Rising Rates Impact on Housing

US ECONOMYThe big discussion in and around banks recently has been all about the future movement of interest rates.   Ok, truth be known, that’s been the discussion in and around banks since the beginning of time!  Today, let’s zero in on the recent appearance of rising mortgage rates.

We know interest rates will eventually change. Based on where they are today…the next change will be upward.  Then what?

The million dollar question(s)…

  • Will the economy falter if (and when) this happens?
  • Will the housing market collapse if this happens?
  • Another stock market crash?

All good questions…but let’s just look at housing and mortgage rates.  HERE (and below) is Freddie Mac’s Deputy Chief Economist on the topic!

refi 101cropped-fb-pic.jpg

Posted in Banking - General, Home Loans, Interest Rates, Real Estate Loan, US Economy | Tagged , , , , , , | Leave a comment

2015 Mortgage Interest Rate Outlook…

Have you purchased or refinanced a home in the last few years?  If so, you’ve benefited from some of the most attractive long-term mortgage rates we’ve seen in many years!

The good news is that you still have time to obtain great long-term mortgage rates for (certainly) 2015.  While there is no guaranty of what long-term mortgage rates will do going forward…this FreddieMac Deputy Chief Economist provides a good estimate of where rates might end up for the remainder of the year.

We invite you to stop by any Bank of Commerce office and let us help you determine if a refinance is right for you!

Bank of Commerce!

Posted in Real Estate Loan, US Economy | Tagged , , , , , , , , | Leave a comment

DEBIT CARD FRAUD

Photo Dec 29, 2 41 30 PMBank of Commerce has recently experienced an increase in debit card fraud reports and we have been in contact with other financial institutions in Canadian County regarding this uptick.  At this time It appears the occurrences may have originated through the use of  skimmers on “pay at the pump terminals” in and around central Canadian County.

Please remember it is critical to monitor your account activity daily either online using internet banking (LOGIN here) or via our iphone/android Bank of Commerce app.  You can find the login screen and links for either app on our website.

If you ever sense something is wrong with your account or if your debit card has been comprised, lost or stolen – IMMEDIATELY CONTACT YOUR BANK.  Time is of the essence.

Read this article on “11 ways to protect against debit card fraud” and review other valuable information about protecting yourself on our website.

A great tool to sign up for is Bank of Commerce MOBILE TEXT ALERTS!  Mobile Text alerts are useful in that they send a text message to your mobile phone each time the linked debit card / account  is used to purchase an item.  You’ll know very quickly when your debit card is used.

Call or come by one of our Bank of Commerce offices today and let us help you avoid debit card fraud!

Happy New Year from BOC!

Posted in Bank Technology, Debit Card Fraud, Financial Education, ID Theft, Internet Banking | Tagged , , , , , , , , | 1 Comment

Web Browser Security Update

Time to update your browser!A change is coming to your browser (Explorer, Firefox, Chrome, etc) and your ability to connect with secure websites (using “SSL“) in the very near future that you need to be aware of.  We anticipate this will be a non-event for most everyone since all financial institutions and other retailers that utilize a secure connection to process transactions will be impacted and they will take steps to inform and make changes too. Nonetheless, we wanted to inform you.

Starting as early as December 1, 2014 you will need to verify you are using the latest version of your browser, regardless of which one you use. Technical departments around the country have determined there is a slight vulnerability in the browsers we use daily and they are choosing to disable the ability to use older versions.  We are urging all Bank of Commerce customers to verify their browser now and update if necessary.

The fix is very easy and can be completed in a few easy steps. 1) Verify browser version, 2) if you need to update, follow their instructions.

1) Verify you are using the most recent version of the browser. Use the link below on the picture to verify you are using the most recent version. If you are using the most recent version, you are current and can stop at #1. If not, proceed to #2.

Browser verify2) Follow the instructions on the browsers verification page to update your browser if necessary. If you are not up to date with the most recent version of your browser, the browser link you select will provide you with the necessary steps to do so. Remember, only click to upload the same browser you are currently using.

If you have specific questions regarding browser updates and technical online banking questions, please contact our Internet Banking Help Desk at (855) 870-5064. You can also email Bank of Commerce HERE.

Helpful Browser Update Links:
Internet Explorer (Microsoft)
Firefox
Google Chrome
Verify Your Browser HERE

Posted in Bank Technology, Banking - General, Financial Education, Internet Banking, Online Banking | Tagged , , , , , , | Leave a comment

Help Local Kids This Christmas!

Santas Toy ShoppeInterested in helping kids in Canadian County this Christmas??

There are lots of ways to help people out during the upcoming holidays and one great option is Santa’s Toy Shoppe in Canadian County.

All Bank of Commerce offices are drop-off locations for Santa’s Toy Shoppe and if you’d like to help we’d love to see you in the bank soon!

Join our employees in providing many children in Canadian County a Merry Christmas by donating to this good cause.

How can you help?
Bring an unwrapped toy for children ages 0-15 to any of our four branches until December 10th. We will make sure your donation is delivered to Santa’s Toy Shoppe and brightens a child’s Christmas this year!

If you have questions please feel free to stop by or contact us HERE and let us know how we can help!  We will be sharing other causes that can use your support this Thanksgiving and Christmas season in the near future.

#bocisthankful4u

Posted in Community | Tagged , | Leave a comment

BOC ALERT

Bank of Commerce was alerted earlier today by our debit card processor of a data breach this weekend at a retailer in our area. This information breach involved a small number of debit cardholders all of which are in the process of being (or have already been) contacted.

We have disengaged all point of sale activity and replacement cards have been ordered for those affected.

Should you ever see unusual activity on your accounts at Bank of Commerce, please do not hesitate to contact us directly. We apologize for any inconvenience.

Thank you and have a good evening.

Posted in Bank Technology, Banking - General | Tagged , , | Leave a comment

“LIFT OFF” or “On Empty”?

US ECONOMYWe just reviewed an email from Zillow.com with the headline…

“Slowdown in Home Value Appreciation Expected to Continue in 2015″. 

Indications are that a “slowdown” in this sector of the economy equates to a more normal level of home value appreciation and they say this is a good thing.  Or…is it?

The word “slowdown” sure doesn’t evoke confidence.  Then again, none of us desire to experience another real estate bubble like we did a few a years ago.

Below is the current US Economic & Housing Market Outlook report from Freddie Mac.  Chief Economist Frank spells out a few important areas to consider when evaluating how the US economy is doing and is expected to do in the near future.  He focuses on (1) labor recovery, (2) income growth, (3) fixed investment spending and (4) trust and confidence in the economic recovery continuing.

A few questions to consider:
Is your home value better or worse than it was 2 years ago?
Do you think the economy is improving nationally? How about in Oklahoma?

We have been fortunate in Oklahoma with low unemployment and great income growth and Bank of Commerce is proud to be part of Canadian County, the fastest growing county in Oklahoma.

Stop by and visit a Bank of Commerce office near you and see how great it is to do business with a locally owned and operated bank.  We live, work and play here!

Posted in Banking - General, Community, Real Estate Loan, US Economy | Tagged , , , , , , , , | Leave a comment