  • Friends, neighbors or acquaintances.
  • People who have Power of Attorney or legal authority to access or manage the senior’s finances.
  • Financial advisers.
  • Telephone and mail scammers.
  • Internet scammers.
  • Medicare scam operators.
  • Home repair contractors.
  • Other persons known or unknown to the older adult.

Who is at risk?

Financial exploitation occurs across all social, educational and economic boundaries. Anyone can be a victim, but the following circumstances or conditions, especially in combination, may increase the risk.

The senior may:

  • Have regular income and accumulated assets.
  • Not realize the current value of their assets.
  • Be unfamiliar with managing financial matters, especially using advanced technology.
  • Be unprepared for retirement and the potential loss of financial decision-making capacity.
  • Be trusting and polite.
  • Be lonely and socially isolated.
  • Be vulnerable due to grief from the loss of a spouse, family member, friend or pet.
  • Have cognitive impairments that affect financial decision-making and judgement.
  • Be dependent on support from a family member or caregiver to remain independent.
  • Be receiving care from someone with substance abuse, gambling or financial problems.
  • Be dependent on a family member, caregiver or other person who may pressure them for money or control of their finances.
  • Be reluctant to report financial abuse by a family member, caregiver or someone else they depend on.
  • Fear retaliation by the abuser.

What are the warning signs of financial abuse?

There are often warning signs that abuse has occurred, but no single indicator can be taken as conclusive proof. Look for patterns that suggest a problem, such as:

  • Suspicious signatures on checks, credit card receipts and other documents.
  • Surprising new “best friends.”
  • Unexplained large or frequent ATM or bank account withdrawals or transfers.
  • Bank statements or canceled checks that no longer go to the senior’s home.
  • Unexplained changes to Powers of Attorney, wills, deeds, trusts or other legal documents.
  • Unpaid bills, eviction notices, notices to discontinue utilities or notices of non-sufficient funds.
  • Missing belongings.
  • Absence of documentation about financial arrangements.
  • A caregiver who expresses excessive interest in the elder’s finances.

Why don’t older adults report financial exploitation?

There are many reasons why seniors don’t report financial abuse. They may:

  • Be ashamed to admit that they have been financially exploited.
  • Be reluctant to report a family member, caregiver or other person who may otherwise treat them well.
  • Worry about losing their independence by being declared incompetent and moved into a “nursing home.”
  • Be completely dependent on the abuser for care or assistance.
  • Fear retaliation by the exploiter.
  • Be unwilling or unable to acknowledge that financial exploitation is happening to them.
  • Blame themselves, believing they deserved or caused the abuse.
  • Be unaware that they are being exploited.
  • Be uncertain as to whom they can report financial exploitation.

What should you do if someone you know is a victim of elder financial abuse?

If you believe that a senior has been financially exploited, take the following steps.

  • If the loss involves funds held in a financial institution, report the suspected abuse to the bank or credit union as soon as possible.
  • Contact the local police and the Federal Trade Commission (FTC) to investigate identify theft.
  • Report it to the local Adult Protective Services Office or the National Center on Elder Abuse. Find contact information at www.eldercare.gov, a public service provided by the US Administration on Aging, or by calling 1-800-677-1116.
  • If you believe the person is in danger or that a crime has been committed, call 911.

How to protect yourself.

You can take steps to safeguard your personal information and prevent financial abuse.

  • Tear up or shred credit card receipts, unused credit card offers, bank statements, unused credit health records and financial records before disposing of them in the trash.
  • Never give your Social Security number, bank account numbers, credit card information or other personal information over the phone unless you initiated the call.
  • Securely store your checkbook, bank statements, credit card statements and other sensitive information when others will be in your home.
  • Order free copies of your credit report once a year to ensure accuracy. Correct errors immediately.
  • Take care of your health.
  • Seek professional help for drug and alcohol problems as well as depression and urge family members to do the same.
  • Stay active in the community and connected with friends and family to decrease loneliness and isolation.
  • Plan for your future with a Power of Attorney or a living will.
  • Review your will and other important legal and financial documents periodically.
  • Seek independent advice from someone you trust before making a large purchase or investment or signing legal or financial documents. Don’t be pressured or intimidated into immediate decisions and don’t sign anything you don’t completely understand.
  • Post and open your own mail.
  • Have and use your own phone.
  • If possible, put away or safely store valuable possessions when others will be in your home.
  • If you hire someone for personal assistance or in home care services, ensure that they have been properly screened with criminal background checks completed.
  • Know your rights. If you engage the services of a paid or family caregiver, you have the right to voice your preferences and concerns. If you live in a nursing home, call your Long Term Care Ombudsman. The ombudsman is your advocate and has the power to intervene.

For more information about preventing financial exploitation, the Consumer Financial Protection Bureau’s (CFPB) Money Smart for Older Adults and the Financial Fraud Enforcement Task Force’s Elder Fraud and Financial Exploitation resources.

If you would like to talk with a Revere Bank representative, call 866-920-8185.

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

Revere Bank Sponsors Free Shredding Day Event on July 25 at Behnke Nurseries in Beltsville - July 22, 2015

Laurel, Md. (July 22, 2015) — Revere Bank, a Maryland community bank, is sponsoring a Community Shredding Day Saturday, July 25 from 8 a.m. to 12 p.m. The event will take place at Behnke Nursery, 11300 Baltimore Ave., Beltsville, Md.

Shredding Day is a free event open to the public. The community is invited to bring unwanted personal and financial documents to Behnke, where it will be shredded and disposed of safely and securely.

The event will benefit Beltsville Lions Club, which will be accepting donations and selling refreshments and raffle tickets. All money raised will be given back to the community. For more information on the event, call Behnke Nursery 301-937-1100.

Mobile Banking: You Don’t Have to Give Up Safety for Convenience - July 13, 2015

Tips for Mobile Banking Safety


Mobile banking is growing in popularity. These easy-to-use apps make it possible for you to take care of time-consuming banking tasks on your smart phone or tablet – anywhere, at any time. If you’re busy and would like to cross an errand off your list, you might want to download your bank’s app right away. Before you do, make sure you take proactive steps to safely use these technologies.

What is Mobile Banking?

Mobile banking, whether by text message, mobile-enabled internet browser or mobile app, offers an easy way to handle routine banking tasks on your smart phone or tablet that previously required a trip to the bank.

Mobile Banking Safety

You don’t have to give up safety for convenience when it comes to mobile banking. Here are some pointers and quick tips to prevent or avoid risks.

  • Your bank’s app. Ensure that you’re using your bank’s mobile banking app by downloading the app on the bank’s website or on websites recommended by your bank. Avoid untried third-party app stores, which may feature fake apps designed to access your information.
  • Secure links. Before downloading a mobile banking app, check with your bank to make sure its software uses secure hyperlinks to block unauthorized account access.
  • Protect and monitor: Make sure your mobile device is password-protected, set up user authentication questions for your account, and monitor your account’s activity to protect against identity theft or data breaches. If you believe your mobile device is lost or stolen, notify your bank immediately.
  • Private Wi-Fi: If you use a Wi-Fi network to access your mobile banking app, make sure you’re using a private internet connection to prevent improper access to your information.
  • Safeguard. Safeguard your mobile device by downloading anti-virus software, and remember to update software for your smartphone, tablet and app.
  • Information requests: Your bank will never email or text you requests to provide personal or financial information. You should only provide such information over the phone if you’re the one placing the call. If you receive an unsolicited request, report it to your bank as soon as possible.

Quick Tips

  • Use the official bank website, or a website recommended by the bank, to download its mobile banking app.
  • Always use safe encryption technology.
  • Password protect all of your mobile devices.
  • Set up data authorization and user authentication for your mobile banking account.
  • Don’t store personal or financial data on your mobile devices.
  • Only use private internet connections.
  • Continually monitor your bank account for suspicious activity.
  • Never give out personal or financial information unless you’re contacting the bank.
  • Use antivirus software and check for software updates for smartphone, tablet or app.

Mobile banking makes banking easier. You can benefit from the convenience by taking simple precautions that will make your mobile banking experience safer.

For information on Revere Bank’s secure mobile banking app, call or visit any Revere Bank branch office. To get the app, log in to E-Revere Online Banking or visit the App Store on iTunes or Google Play and search for “Revere Bank.”

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

Partnerships That Matter: Banking on Healthy Pets with Rocky Gorge Animal Hospital - June 26, 2015

Rocky Gorge Animal Hospital and Revere Bank

Revere Bank Senior Vice President Bruce Hollander and Rocky Gorge’s Dr. Wolchinsky.


Not every bank can say it helps keep animals safe, healthy and happy. Here at Revere Bank, we do just that through our banking partnership with Rocky Gorge Animal Hospital.

While many banks focus exclusively on financials, Revere emphasizes building relationships and partnering in success with local businesses that are making a difference. Rocky Gorge is a perfect example. The state-of-the-art animal hospital joined Revere a year ago and couldn’t be happier with the decision.

“They’re an incredible business partner and absolutely the best bank I’ve worked with for the past 30 years,” said Dr. Steven Wolchinsky, managing partner and veterinarian. “It’s hard to find a bank that cares more about you and your business than their bottom line.”

The facility is one of the most advanced animal-care centers in the Mid-Atlantic region and provides veterinary services, surgical procedures, a pet resort, 24-hour emergency care and more. In addition to taking care of furry critters, the Rocky Gorge team also gives back to the community through its volunteer opportunities, recycling program and educational contributions.

By financing the animal hospital, Revere supports Rocky Gorge in teaching youth groups about animal care, helping veterinary students and contributing to critical animal welfare services.

Dr. Wolchinsky also noted that Revere’s personal touch is what convinced him to become a customer. Rocky Gorge followed banker Bruce Hollander to Revere after Bruce switched banks. Shortly after, Revere Bank President Ken Cook visited the hospital to learn more about Dr. Wolchinsky and his business.

Taking time to learn about the animals’ needs, veterinary processes and big-picture aspects of Rocky Gorge is what makes Revere stand out, according to Dr. Wolchinsky. He also mentioned the friendly, personal service at Revere.

“It’s not a teller at a window. You walk in and you feel like you’re family every time. It’s like old-time business used to be,” he said.

Dr. Wolchinsky calls his move to Revere one of the best business decisions he’s made.

When considering our shared values that equate exceptional customer service and caring for the community – and in this case, cats and dogs, too – with success, we have to call it one of our best decisions too.

Choosing a Bank for Your Business - June 23, 2015

Choosing a Bank for Your Business

 

Business owners have many decisions to make. One of the most important is choosing the right bank. Many banks – community, regional and national – offer a range of commercial banking services. How can business owners determine which is best for them?

Business owners should select a bank that can address the company’s unique financial requirements and serve as a partner in its success. They should consider not only a bank’s products and services, but also its values and qualifications.

Values and Qualifications

Business owners succeed when they partner with a bank that shares their values and is qualified to address their financial concerns.

Relationships

There are many benefits to choosing a bank that advocates relationship banking. Strong banker-client relationships help build trust, resulting in more positive outcomes. Community banks that add personal touches to their business relationships make clients feel like their banker shares in their success and that they are more than just a number.

Goals

All banks have different objectives. Many community banks emphasize small business lending, deposits and customer retention, while larger banks often focus on other products, such as wealth management and insurance. Business owners should choose a bank that will help them meet their immediate needs and achieve their long-term goals.

Experience and Knowledge

Not every banker has the necessary experience to understand a company’s financial needs. Experienced commercial bankers will be able to create the most suitable loan structure and respond to the company’s deposit needs and other unique challenges. Community banks are more likely to specialize in closely held business financing, and because they have local roots, they are more likely to be well-informed about the market and its risks. This knowledge will help business owners make the best monetary decisions.

Speed

Business owners often need financing, and fast. A delay in financing can push back projects and lead to multiple complications. Smaller banks are typically more nimble and responsive than larger banks, making it easier to receive financing on schedule. Community banks are able to streamline the loan process by giving customers direct access to decision makers who can offer a quick turnaround. That speed can be critical to business success.

Products and Services

Business owners benefit from a bank’s ability to provide convenient, customized products and services.

Convenience

While some banks offer a wide range of sophisticated products, one of the most important things a business should look for is convenience. Business owners do not have time to make frequent trips to branch offices to handle basic banking tasks. Choosing a bank that offers online banking, remote deposit or direct deposit of payroll will save time and help operations run more efficiently.

Business owners should also select a bank that allows account access on smartphones or tablets, laptops or desktop computers, at ATMs or at branch offices. Most commercial banks offer state-of-the-art banking technology and software, such as online banking and remote deposit, to make it easy for customers to manage their accounts from anywhere, at any time.

Cash Management

Business owners have a variety of banking needs, so a bank that offers commercial products and services that address all aspects of cash management is a must. Banks provide an incredible assortment of services for both commercial and personal banking clients. However, the multitude of options can be overwhelming, leading business owners to select services that are unnecessary or inappropriate. An experienced banker can help business owners identify the tools that will best meet their current needs and future objectives.

Customization

No business is one-size-fits-all and things rarely go according to plan. Finding a bank that offers customized services designed to assist owners with the operation of their business is crucial. Flexibility to customize loan structure and terms is also important; adaptability can help financing and projects run more smoothly. Community banks are more likely to have the ability to tailor loans and services to each customer’s specific needs, taking into account risks, project timelines, repayment schedules and interest rates.

Choosing a bank is one of the most important business decisions for business owners. With so many variables, careful consideration is indispensable to finding the right fit. Selecting a bank that not only offers convenient, customizable products and knowledgeable service but also values relationship banking will help them maximize their business’ financial potential.

Have questions? Contact us online for additional information or contact a Revere Bank relationship manager at 866-920-8185 or customerservice@reverebank.com.

 

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

Revere Bank Supports Small Business, Attends Local Cakepoppery Grand Opening - June 19, 2015

LAUREL, Md. (June 19, 2015) — Revere Bank is pleased to announce the grand opening of Baked by Yael, a cakepoppery in northwest D.C. that Revere helped finance. The bank was able to support the bakery through its participation in the District of Columbia Collateral Support program. The program provides capital to small businesses with insufficient collateral for a loan by depositing cash collateral with lenders, such as Revere, who in turn loan to these businesses.

Revere Bank Vice President Eileen Ascher and Senior Vice President Steve Horvath attended the celebration, which was emceed by WUSA 9’s and 94.7 FM’s Tommy McFly. Ascher and Horvath supported Yael as she cut the ribbon at the entrance to her shop and officially welcomed in the community.

ABC 7’s Good Morning Washington featured the cakepoppery on June 1. Reporter Eileen Whelan interviewed owner Yael Krigman while Ascher and her daughter, Haley, learned how to frost cakepops.

Baked by Yael is located directly across from the National Zoo at 3000 Connecticut Avenue NW.

Revere Bank’s Steve Horvath and Eileen Ascher with owner Yael Krigman at the grand opening.

Revere Bank’s Steve Horvath and Eileen Ascher with owner Yael Krigman at the grand opening.

Revere Bank Sponsors Achieving Collegiate Excellence and Success (ACES) Celebration - June 16, 2015

 

Laurel, Md. (June, 16, 2015) – Revere Bank, a Maryland community bank, announced its sponsorship of the Achieving Collegiate Excellence and Success (ACES) Celebration today. The event begins at 6 p.m. on June 16 at the Music Center at Strathmore, 5301 Tuckerman Lane, North Bethesda, Md.

ACES is a free program for students who are underrepresented in higher education, including low-income, African American, Hispanic and first generation students. Students apply to the program, and once accepted, work with mentors and an academic coach. The goal is to help these students successfully obtain a college degree.

The event will highlight the students’ accomplishments.

“We believe every student deserves the opportunity to pursue a higher education, no matter what their circumstance is,” said Revere Bank President and Vice Chairman, Ken Cook. “We are thrilled to help recognize their hard work and effort through our ACES sponsorship.”

ACES helps students stay on a college-bound track, select the right schools, apply to college and pay for their education. More than 2,000 ACES students are studying at Montgomery County Public Schools, Montgomery College and Universities at Shady Grove.

Revere Bank donated $1,500 to the celebration, during which community and business leaders will recognize the dedication, perseverance and success of ACES students. United States Treasurer Rosie Rios is also speaking at the event.

“We are proud of these students and hope this event will inspire them to continue furthering their education,” Cook said. “We look forward to watching them succeed in school and in our community.”

The event is free for 2014 and 2015 high school graduating classes. Danni Starr, co-host of the Kane Show on 99.5 FM, will emcee. The evening will feature live entertainment, including dancing and choir performances from Montgomery County Public School students.

To learn more, visit montgomerycollege.edu/aces, or email Ken Cook at Kenneth.Cook@RevereBank.com.

Cash Management for Your Small to Medium-Sized Business - June 4, 2015

Financial accounting

Dealing with your small to medium-sized business’ (SMB) finances can be overwhelming and time-consuming. As an owner, your busy schedule doesn’t leave room for frequent trips or calls to the bank. You need a cash management strategy that will help you save time so you can focus your energy on growing your business.

The following cash management products and services are easy to use and access. They’ll help you better manage your business’ finances, improve your business’ operational efficiency and help you earn money.

Internet banking. Complete banking tasks anytime and anywhere you have an internet connection. Manage your accounts, make payments or transfer funds from your smart phone, tablet, laptop or desktop computer.

Remote deposit. The faster you get customer checks to the bank, the faster you get paid. Deposit checks from the convenience of your desk using a scanner and software provided by the bank.

Business bill pay. Quickly and easily pay your bills online with business bill pay.

Wire transfers. Transmit money from your desktop with email notification when your transaction has been sent. Funds debited and payee credited same day.

Electronic payments and collections. Transfer money quickly and securely with an electronic funds transfer (EFT) that provides real time notifications. ACH, an EFT system run by the National Automated Clearing House Association (NACHA), allows for secure vendor payments, pre-authorized debits and direct deposit.

Direct payroll deposit. Save time and resources. Direct payroll deposit allows you to directly disburse net pay to employee accounts at any bank.

Direct debit. Don’t wait for customers to mail checks or come in to pay with cash. Sign them up for recurring automatic payments.

Vendor payments. There’s no need to pay invoices upon receipt. Schedule payment for two days before the due date so you can earn interest until then.

Merchant processing. Improve service by offering customers payment options other than cash and check. Quickly and easily collect payments by accepting common brands of debit, credit and gift or stored-value cards.

Positive pay. Positive pay prevents check fraud by verifying that deposited checks match company-issued checks and alerting you of all mismatches. You receive an email when a mismatch occurs, allowing you to either pay or return the check.

Escrow management. Escrow management services are designed for escrow agents. They are well suited for attorneys, real estate and title companies, property managers, funeral homes and accountants.

Cash concentration. Streamline your cash management system by consolidating funds into a single master account. Since you won’t have to meet the balance requirements on multiple accounts, you may reduce your cash reserve needs. Plus, you can easily determine if you have excess funds to move into an interest-bearing account until you need them.

Sweep account. Manage cash flow and earn money on balances. Automatically “sweep” funds exceeding a predetermined balance into an investment account. Then automatically “sweep” them back into checking when balances drop below a predetermined minimum.

Zero balance account. Eliminate the need to track and fund individual disbursement accounts, maximize investment potential and remove the risk of overdraft. A zero balance account receives only enough funds from the concentration account to cover checks presented each day.

Choosing the right cash management products and services may be one of the most important decisions you make as the owner of an SMB. To ensure you’re implementing the best cash management strategy for your business, contact your banker.

For more information on Revere Bank’s cash management products and services, contact Ray Rohde, Vice President, at 240.264.5375 or Ray.Rohde@RevereBank.com.

Revere Bank Employees Support Best Buddies Friendship Walk - May 18, 2015

Laurel, Md. (May 18, 2015) – Revere Bank employees helped raise more than $3,880 for the May 2 Best Buddies Friendship Walk. Best Buddies is a nonprofit organization that creates one-on-one friendship and employment opportunities for those with intellectual and developmental disabilities. Close to 1,100 walkers, including 20 Revere Bank employees, participated in the May event, which raised more than $239,000 for Best Buddies. The Friendship Walk has raised more than $5 million for Best Buddies since 2009. For more information, visit www.bestbuddiesmaryland.org.

Revere Bank Best Buddies

Recent Posts

  • Revere Bank Sponsors America East Conference for SBA Lenders
  • Elder Financial Abuse: What it is and How to Protect your Loved Ones
  • Revere Bank Sponsors Free Shredding Day Event on July 25 at Behnke Nurseries in Beltsville
  • Mobile Banking: You Don’t Have to Give Up Safety for Convenience
  • Partnerships That Matter: Banking on Healthy Pets with Rocky Gorge Animal Hospital
  • Questions? Contact Us!

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