‘Financial Help’ Archives
How to Spot a Financial Scam Before It’s Too Late
By AMANDA THEISEN, Communications Manager for Sunrise Banks Financial scams come in many forms—phony sweepstakes, emails pretending to be from banks, or urgent messages from “loved ones” asking for money. These schemes are common but usually contain clear warning signs. From suspicious grammar to odd requests, something often feels “off.”“Customers often come to us with questions about whether or not a financial request or message is legitimate,” says Sandra Rodriguez, a branch manager at Sunrise Banks. “By listening, being patient and asking a few open-ended questions, we can help them slow down and identify those red flags.”If you receive a suspicious financial message, keep the following tips in mind: Look for Small InconsistenciesScammers are often careless. A bank based in Minnesota—like Sunrise Banks—will typically have a local area code, such as 651. If you get a message from someone claiming to be from the bank but using an out-of-state phone [...]
Using a HELOC as a Financial Tool
By NICOLE ROTHSTEIN, a contributing writer for Sunrise Banks. Your home, often your largest investment, can also serve as a valuable financial tool. A Home Equity Line of Credit (HELOC) allows you to borrow against your home’s equity—typically up to 85%—based on your credit history. Equity is calculated by subtracting what you owe on your mortgage from your home’s value. HELOCs are commonly used for significant expenses like renovations, buying a second home, launching a business, education costs, or debt consolidation. Jean Chalifoux Kiely, Executive Vice President and Director of Consumer Banking at Sunrise Banks, shared insights on how HELOCs work and how they compare to home equity loans. HELOC vs. Home Equity LoanA HELOC offers a revolving line of credit you can draw from as needed, much like a credit card. It has a variable interest rate often tied to the prime rate, so your payments can fluctuate. In contrast, a home equity loan provides a lump sum with a [...]
The Link Between Financial Stress and Mental Health
By AMANDA THEISEN , Communications Manager for Sunrise Banks. Financial stress can come in many ways -- unexpected car repairs, a job loss, foreclosure or a life-changing illness. Regardless of your current financial status, a sudden strain on your finances can have long-term impacts on both your physical and mental health.With Mental Health Awareness Month in May, this is a good opportunity to look at how financial strain can affect your health and the steps you can take to address both the symptoms and the root causes. What is Financial Strain?According to the Centers for Disease Control and Prevention, financial strain happens when a person or family’s spending (both discretionary and nondiscretionary) starts to exceed their income to a degree that psychologically threatens their relationships and self-esteem. It can refer to your current well-being or look further into your future. Unlike poverty, which objectively measures a person’s lack of basic needs, people at all [...]
