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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.

You receive a text message with a job offer that pays hundreds of dollars a day for doing remote work. It might sound tempting, but here’s the catch: they ask you to text them your Social Security number. Don’t share it. It’s a scam.

Scammers send texts and emails and communication thru the WhatsApp pretending to offer remote jobs for positions like online data specialists. They promise they’ll pay up to $600 a day, but the company hiring is a total mystery. The text only says the job’s age requirement and asks for a valid Social Security number. Before you act, know this: not only is the job not legit, but if you send your information, the scammer can use it to steal your identity and create serious problems for you.

Here’s advice to help you deal with unexpected texts that could lead to job scams:

• 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. Scammers usually promise big rewards for little work, but don’t give a lot of information. 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 unwanted texts so you don’t hear from scammers in the first place.

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.

Did you give personal or financial information for a job that turned out to be a scam? Go to IdentityTheft.gov to report it and get a recovery plan.

Did you know that Bath State Bank offers various types of Visa credit cards? Whether you are looking for cash rewards or points, our adult, secured card (for those fixing credit), young adult, business, community or farm credit cards might fit your needs. Choosing the right credit card is easier than ever.

Whether you want to pay down balances faster, maximize cash back, earn rewards or begin building your credit history, we have the ideal card for you! No matter which card you choose, you'll enjoy important features like:

• Convenient and Flexible Purchasing Power.
• Accepted at millions of locations worldwide
• Mobile purchasing capability for added convenience
• Zero Fraud Liability.* You won’t be liable for fraudulent purchases
• when your card is lost or stolen
• Cardmember Service available 24 hours a day/365 days per year
• Plus much more

Bath State Bank partners with Elan to offer VISA options. APPLY today or LEARN more about our options.

Card ownership and credit limit amount are subject to credit approval by Elan Financial Services.

Bath State Bank will conduct a core system update on Sat., Sept. 7th from Noon until at least 4 p.m. Our system, including online banking/Bank by Mouse, mobile deposit and bill pay, will be out of service temporarily for the core update. We are sorry for any inconvenience.

SCAM ALERT!

Bath State Bank is reporting a TEXT SCAM happening this morning that customers and noncustomers are receiving. Please do NOT click on any text link. Please do NOT call the number. 

Our staff will NOT text you regarding your account. If you receive a text message, please delete it. You know our staff. You know our phone number. Check your statement, newsletter or phonebook if you don't have our number.

In addition, phone numbers can be spoofed. We will NEVER ask you for your personal information. When in doubt, hang up and call our number. Do NOT push redial on your phone.

How to Avoid A Scam!

• Don’t click on links in unexpected emails or text messages. Scammers send emails and text messages that look like they’re from your bank or a government agency, but are designed to steal your money and your personal information. Don’t click on any link, and don’t pass it on to others. Simply delete the message.

• Don’t trust your caller ID. Your caller ID might show the government agency’s real phone number or even say “Social Security Administration,” for example. But Caller ID can be faked. It could be anyone calling from anywhere in the world. Even Bath State Bank’s phone number can be spoofed. When in doubt, HANG UP and call the number you know listed on your statement, our web site or in the phone book.

• Don’t give your financial or other personal information to someone who calls, texts or emails and says they’re with your bank or a government agency. If you think a call or message could be real, stop. Hang up the phone and call directly to a number you know is correct.

• Don’t wire money, send cash or use gift cards or cryptocurrency to pay someone who says they’re with the government. Scammers ask you to pay these ways because it’s hard to track that money, and almost impossible to get it back. They’ll take your money and disappear.

Bath State Bank will be closed on Monday, September 2nd in observance of Labor Day. We celebrate our nation’s strength – the American worker. Thank you to all laborers – both past and present -- who helped build our country.

As always, Bath State Bank’s online banking center and auto phone teller are available 24/7 for your account needs. Thank you for your business.