Tracy B (00:08):
Welcome to the Feeling is Mutual podcast. I'm your host Tracy Bedeker, Vice President of marketing at First Federal Savings Bank. We are a community bank with a mutual charter. If you thought banking was boring, the feeling is mutual. But we're here to take the boring out of banking. In this podcast, we will bring our listeners real life stories and education on financial topics and it's all going to be delivered in a quick, fun, and interesting format. And we are now on our series of adulting after graduation. We are on part two and we have such an exciting program for you guys and a little surprise guest with us. So our series is about adulting after graduation. As many of you may know. Last podcast we had Cris Baxter with our insurance department. And this podcast we have with us a very special guest and one of our very own employees who has been with us for so long. And I'll introduce the both of them to you. We have Jennifer Craig, who has been with us for how long now, Jennifer?

Jennifer C (01:29):
23 years.

Tracy B (01:30):
23 years. Oh my goodness. And as I'm sure all of our listeners are already aware of, we have quite a seasoned group of employees that work here. So Jennifer, why don't you tell us a little bit about yourself, what you do here at the bank and let us get to know you a little bit better. Okay.

Jennifer C (01:48):
Well I live in Ottawa with my husband and my three daughters, one of which is Miranda, who's here with us today. I have been with the bank since April of 2000. I have worked in several different departments, savings, marketing, training. I'm branch manager right now of the Ottawa locations. And also I oversee the Morris location. So I do travel around a little bit, but 90% of the time I'm in Ottawa.

Tracy B (02:11):
Wonderful. Well, I know you're a very recognizable employee with our customers and not to mention very knowledgeable. I know I'm always calling you about stuff, so I appreciate that. And we have Jennifer's daughter with us, Miranda. And Miranda, I know you're getting ready to move into that next chapter in adulting. So why don't you tell us a little bit about your life story and what's going on with you?

Miranda C (02:40):
I graduated from Ottawa High School in 2022 and I just completed a year at I V C C and tomorrow I move into I S U.

Tracy B (02:50):
How exciting are you? Like just so ready to break out of the nest?

Miranda C (02:54):
I am very excited <laugh> to finally have some more opportunities. There isn't really much for me to do here, but I'm nervous to leave the house. Oh well. And be all on my own.

Tracy B (03:05):
You know what, I think you are a testament to every young adult who goes off to college and mom, how are you feeling about this? 

Jennifer C (03:12):
I'm a little worried it's gonna be so quiet at home and I

Tracy B (03:15):
 Trust me. Jennifer, you'll get used to it.

Jennifer C (03:17):
 Miranda gives me all my fashion advice. So who am I gonna ask? It's all gonna be on Julia now.

Tracy B (03:21):
It's called FaceTime <laugh>. You can always FaceTime her, right, Miranda?

Miranda C (03:25):
Exactly.

Tracy B (03:26):
Okay. 'cause we know you're not gonna leave her high and dry <laugh>. So Miranda, well first of all, congratulations on going to college. We're very excited for you. And also you have a kind of a year of college under your belt already so you know what it takes to buckle down and study. So Jennifer, I know you are a wonderful advocate of banking and you have three daughters and you're on the retail banking side. So I am going to turn this next question over to Miranda and ask her, Miranda, what is the most important lesson your mom has taught you about money?

Miranda C (04:05):
The most important lesson she has taught me is definitely to open a savings account. I actually have three. Oh, I

Tracy B (04:12):
Think Good for you. How long have you had those? You probably started like when you were baptized or something. Yeah. And your mom probably opened you in account?

Miranda C (04:19):
Yes

Jennifer C (04:20):
As soon as we had her social security number, we opened one. 

Miranda C (04:22):
Yeah. And I frequently tell my friends to open savings accounts as well because it has honestly just helped me save more money instead of having everything in the checking account. Mm-hmm. <affirmative>, I'm more likely to spend it if it's available like that.

Tracy B (04:35):
 Exactly. I think when you have that cash, you're more likely to spend it.

Miranda C (04:39):
 Definitely.

Tracy B (04:40):
Than when it's like in a savings account. Mm-hmm. <affirmative> or something like that. And Jennifer, I know you're a big advocate of making sure your girls are very fiscally responsible.

Jennifer C (04:49):
Yes. And I like that I can control their debit cards if I need to.

Tracy B (04:53):
Okay. <laugh>, which we are going to get into that a little bit later. So Miranda, I know that you're getting ready to go to college. Are you in a dorm or apartment?

Miranda C (05:04):
It's an apartment that I share with four other girls.

Tracy B (05:07):
Oh, wonderful. Okay. So you're getting ready to leave. What kind of banking things did you need to get an order before you left?

Miranda C (05:14):
Earlier today I dropped off my last paycheck that I got from my job. And normally I have my mom do most of my banking, but with the app I can just go on there and control most of it myself now.

Tracy B (05:28):
Oh, that's wonderful. And where was your last paycheck from

Miranda C (05:32):
Subway. Oh, I worked there for over three years.

Tracy B (05:35):
I'm sure you probably have a nice little nest egg from all of your summer jobs and working during school. So Jennifer, um, I know as a mom you've probably seen this scenario many times over, not only with your children but probably with customers that you're helping. And with all of your experience in banking, what in your opinion is an experienced banker are some of your most important tips that our young adults need to know?

Jennifer C (06:02):
 Well, I would say start early with the student checking. I started my girls when they were like 14, 15 opened it showed them how to use the debit card when they got their first car, how to pay at the pumps so they know how to use that. We set up the fraud text alerts so that they get the text message if there's fraud on the account using the mobile app, mobile deposit. Mm-hmm <affirmative>, all the things that they need to know how to do. And then another thing with Miranda, since she's now past 18, she's in the lifestyle checking. So she will get some of the A T M fees waived when she's at school. So that will be helpful. She'll save a little bit of money, but just making them know that yeah, you can spend some money but save some money, put some in the savings, transfer some over. Miranda has accounts that she's nicknamed so she knows what she's saving for. And then she has certain funds that just go into that account. Right. So I mean that's, that's good too. And then when they get enough, maybe open a small CD just so they know how CDs work.

Tracy B (06:52):
Right. Now I know you mentioned a couple of different accounts. You said it's student checking account and then a lifestyle checking account. Yes. So just real basic and brief, what's the difference between those two?

Jennifer C (07:02):
Okay, so student account is age 14 to 17 with a parent or guardian on the account. Okay. The parent's name also goes on the debit card and then you can monitor the account. You're going to be able to kind of see how they're using it, what they're doing. You can set limits on the debit card through the app, through manage my card. So there's like a lot of things you can see and help them and make sure that they're just becoming independent. They're learning how to use, which is very important. And a banking account. Yeah.

Tracy B (07:30):
Which is what they need to do.

Jennifer C (07:31):
And then once they turn 18, it will automatically convert to a lifestyle account. So then Miranda gets extra benefits. Like she can use bill pay, you can do transfers. There's certain things that younger customers can't do from the online banking, but as they get older they get more rights to like doing transfers, doing bill pay, things like that.

Tracy B (07:51):
My daughter who is out of state, I still was on her account, is a primary. So when she was getting text alerts, we never converted her debit card back to her cell phone. Oh. So, and a lot of times I didn't know if it was fraudulent transaction or if she meant to visit that retail shop or wherever <laugh>. So I do think those things are important to remember when your child does kind of step into that independent stage, making sure that they're the ones getting the text alerts. Mm-hmm. <affirmative> and the messages and not mom and dad. Yes. So Jennifer, I don't know if you have any extra suggestions for that

Jennifer C (08:27):
Or another thing is the alerts. So you can, and

Tracy B (08:29):
What is that? If just, can you explain that a little bit

Jennifer C (08:33):
More? Yeah, so like you can say, I wanna be notified anytime there's a deposit or anytime there's a withdrawal or if my balance goes below $10, you can get a text alert. So that helps because then you know, oh my balance is getting really low. Mm-hmm. <affirmative>, I need to put some more money in there.

Tracy B (08:49):
And does that go to Miranda also, or to the both of you or

Jennifer C (08:53):
<laugh>? I, I will have to set it up for her 'cause we don't have that yet, but we will set it up today so she knows how to

Tracy B (08:58):
So she knows how to get,

Jennifer C (08:59):
Thats how to Yeah. I'll show you that later. Miranda

Tracy B (09:00):
Respond back <laugh>. So you still have a few things to do before you pack that trunk. 

Jennifer C (09:06):
We'll have to do that tonight. Yeah. <laugh>.

Tracy B (09:08):
So, Jennifer, I know like being in the banking industry, we always try to educate our customers in making sure they're looking at their accounts, looking at their statements, going on to online banking frequently. How important is that and what tips do you have to instill that in our customers? That they are also responsible for looking at their accounts and alerting the bank when some things may be compromised or not looking right. Mm-hmm.

Jennifer C (09:37):
<affirmative>, yes. Look at your account a couple times a week at least. I know some people do it every day or several times a day. Mm-hmm. <affirmative> I do a couple times a week. I still keep a register. I know a lot of people don't, but I keep a register so I know what is always in my account. It makes me more secure that way. I know Miranda checks her balance. She'll check her balance before she makes a purchase. Mm-hmm. <affirmative>, which is a great idea. Check it while you're in line at Target or just so you know that there's enough funds in there and if you need to transfer money over, I know we talked about overdraft protection the other day. Overdraft protection will sweep money over from your savings. So you need that and you forget to write something down or you forget that you have your Verizon bill coming outta your account on Friday and it overdraws you. It will just sweep money over. So that's something else we should look at. Miranda.

Tracy B (10:19):
Yes. That overdraft protection I think is so important. And Miranda, good for you for looking at your balance before you make a purchase. It does. Thank you. Have you already scoped out all the retail places that might look a little attractive to you? I don't think we talked about where are you going to school at?

Miranda C (10:33):
 I S U in Bloomington. I have been looking around to see what kind of shops they have there. I know they have a big target.

Tracy B (10:39):
They have a mall, so

Miranda C (10:40):
Oh nice. I'll be there.

Tracy B (10:42):
And of course, you know, I'm sure before you order food from DoorDash or something, making sure that your account is in good standing. So I don't think it will take you long to figure out all of your favorite places to frequent.

Miranda C (10:56):
Yeah, definitely not.

Tracy B (10:57):
So, anything else with being responsible with your accounts? Jen? I know you get a lot of calls every day from customers. Should we talk about fraud at all? What happens if maybe something goes awry and you're like, oh, I didn't make this purchase. What advice would you give to that person who sees something that's not right with their account? 

Jennifer C (11:18):
I would say contact the bank and we will help you. But first think of if it's a subscription, something you've signed up for and maybe there was a low introductory rate and now they're hitting you with a $90 charge, so mm-hmm <affirmative>, just be aware of that because that happens all the time. So just know what you're signing up for before you agreed to And those

Tracy B (11:34):
Do it. And those subscriptions all add up. They do. Like you think, especially on Apple, like when you're signing up for all those 2. 99 things. Yeah. They can all add up. So Miranda, I know you're getting ready to go and you're probably excited and getting ready to put all your stuff in the car and get out of here. Do you have any other tips for students that are in your situation or <laugh>?

Miranda C (12:01):
Something that I recommend people do is, honestly, I lose my card all the time and the first thing I always, so do I,

Tracy B (12:08):
Miranda

Miranda C (12:09):
<laugh>. Yeah. The first thing I always do is remember to turn my card off in the app because somebody's bound to find my wallet and I do not want them spending my money. So

Tracy B (12:20):
That is a solid tip. Mm-hmm. <affirmative>, that's a really solid tip, Jen, how do people turn off their card?

Jennifer C (12:27):
So you go into the app and you go to manage my cards and you can turn it off, turn it off, look for it, find it, turn it back on. But if you don't find it, keep it off. Contact us. We'll stop the card and we'll order you a new one. But yeah, that was a great tip. Miranda.

Tracy B (12:44):
Miranda. That was a very, very good tip. So Miranda and Jennifer, any other parting words for our young adults as they enter the next stage of their life? 

Jennifer C (12:55):
You can stop in and see us for a savings that only takes $10. Go Red Birds, right? <laugh>

Tracy B (13:00):
Go Red Birds. Yes. Right. And Miranda. Oh yeah.

(13:04):
Okay. All right. Well thank you so much Jennifer Miranda, it was so great visiting with the both of you this morning in Miranda. We wanna wish you the best as you get ready to go to college and I bet we will have you back to check in to see how everything's going. And Jennifer, thank you so much for all of your years of experience at the bank. And of course to our listeners, we want to make sure to tell our friends and family to tune into our Feeling is Mutual podcast. And you can find our podcast in our website under Community in Events. You can go right to our podcast or you can log in wherever you listen to your favorite podcast. Maybe it's Spotify, whatever, wherever you go. So again, thank you so much Jennifer and Miranda, and we look forward to visiting with all of you again as we enter our final podcast in adulting. And we will have another special guest for you. So everyone have a great day and we look forward to our next podcast. And thank you all for listening.