Join us at a Retirement Open House as we recognize American Federal Personal Banker Mary Schow.

Customers and the public are invited to the Open House set for 10 am – 3 pm on Thursday, February 27, at the Fosston Sales Office of American Federal Bank. Cake and refreshments will be served.

Mary is retiring after nearly 24 years at American Federal Bank.

Mary joined the Fosston Sales Office a year after American Federal acquired TCF’s branch office in Fosston. She began her career at American Federal as a Personal Banking Representative, became securities licensed and a Financial Advisor, was promoted to Personal Banker and named Assistant Vice President.

Named Top Sales Star

Mary has earned a number of sales performance and recognition awards during her tenure at American Federal. She achieved “Ace Sales Star” status and was named to the American Federal “Sales Star Hall of Fame.”  She earned her way to seven Sales Star Retreats, the bank’s premier recognition event, and was named a Top Retail Sales Star.  Mary has also earned 11 Brand Recognition awards.

Before joining American Federal, Mary worked for Honeywell in Minneapolis, and then joined the Farm Service Agency in McIntosh, where she was employed for 15 years. She is a native of McIntosh, and a graduate of McIntosh-Winger High School.

Mary and her spouse, Dan, raise small grains and row crops on a farm near McIntosh. The Schows have four children and seven grandchildren.

Tax identity thieves and IRS imposters are ready for tax season. Learn how to protect yourself, and what to do, if you or someone you know runs into problems.

Tax identity theft happens when someone uses your Social Security number (SSN) to file a phony tax return and collect your refund. You may not find out it has happened until you try to file your real tax return and the IRS rejects it as a duplicate filing.

IRS imposters are scammers who pretend they are calling from the IRS. They claim you owe taxes and demand that you pay right now, usually with a gift card or prepaid debit card. They threaten you will be arrested or face other bad consequences, if you do not pay. However, it is all a lie.  If you send the money, it is gone.

To start fighting tax identity theft right away, remember:

• Protect your SSN throughout the year. Do not give it out unless there is a good reason and you are absolutely sure who you are giving it to.
• File your tax return as early in the tax season as you can.
• Use a secure internet connection, if you file electronically, or mail your tax return directly from the post office.
• Research a tax preparer thoroughly before you hand over personal information.
• Check your credit report at least once a year for free at annualcreditreport.com. Make sure no one has opened a new account in your name.

Check out the Federal Trade Commission’s “IRS Imposter Scams” infographic.

American Federal Bank in Crookston is celebrating “Giving Hearts Day 2020” in a big way.

American Federal has donated its first installment in a series of cash gifts over five years to the RiverView Foundation’s Capital Campaign for the health care facility’s hospital and clinic replacement building project set for completion this fall.

“In 2019, Giving Hearts Day launched RiverView’s $2-million capital campaign to support a meditation room, inpatient unit patient rooms, labor and delivery rooms, and family suites in a new 80,000-square-foot building,” said Bill Anderson, Crookston Market President, American Federal Bank.  “American Federal’s donation is a great kick off to “Giving Hearts Day 2020.”

Giving Hearts Day is February 13

Giving Hearts Day, celebrated this year on Thursday, February 13, is a 24-hour give-a-thon for non-profits like the RiverView Foundation. Each year, Giving Hearts Day provides a platform for local charities to fund their missions through an ever-increasing community of donors, many of whom get to experience the joy of giving for the first time.

American Federal employees in Crookston joined Kent Bruun, Director of the RiverView Health Foundation, for a photo after presenting the Foundation with a check earmarked for the capital campaign. In the photo, from left, are Ag and Business Banker Kyle Page, Senior Associate Stephanie Overgaard, Associate Banker Brooke Hassel, Associate Nancy Vakoch, Market President Bill Anderson, Bruun, Associate Banker and Associate Manager Dan Erdman, Associate Stacy Montalvo, Ag and Business Banker Taylor Sannes and Associate Jenessa Kelley.

Photo by RiverView

“Ag Day 2020” with guest speakers of special interest to farm owners and operators is taking place in Fargo.

Hosted by American Federal Bank, the “Ag Day 2020 Program” is set for:

• Thursday, February 6 – Hilton Garden Inn, Fargo, North Dakota

Scheduled Speakers

Registration check-in with coffee kicks off events at 9:30 am, following by guest presenters, beginning at 10 am:

• Ed Usset – Grain Marketing Specialist, Center for Farm Financial Management, University of Minnesota
• Tommy Grisafi – Commodity Risk Management Advisor, Advance Trading
• Luke Swenson – Investment Services Managing Partner, Bushel

American Federal will serve a complimentary lunch at the event.

The afternoon program will conclude with a 4 pm social.

To Register

Registration is required for the Fargo program.

• To register by Monday, February 3 for the Fargo Ag Day 2020, contact your local American Federal Banker in Fargo, Moorhead or Wahpeton or go online to amfedagday.eventbrite.com.

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (know as the SECURE Act) was signed into law. Though the Act covers a lot of ground, it contains provisions intended to give older Americans more options to help keep them from outliving their assets.

One of the major components of the Act is raising the age for required minimum distributions from 70.5 to 72. Along with this, another important change is that the traditional IRA maximum contribution age limit has been removed, which allows people to continue making contributions after age 70.5.

Together, these two changes essentially allow individuals the choice to defer taking distributions for an additional 18 months, and grants them the ability to continue saving. As life expectancies have gradually increased and many people wind up working later into life, these changes should give people more flexibility.

As with any financial regulation changes, you need to know and understand how they can impact you as you plan for and head into retirement. It’s a good time to ask yourself:

– If you plan to continue saving, have you budgeted for these additonal contributions?

– Are you aware of the tax implications of both options – continuing to contribute vs. taking distributions?

– Have you conducted a recent review of your portfolio with these changes in mind to ensure you are still on-target?

Talk to your American Federal Banker for further details about the SECURE Act. They can help determine what it means for you, and how you can use it to plan for now and the future.

 

One of the biggest concerns first-time homebuyers often face is the question of a down payment. For many people, the down payment on a home is the largest single payment they will ever make.

The American Bankers Association offers these tips for help on saving for a down payment:

Establish a separate savings account.

Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.

Shop around to reduce major monthly expenses.

It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.

Monitor your spending.

With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.

Celebrate savings milestones.

Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. If you need to save $30,000 total, consider treating yourself to a nice meal every $5,000 saved. This will help you stay motivated throughout the process.

Let American Federal Help!

American Federal Bank offers qualifying first-time homebuyers a variety of options, including down payments as low as 3%. We also offer fully forgivable down payment assistance of up to $5000 for those who qualify through the FHLB down payment assistance program.

An American Federal Banker can identify the best options and help you through the process of financing a new home. Our skilled and knowledgeable Bankers will help you determine the financial solution that best fits your goals. We are here to help you on your way to turning your dream of home ownership into reality!

Equal Housing Lender
NMLS #457211

Jacquelyn (Jackie) Marquardt has been named Associate Banker at the Fergus Falls Sales Office of American Federal Bank.

Jackie has been a securities-licensed Financial Advisor at a brokerage firm in Fargo, North Dakota.

Previously, she worked as a Student Success Specialist and as an Administrative Assistant at North Dakota State College of Science in Wahpeton, a Finance Specialist at Butler Machinery Company in Fargo, and a Customer Service Representative and Teller at a bank in Fargo.

Jackie earned a Bachelor of Science Degree in Finance with a minor in Women’s Studies from Minnesota State University Moorhead, and a Master’s of Business Administration from the University of Mary in Bismarck, North Dakota.

 

From the top to the ground floor, in the warehouse or the sales office, American Federal Business Bankers get to know your business.

Our Bankers take the time to understand your current operation and your long-term goals.

They know the region’s economy and its industries, since they live and work here, and the opportunities and challenges owners can face as they build their business.

Our business clients tell us they value their strong business relationship with their local American Federal Banker – a trusted advisor they know and can trust.

Using their knowledge, experience and expertise, American Federal Business Bankers help their clients evaluate their options and find the best solutions to achieve their goals whether it is expansion, planning for future operating needs or the right products and services to support and help protect their business. See how we can help you achieve your business goals.

American Federal Business Bankers. The best in town.

A home remodeling project doesn’t have to turn your holiday season upside down. With planning, you can be ready to host family and friends for the holidays.

Before you put hammers and saws to work, consider these tips:

Set a realistic schedule. A good plan with a realistic timeline helps ensure that you and your contractor are on the same page and can track progress.   If it is a large-scale remodel, the project can stretch into several months.

Set priorities. Whatever the reason for your remodel, prioritize all of your goals and consider the cost versus value of each.

Start small. Projects in time for holiday entertaining may need to be limited to one or two or executed in phases.  For example, instead of a complete remodel of a kitchen, consider a smaller project like installing a new island, countertop or new appliances.

Create a budget. A home renovation budget is key to your project’s success. It will help you make better decisions on finishes, furnishings, appliances and other renovation features, and can improve communication with a contractor or vendors.

Determine how you will finance the remodel. You will want to figure out what it is you really need versus what you want.  Next, you will determine how you will finance the renovation.  Finally, you will determine where the money for the renovation will come from.  Do you have enough money in cash or savings, or should you finance the project?  Should you use a home equity loan or line of credit, where a homeowner can borrow money against the equity in their home, or, if the project is small, should you use a credit card to finance the renovation?  Will there be a gift of money from a family member to help?  Borrowing from your 401(k) should be avoided so you do not derail your retirement plans.

Good planning before you start and a trusted financial advisor from American Federal will help you consider all of your options when it comes to financing a home remodeling project.

Budget for the unexpected. Many renovations end up costing more than originally thought, so be sure to have a money cushion set aside in case of emergencies. This is especially true if you plan to tear down walls and make structural changes which can bring unexpected surprises, like mold damage or electrical or plumbing issues, which can add to the final cost of the project.

Assess the investment. If you are planning to move within a few years, remodeling may not offer a great return on investment.  One hundred dollars spent on a renovation does not necessarily translate into 100 dollars in added home value.

Engage a quality-focused contractor. Consider someone who is willing to provide references that can attest to the type of workmanship and timeliness they experienced.

Obtain bids from at least three contractors. It is not uncommon for bids to differ wildly.  The total cost of a job should include materials, supplies, labor and permits.

Where and how will materials be stored? You don’t want the tools and materials for remodeling to be part of your holiday decorations.  Not only can they take up space and be unsightly for guests, they can be a safety hazard, especially if stored improperly.  Your remodeling plan should identify space in your home or garage where construction materials can be stored, covered, and out of reach of children.

Carefully managing your renovation from start to finish will help you complete your remodeling project in time for the holidays.

NMLS# 457211

 

Farm producers in our region are facing a challenging harvest this year — wet, muddy and rut-filled fields from unseasonably early snow and lots of rain, making it a herculean effort to lift beets out of the ground and get crops off the field.

Spring planting was tough, too, with late starts from cold, wet conditions which created unprecedented delays in crop development in many areas.

Through it all, our farmers are persisting with their dedication and resolve to bring in the harvest and help feed the world’s population.

We salute and thank our farmers, their families and the hired hands, neighbors, American Federal employees and other volunteers who are helping get the job done.

The next time you meet a farmer, shake their hand or tip your cap to thank them for everything they do for our region’s economy and our local communities. Salute their hard work and true grit.

Caution on Rural Roads

With this long, memorable harvest, farmers are creative in their approach to getting their crop out. With a shortened window, it can require changing heads, moving augers, revisiting the same fields and relocating machinery several times.

Accidents can happen when harvest conditions are stressful and long hours create fatigue.

Help keep our farmers and friends safe. Slow down, look twice and concentrate when you approach or pass a farm vehicle on the road. Roads are slippery with mud and harvest debris. A little extra caution pays off for everyone at harvest.