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Just a friendly reminder:

Bath State Bank will close at Noon on Dec. 24th, and will reopen on Dec. 26th during normal business hours. On behalf of our employees and our Board of Directors, Bath State Bank wishes you and your family a Happy Christmas. 

in addition, deadline for Bath State Bank’s “Close of Business” for the 2024 year will be at NOON on TUESDAY, December 31st. Business transactions after that will be applied to the 2025 year. We will close at Noon on the 31st, and will reopen on January 2nd, 2025. Thank you for your business throughout the year.

If you need a job, that text messaging offering a full- or part-time position you didn’t apply for might seem great. You might be thinking, why not check it out? Unfortunately, it’s likely a job scam.

Here’s how the scam might work. You get a text out of the blue from someone who says they’re a recruiter for a company. It might even look like the text is from a company you know. Either way, you didn’t apply for a job with that company. But the text asks you to reply with some personal or financial information or click a link. That’s probably a scam designed to steal your money or identity. Don’t click any links or respond to the text.

To avoid a job scam:

• Start your job search with sources you know are legit. 
• Don’t click on links or respond to unexpected texts. If you think the text could be legit, contact the company using a web site or phone number you know is real — not the information in the text.
• Do some research. Search online for the name of the company and words like “review,” “scam” or “complaint.” If you can’t find the company online, steer clear.
• Block unwanted texts. Scammers send texts designed to get your attention. Some phone settings and call-blocking apps let you block a number.

If you spot a text scam, tell the FTC at ReportFraud.ftc.gov and forward it to 7726 (SPAM), or use your phone’s report “junk” option to delete and report it.

As the holiday shopping season gets underway, the U.S. Treasury Department’s Office of Cybersecurity and Critical Infrastructure Protection issued an advisory with tips for consumers to protect themselves from scams and fraud.

Among other things, the advisory recommended that consumers buy only from reputable merchants; exercise caution when receiving unexpected calls or emails; monitor their credit card and financial statements; and use a credit card to pay for online purchases. It also cautioned consumers not to give out personal information or account information to anyone via phone.

Here are some quick tips to keep you and your pocketbook safe:

1. Buy only from reputable merchants.

2.  Stay informed of common scamming tactics, share your knowledge with others, and remain skeptical of unsolicited calls, emails and texts, especially those creating a sense of urgency.

3. Exercise caution when receiving unexpected phone calls and emails from your financial institutions, unsolicited texts and embedded links. Confirm the legitimacy of requests by directly contacting the requesting entity through official channels.

4. Practice safe online behavior. Be cautious about the information you share online. Avoid oversharing personal details on social media platforms.

5.  Don’t be pressured to purchase an item or pay for a service quickly. Take time to think, research, and talk to someone trusted. Fraud and phishing scams often capitalize on creating a sense of scarcity or fear of missing out. Legitimate businesses will give you time to decide.

6.  Regularly monitor your financial and card credit statements for unauthorized or suspicious transactions. Report any discrepancies to the credit card or financial institution immediately.

7. If an online deal looks too good to be true, it likely is. Be suspicious. Scammers often offer products at significantly reduced prices. If a luxury item or an electronic device is offered at an extreme discount, it’s likely counterfeit or will never be delivered.

8. Don’t give out personal or account information to anyone who calls.

9. Don’t rely on caller ID. Criminals can fake their identities and locations on phone calls.

10. Never pay someone who insists you pay via a gift card or using a money transfer service. Also, never deposit a check and then send money back to someone.

11. Use a credit card to pay for online purchases. As required by law, credit card companies provide a fraud liability guarantee which limits liability for unauthorized charges to $50 ($0 if the card was stolen and the card company is notified prior to purchases being made).

12. Enable Two-Factor Authentication (2FA.) Strengthen the security of your accounts with 2FA, making it harder for attackers to gain access.

13. Never allow permissions to an unknown app and use different passwords for each downloaded app.

Looking to make changes to your Medicare coverage? Now’s the time: Medicare’s Open Enrollment Period started October 15 and goes until December 7. But as you compare your coverage options, keep an eye out for scammers — they know about Open Enrollment, too.

Scammers often pretend to be from Medicare, or connected to Medicare, to try to steal your money or personal information. They might contact you and say they need your Medicare, bank account or credit card number for your “new” Medicare card. That’s a scam — Medicare sends its cards to you automatically for free.

Scammers might also say they need your Medicare number for a “medical equipment claim” you don’t remember making. That’s a scam, too. They want to file fake claims using your Medicare number.

Stay clear of these and other Medicare scams during Open Enrollment, and any other time:

1. Don’t give personal information to someone who contacts you unexpectedly and claims to be from Medicare. Medicare will never unexpectedly call, email, text, or message you on social media to ask for your Medicare, Social Security, or bank account numbers. They also won’t try to sell you anything or tell you to pay for your Medicare card. That’s always a scam.
2. Don’t trust your caller ID. Your caller ID might show Medicare’s name or phone number, but caller ID can be faked. It could be anyone calling from anywhere in the world.

If you think a call might be real, hang up and call 1-800-MEDICARE (1-800-633-4227) to check. – Federal Trade Commission Report

Did you turn 73 this year, or perhaps are much older? A required minimum distribution (RMD) is the minimum amount you must withdraw from your tax-deferred retirement accounts every year after a certain age. At some point in your life, you may have put money into tax-deferred retirement accounts, such as Individual Retirement Accounts and 401k workplace retirement accounts. 

The key word here is “tax-deferred.” You postponed taxes on your contributions and earnings; you didn’t eliminate them. Eventually, you must pay tax on your contributions and earnings. RMDs make sure that you do that. You must start taking RMDs by April 1 of the year after you turn 73. Let’s say you celebrated your 73rd birthday on July 4, 2024. You must take the RMD by April 1, 2025. You’ll have to take another RMD by Dec. 31, 2025 and by Dec. 31 each year after that. (For tax year 2022, the age for starting RMDs was 72.) This applies even if you are still employed.

Please note that taking two RMDs in one year can possibly increase your taxable income and put you in a higher tax bracket.
What type of retirement accounts require RMDs? Traditional IRAs, Simplified Employee Pension (SEP) IRAs, Savings Incentive Match Plan for Employees (SIMPLE) IRAs, 401(k)s, Nonprofit 403(b) plans, Government 457 plans, Profit-sharing plans and other defined contribution plans.
Roth IRAs are funded with after-tax contributions, and they don’t require RMDs until after the owner dies. 

Don’t skip an RMD. If you do not take any distributions, or if the distributions are not large enough, you may have to pay a 50 percent excise tax on the amount not distributed as required, according to the IRS.

Please consult your tax advisor for complete details. By law, investment companies are required to send an RMD notice by January 31 of each year.

As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure and free of charge. Learn more about beneficial ownership reporting at www.fincen.gov/boi.

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
• Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

What is FinCEN? The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Treasury Department. Its mission is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.

Who needs to file? A company may need to report beneficial ownership information to FinCEN if it is:

• a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
• a foreign company that was registered to do business in any U.S. state or Indian tribe by such a filing.

For more information about whether a company needs to file, visit fincen.gov/boi.

Looking for a career change? We’re hiring! Bath State Bank is currently seeking a full time Customer Service Representative at our Bath location.

The qualified individual in this position is required to: be reliable, be highly detail oriented, have willingness to learn and have friendly customer service skills. Previous banking experience is helpful, but not required. This position will work Monday through Friday, and an occasional Saturday morning until Noon.

Interested candidates for this customer service position may submit a resume before October 18, 2024, to: Human Resources, Bath State Bank, PO Box 10, Bath, Ind. 47010 or email humanresources@bathstatebank.com. Facebook Messenger messages not accepted.

Bath State Bank is an equal opportunity employer.