in this issuehow to remove coffee stains from your life tips and tricks for removing coffee stains...

Volume Issue • September 2017

In This Issue:

Recycling RecapIf You Like Us,Review Us!What is a Home Equity Loan?Check out this loan option that might be available to you

Electronic Payments Just Got Faster5 Finance Lessons to Teach Your Kids Before CollegeMoney lessons kids need to know before heading off to college

How to Remove Coffee Stains from Your LifeTips and tricks for removing coffee stains from problem surfaces

Recycling Recap

Thank you for all your help making our Recycling Event a success!

Evergreen Bank Group offered the community the opportunity to safely shred old confidential papersand recycle unused electronic equipment last month. Many of you were able to bring in boxes of oldpaper to shred and tons (literally) of old laptops, keyboards, phones and more. All of your work helpedmake our environment a better place, so we want to say THANK YOU!

Citadel, the recycling company who partnered with us for the event, reported on your efforts. Thedollar amounts represent your contributions to the natural resources saved by not adding to landfillsand not cutting down new trees. Overall, 5.56 tons (11,120 pounds) of material was collected andprocessed!

How did that help our environment? See the entire list of savings HERE.

Evergreen Bank Group • 781-890-4700, x250 • http://www.evergreenbankgroup.com

If You Like Us,Review Us!

If you like us, Review Us!


What is a Home Equity Loan?Check out this loan option that might be available to you

Buying a home is typically the largest purchase that many Americans will make in their lifetimes—andmost won’t own their home outright for 15 to 30 years, depending on their mortgage term. As you payoff your mortgage month by month, the percentage of property that you own increases. This is called“equity,” which Investopedia.com defines in real estate as the difference between the market value ofthe home and how much is still owed to the mortgage lending institution.

When you need extra funds, it is possible to take out an equity loan against the value of your dwelling.

How much can you borrow?

When considering a home equityloan, it is important that youunderstand how much you canreasonably expect to borrow. Sincethe loan is based on the equity youhave in your home, the house andthe property’s fair market valuemust be determined first. WhileKimberly Dawn Neumann ofRealtor.com says that there is nospecial mathematical formula fordetermining fair market value, it isgenerally defined as the price yourhouse would fetch if it was sold.

A licensed appraiser will look atyour property and consider factorssuch as location, condition and sizeto quote a dollar amount. Once thefair market value is determined, the amount you still owe on your home is subtracted to determinehow much equity you have. Investopedia.com explains that your lender will typically let you borrowbetween 80 and 90 percent of your home’s equity depending on your credit history.

What is a home equity loan used for?

If you are looking to borrow against the equity in your home, chances are that you need assistance inmaking another big purchase. Hal M. Bundrick, CFP, a NerdWallet.com columnist, certified financialplanner and investment specialist, takes a harder stance and advises that you should only tap into theequity of your home for one of two reasons: the home needs significant repairs, such as a new airconditioner or water heater; or you want to upgrade your home in a way that increases its value.When it comes to the repairs or other maintenance expenses, those costs help to not only keep thevalue of your biggest investment stable, but could also increase its fair market value. Certainremodeling projects can do the same thing if the upgrades are chosen wisely for the appeal they willadd to your home if you were to sell it.

If you are seriously considering applying for a home equity loan, remember that this is a piece of yourhome being put up as collateral for a loan. Investopedia.com points out that these loans typically havereasonable interest rates and might initially seem like a good way to pay off other high-interest debt,like that accrued from credit cards. However, if your home equity loan goes bad, you could lose yourhouse quickly.

Before deciding whether or not a home equity loan is right for you, examine all of your options andconsider speaking to a financial advisor.


Electronic Payments Just Got Faster

As a customer of Evergreen Bank Group, we want to let you know a change in the financial industrythat may affect you.

Who does this change affect?Anyone who makes a payment online, receives direct deposits, or has business-to-businesspayments. The change affects all people and businesses that use ACH (Automated Clearing House)payments or writes a check that is converted to an ACH, including Evergreen Bank Group customers.

What’s the change?All ACH credits and debits are now eligible to be processed same day. This change, implemented byNACHA (National Automated Clearing House Association), becomes effective September 15, 2017,means that those payments that used to take longer might now process the same day.

How does it affect me?If you make an online payment to a business, it may now be processed faster – within the same day. If your employer uses electronic payroll or direct deposit, a paycheck into your checking account maynow be completed the same day. If you write a check to pay for groceries to a Jewel or a Walmart,these companies may convert your check into a same day ACH.

Examples of faster payments:

Same-day payrolls, supporting business’ needs to pay hourly workers, and providing flexibilityfor late and emergency payrolls and missed deadlines; and enabling employees to have fasteraccess to their pay in these cases;Business to-Business payments, enabling faster settlement of invoice payments betweentrading partners, and including remittance information with the payments;Expedited bill payments using both ACH credits and debits, enabling consumers to makeon-time bill payments on due dates, and providing faster crediting for late payments; and,Account-to-account transfers, providing faster crediting for consumers who move moneyamong various accounts they own.

What does this mean to me?When you make payments online, over the telephone, and in some cases, by paper check, you willwant to ensure funds are there immediately since processing may now be the same day. Float timesmay be greatly reduced or eliminated.

Quick Facts

Automated Clearing House (ACH) payments are electronic payments created when the usergives the okay for someone to debit their checking or savings account to pay a bill.The ACH Network is a processing system that batches payments – transactions areaccumulated and then batched for processing.The National Automated Clearing House Association (NACHA) is the steward of the ACHnetwork. NACHA rules used to require ACH credits to settle in one to two business days andACH debits to settle in one business day. The recent ACH change, which effects virtually allACH transactions, is meant to enhance the ACH network.

If you have any questions, feel free to call Evergreen Bank Group at (888) 505-2265.

5 Finance Lessons to Teach Your Kids BeforeCollegeMoney lessons kids need to know before heading off to college

If your kid is heading to college, congratulations to you both on this hard-won accomplishment andexciting new adventure. You are confident that your child is ready to tackle the academic and socialchallenges college brings, but are you confident that your child knows the financial lessons necessaryto start college off on the right financial foot and begin building a strong foundation for a successfulfinancial future?

Being away from home is a tremendous responsibility for kids, especially when it comes to managingmoney. With the following tips, your college-bound kid will start school with a financial head-start.

Establish a budget

Although you’ve probably recitedthat money does not grow on treesa million times, kids might not fullygrasp the importance of carefulmoney planning like a budget.

“They should understand thedifferences between income,expenses and savings and theconcept that expenses should notexceed income—otherwise, theywill accumulate debt and incurcostly interest,” says MarkAvallone, Forbes.com contributorand President of Potomac WealthAdvisors, LLC.

Be credit card savvy

The idea of handing over a creditcard to your college-bound kid or letting him open one up on his own, is sure to strike fear into yourheart. But, when used wisely, a credit card can actually attribute to your child’s financial future.

“In reality, the only way to build good credit is to use it, say by taking out a loan or opening a creditcard. Opening a basic card in college—assuming you pay it off in full each month—can help youqualify for better cards with higher rewards (think cash back and airline miles) post-graduation,”reports Time.com writer Susie Poppick. “And being a responsible credit card holder positively affectsyour credit score, a number that helps determine how good a deal you'll get if you take out a loan for acar or home later on in life.”

Safeguard your identity

Identity theft is not limited to a certain age or income, and teaching your kids how to protect theirfinancial identity is lesson they can apply their entire lives.

“It pays to get in the habit of guarding your Social Security number carefully, and only sharing it whenabsolutely necessary (that means not at the doctor’s office). The same goes for credit card andbanking information,” said Kimberly Palmer, U.S. News & World Report staff writer.

Poppick stresses the importance of locking all electronic devices with a fingerprint key or password.

“Remember that your email is likely full of identifying information. Likewise, try not to stay logged intosites or apps like Venmo or Paypal,” reports Poppick.

Understand banking mechanics

Bank accounts can be complex, so it’s vital that young adults understand the mechanics of accountand ATM fees, deadlines, maintaining a minimum balance, how to write and record a check, how toavoid overdrafts and how and when to use their debit cards, advises Avallone.

Start saving

Savings add up over time, so the sooner you teach your child to save—even if it’s only a small amountat a time—the faster they will build up a nest egg for unexpected emergencies or special trips. Nomatter your financial expertise, as a parent you can provide a good source of advice about saving andinvesting, according to Palmer.

Teaching your college-bound kids about money is one of the most important ways you can preparethem not only for college but also for life.


How to Remove Coffee Stains from Your LifeTips and tricks for removing coffee stains from problem surfaces

It’s inevitable—coffee stains everything. However, that doesn’t mean it’s impossible to get thosestains out. Depending on what material the coffee has been spilled on, there are a variety of tools youcan use to remove the stains. Here are a few commonly coffee-stained items and the best ways to getthose stains out.

Carpet

You make your morning coffee andwalk into the living room to watchthe news; on your way there, thedog jumps out in front of you andtrips you. The mug goes flying,spilling black coffee all over thebrand new carpet. Quick—grab abeer out of the fridge and pour asmall amount over the stain,according to Reader’s Digest. Let itsit for a minute, then use an oldtowel to soak it up. The coffee, andthe stain, should come right with it.You can repeat this process ifnecessary.

Dishes

If your beautiful wedding china hasbeen stained by your grandpa’s insistence on drinking his five cups of coffee black, reach for somebaking soda. Reader’s Digest suggests dipping a damp cloth in some baking soda and rubbing itdirectly on the dishes. The baking soda and water should combine into a thick paste for you to use asa kind of soap. Then simply rinse the dishes and put them away.

Car seats

According to Compare.com, the most important step in cleaning coffee stains out of your car is to actfast. The stain will become far more difficult to clean if it sets into the material. Use a towel, blanket orany other material that will absorb and blot until you’ve managed to soak up the liquid. Next, create amixture: one-third vinegar, two-thirds water and a small amount of dishwashing liquid. Gently rub themixture into the stain with a towel. Rinse the stain with plain water and blot up the rest of the liquid. Todry the area, Compare.com recommends using a blow dryer on a low setting.

Clothing

Did you spill coffee down the front of your dress shirt on the way to work? The Huffington Postrecommends using paper towels to soak up the stain. It’s important that you blot the shirt, not rub.Rubbing the stain will just make it worse. Once you’ve soaked up as much of the liquid as possible,use a stain removal pen on the spot. If you’re at home, let some stain remover soak on the shirt beforethrowing it in the washing machine for its designed cycle.

Furniture upholstery

The dreaded stain: upholstery. You can’t just throw the beautifully upholstered chair in the washing

machine, so what do you do? Stain Removal 101 recommends a combination of cold water anddishwashing liquid. After blotting the stain, mix two cups of cold water and one tablespoon ofdishwashing liquid and apply it to a sponge. Use the sponge to blot the stain until it disappears. Ifnecessary, you can repeat this process several times. Once the stain has been lifted, blot with plainwater to remove any soap residue; then blot with a new towel until the spot is dry.

There is no reason you should have to give up your morning coffee to avoid coffee stains. You cankick those stains to the curb without a second thought, no matter what material it made its way onto.


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