Don’t Just Open a Bank Account- FOCUS On the Right One

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Opening a bank account might seem like a simple task, like grabbing a coffee – quick and easy. But it’s a far more crucial step in managing your finances, more like choosing a place to live. Whether you’re sticking with F&M Bank in the Shenandoah Valley or checking out other local banks, don’t rush into it! Choosing the wrong account can lead to unexpected fees that chip away at your savings, limited access that makes managing your money a hassle, and a general sense of financial frustration.

In this post, we’ll introduce the FOCUS method – a simple acronym to help you navigate the process and find the perfect bank account!

What is FOCUS?

FOCUS is your guide to smart banking. It’s a handy way to remember the key elements and questions to ask when choosing a bank account. It stands for:

  • Financial (Needs and Goals)
  • Options (Benefits and Limitations)
  • Clarify (Fees and Costs)
  • Understanding (Future Needs)
  • Security (Security Measures)

Let’s break down each element of FOCUS and explore the key questions you should be asking, turning you from a passive account opener into an informed financial decision-maker.

Financial: Know Your Needs and Goals

Before you head to the nearest F&M Bank branch, take some time for some financial self-reflection. Ask yourself:

  • What are my short-term financial goals? Are you saving for a new phone? Just trying to manage your everyday expenses? Knowing your immediate needs will help you determine the type of account and features you require.
  • What are my long-term financial goals? Are you dreaming of a down payment on a house? Planning for retirement? Your long-term aspirations will influence the kind of banking relationship you need.
  • What type of account best suits my needs? Do you need a simple checking account for daily transactions? A high-yield savings account to grow your nest egg? A money market account for larger sums? Understanding the different types of accounts is essential.
  • How often do I plan to use my account? Are you a frequent debit card user? Do you prefer online banking? Knowing your usage habits will help you prioritize certain features.
  • What features are essential for me? Is online banking a must-have? Do you need mobile check deposit? Are you looking for a bank with a robust rewards program? Make a list of your must-haves.

Knowing your financial needs and goals is the foundation of smart banking. It allows you to choose an account that actively supports your financial journey, not one that hinders it.

Options: Explore Your Banking Options

Now that you’ve defined your needs, it’s time to explore the vast world of banking options. Don’t just settle for the first account you stumble upon! Compare the specific account types available and their benefits and limitations.

Benefits

For each account you consider, evaluate the benefits:

  • Interest Rates: How competitive is the interest rate? Is it fixed or variable? How often is it compounded?
  • Fees: Are there any monthly maintenance fees? How can they be waived? What are the fees for ATM usage, overdrafts, and other services?
  • Online and Mobile Banking: How user-friendly is the online and mobile platform? Does it offer features like bill pay, mobile check deposit, and budgeting tools?
  • ATM Access: How extensive is the bank’s ATM network? Are there fees for using out-of-network ATMs?
  • Rewards Programs: Does the account offer any rewards, such as cashback, points, or travel miles?
  • Overdraft Protection: What are the overdraft protection options? What are the associated fees?
  • Customer Service: How accessible and responsive is the bank’s customer service?
  • Other Perks: Does the account offer any other benefits, such as free checks, discounts on other financial products, or financial planning resources?

Limitations

Be aware of limitations for each account you’re considering:

  • Minimum Balance Requirements: Are there any minimum balance requirements to avoid fees or earn interest?
  • Transaction Limits: Are there limits on the number of monthly transactions you can make?
  • Withdrawal Restrictions: Are there any restrictions on how often you can withdraw money from the account?
  • Limited Features: Does the account lack any features that are important to you, such as online bill pay or mobile check deposit?
  • Fees: We’ve mentioned fees before, but it’s worth reiterating. Pay close attention to all potential fees!
  • Accessibility: Are the bank’s branches and ATMs conveniently located? Is customer service readily available?

Consider creating a simple comparison chart – a spreadsheet or even a handwritten table – to weigh the pros and cons of each account side-by-side. This will help you visualize the differences and make a more informed choice.

Clarify: Avoid Fee Surprises

Fees can be the silent killers of your financial well-being. Don’t make the mistake of assuming any account is “free.” Carefully investigate all potential fees. Ask about:

  • Monthly maintenance fees (and how to avoid them): Many accounts charge a monthly fee, but often there are ways to prevent it. Find out the requirements (e.g., minimum balance, direct deposit).
  • ATM fees (in-network and out-of-network): Using ATMs outside your bank’s network can be costly. Understand the fee structure and look for accounts with broad ATM access.
  • Overdraft fees (and overdraft protection options): Overdrafts can lead to hefty charges. Understand how overdraft protection works and what the associated fees are.
  • Transaction fees (e.g., wire transfers, stop payments): If you anticipate needing these services, be aware of the costs.
  • Inactivity fees: Some banks charge a fee for accounts that haven’t been used for a certain period.
  • Account closure fees: While you hopefully won’t be closing the account anytime soon, it’s good to know if there are any fees associated with doing so.

Understanding the fee structure is crucial to avoid unexpected charges and keep more of your hard-earned money in your pocket.

Understanding: Think Long term

Your financial needs are not static; they will evolve as you move through different life stages. Think about your future and consider the following:

  • Will my banking needs change in the next few years? Are you planning to get married? Buy a house? Start a family? These life events can significantly impact your financial needs.
  • Does the bank offer other financial products and services I might need in the future? Will you need a mortgage? A car loan? Investment accounts? Choosing a bank that offers a range of services can simplify your financial life down the road.
  • Will I need access to branches in different locations? If you anticipate moving or traveling frequently, consider a bank with a wide branch network or convenient online and mobile banking options.
  • Will I need international banking services? If you plan to live or work abroad, look for a bank that offers international transactions and ATM access.

Choosing a bank that can grow with you and adapt to your changing needs will save you time, hassle, and potentially money in the long run.

Security: Protecting Yourself

Protecting your money and personal information is non-negotiable. It’s like having a good security system for your house. Ask about the bank’s security measures:

  • Is the account FDIC insured? This is essential! FDIC insurance protects your deposits up to $250,000 per depositor, per insured bank.
  • What security measures are in place to protect my account from fraud and unauthorized access? Look for features like two-factor authentication, fraud alerts, encryption, and robust online security protocols.
  • What is the bank’s policy on data breaches? While no system is completely impenetrable, it’s important to understand how the bank will handle a data breach and protect your information.

Knowing your money is safe and your information is secure provides invaluable peace of mind and is a non-negotiable aspect of choosing a bank account.

FOCUS When Opening a Bank Account

By using the FOCUS method, you can transform the often-daunting task of opening a bank account into a strategic and informed decision. Remember to take your time, don’t be afraid to ask questions, and compare your options carefully.

At F&M Bank, we strive to offer banking products that meet your needs—wherever you are on your financial journey. Our Basic Checking Accounts provide a simple, free option for money management, with free online and mobile banking, free debit cards, free financial advisor consultations, and free e-statements. And when you’re ready to move on to a premium account, we have several options to choose from.

Stop by one at one of our locations in the Shenandoah Valley to learn more about our checking account choices, or open an account online today!

Introducing Financial Health Suite: Your All-in-One Money and Identity Protection Tool

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At F&M Bank, we believe in constantly evolving our products and services to better serve our customers and strengthen our community in the Shenandoah Valley. We’re more than just a place to store your money—we’re your trusted financial partner, always looking for ways to help you manage your finances with confidence and security. That’s why we’re excited to introduce Financial Health Suite, a powerful set of tools designed to help you monitor your credit score, protect your identity, and oversee your subscriptions—all from one convenient location.

What You Get with Financial Health Suite

Imagine having full control over your financial well-being without juggling multiple apps or services. With Financial Health Suite, you can now access these features directly through F&M Bank:

· Credit Score Monitoring – Keep an eye on your VantageScore® 3.0 and track changes over time to stay informed about your financial standing.

· Dark Web Monitoring – We scan thousands of suspected fraud websites for any signs of your personal information, including your name, address, email, and more.*

· Personal Information Monitoring – See how much of your private data has been exposed on Data Broker sites in real time, giving you greater insight into your online privacy.**

· Subscription Tracking – View the online subscriptions debited from your F&M account in one place so you know exactly where your money is going each month.

Designed for Your Financial Security and Convenience

We understand that managing your financial health is about more than just checking your balance. It’s about feeling secure, informed, and in control. We’ve made it easy and free to access these tools because we believe that financial wellness should be accessible to everyone, not just a select few.

Does your current bank offer these kinds of proactive oversight? If not, maybe it’s time to make the switch to a bank that prioritizes your financial health.

Getting Started is Easy

You can start using Financial Health Suite today by logging into your online banking or mobile app and scrolling to find the Financial Health card. In just a few taps, you’ll gain valuable insights into your credit, security, and subscriptions—all in one place.

We’re committed to bringing you the latest innovations in financial security and management, because at F&M Bank, your financial well-being is our priority.

* Dark Web monitoring consists of searching for up to 1 Social Security number, 10 driver’s licenses, up to 10 credit and debit cards, up to 10 bank accounts, 10 passports, up to 10 phone numbers, up to 10 email addresses, up to 10 physical addresses, and 10 medical IDs. We partner with Constella Intelligence, which searches thousands of internet sites where consumer information is suspected to be bought and sold. While new sites are regularly reviewed and added to the search, there is no guarantee that every site can be located, as some are unpublished and frequently change. Dark Web monitoring may take several days to begin and may not occur during your trial or access period.

** Data Broker site monitoring scans a select list of known data broker sites; however, we do not crawl all data broker sites, and the list of sites being scanned may change over time.

Celero Recognizes F&M Bank as East Coast Region Partner of the Year

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Celero Commerce is pleased to announce Farmers & Merchants (F&M) Bank in Virginia as the recipient of the East Coast Region Partner of the Year award at our inaugural Celero Partner Awards.

The company held our first Celero Partner Awards on Feb. 14 and recognized bank partners in the West, East, and Central regions. F&M Bank has demonstrated a strong and collaborative partnership with Celero over the past five years, making them an obvious choice for this prestigious award.

F&M Bank’s understanding of the value of merchant solutions and commitment to educating their team on Celero’s offerings have contributed to significant non-interest income growth. They consistently identify and pursue quality opportunities, increasing revenue for both organizations.

They enhance Celero’s market presence with co-created campaigns, internal employee recognition programs, and strategic integration of Celero’s sales team into bank-hosted events. Notably, they facilitated introductions between our Celero Account Executive and every branch within their network, strengthening our presence and credibility in the community as a trusted resource for merchant solutions.

“F&M Bank is honored to receive this recognition from Celero. Our partnership has allowed us to provide innovative merchant solutions that empower small businesses in our community. By working closely with Celero’s team, we’ve been able to enhance our offerings, drive growth, and support the entrepreneurial spirit that fuels our local economy. We look forward to building on this success and continuing to deliver meaningful solutions to our business customers” said John Sargent, Senior Vice President at F&M Bank.

“We have valued our partnership with Mike Wilkerson and the entire F&M VA team,” said Jacqueline Porthouse, Vice President of Merchant Sales, Financial Institution Channel at Celero. “Their community first approach to banking paired with their passion for Main Street America small and medium-sized businesses has created an ideal alignment with Celero. I have been welcomed into the F&M family with open arms and look forward to our relationship growing in the future to better support the Shenandoah Valley.”

F&M Bank’s dedication to growth, collaboration, and innovation has distinguished them as a leader within our financial institution partnership program. We are honored to recognize F&M Bank as our East Coast Region Partner of the Year and look forward to our continued collaboration.

About Celero Commerce

Headquartered in Nashville, Celero Commerce is a full-service, integrated electronic commerce solutions provider powered by leading-edge technology, strategic partnerships, and business intelligence. Celero offers small and medium-sized businesses payment processing services, business management software, and data intelligence, empowering them to drive growth and profitability. Celero is a top-ten non-bank processor of electronic payment transactions in the world. Visit https://www.celerocommerce.com/ to learn more.

About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can.

Where is My Routing Number?

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Maximizing Efficiency and Security: Cash Management Solutions for Businesses

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Maximizing Efficiency and Security: Cash Management Solutions for Businesses

In today’s fast-paced business environment, having control over financial processes is key to success. Whether you’re a small business or a large corporation, managing cash flow efficiently and securely is essential. At F&M Bank, we provide insight into how cash management products can streamline operations, enhance security, and ultimately help businesses thrive regardless of your business size.

With the increase in fraud activity the industry has seen in recent years, we sat down with Robyn Good, our Vice President and Treasury Management Officer to discuss her recommendations for businesses wanting to remain proactive about managing their funds movement. Robyn is a lifelong Shenandoah Valley resident with over 35 years of banking experience; 17 of those years have had a specialized focus on business deposits and fraud solutions.

What are Cash Management Products, and Why are They Important for Businesses of All Sizes?

Cash management products offer businesses tools to simplify and streamline their financial processes. With real-time account monitoring, companies can reduce the risk of fraud and better manage day-to-day financial operations.

Robyn: “Every business, regardless of size, needs to protect their accounts and monitor activity with ease. With cash management solutions, businesses can oversee multiple transactions and spot potential fraud much faster, giving them more control.”

 

How Do Business Online Banking Solutions Simplify Cash Management?

Online banking solutions tailored for businesses go beyond the basics of consumer banking. Features like recurring payments, vendor payments, positive pay, and stop payments are invaluable for businesses looking to grow and maintain efficiency.

Robyn: “Cash management allows businesses to pay vendors electronically and manage payments seamlessly. This is vital for businesses looking to expand and build a reputation of reliability.”

 

Popular Cash Management Products for Businesses

Our most recommended products include:

  • Positive Pay: This service helps prevent check fraud by verifying checks presented for payment against checks issued by the business.
  • ACH Origination: This allows businesses to easily process electronic transactions, from payroll to vendor payments, providing speed and security.

The Benefits of Automated Clearing House (ACH) Services

ACH services help businesses mitigate risks associated with physical checks. By processing payments electronically, businesses can protect their sensitive account details and gain better control over payment timing.

Robyn: “ACH services offer speed and reversibility, making it a preferred option for many companies handling payroll or vendor payments.”

Streamlining Processes with Remote Deposit Capture

Remote Deposit Capture (RDC) simplifies the check deposit process for businesses. Instead of making a trip to the bank, businesses can scan checks and deposit them directly from their office.

Enhancing Security with Business Online Banking and Cash Management

Security is a top priority when it comes to online banking. From multi-factor authentication (MFA) to setting access controls for employees, businesses can secure their online transactions and banking activities.

Robyn: “Our online banking system allows businesses to set time-of-day and IP address restrictions, ensuring that unauthorized individuals cannot access sensitive financial information.”

 

Positive Pay: A Must-Have for Preventing Check Fraud

Positive Pay is a powerful tool in preventing check fraud. It matches details like check number, issue date, payee, and dollar amount against a list of checks authorized by the business. If any discrepancies arise, the business is immediately alerted to review and approve or reject the payment.

This system ensures that unauthorized or altered checks don’t slip through, protecting your business from potential fraud.

Clearing Up Common Misconceptions About Cash Management

Cash management services are often seen as complex or unnecessary, but they are designed to simplify processes. “It’s a value-add to the relationship with the bank,” our team shares. “These services are user-friendly and provide a depth of visibility that businesses need for security and growth.”

The Future of Cash Management

As fraudsters become more creative, the importance of cash management products continues to grow. The future of cash management will focus even more on electronic transactions, reducing the need for checks and ensuring that businesses have the tools to safeguard their assets.

Robyn: “We expect ACH to become even more integral as businesses prioritize speed and security. “The right safeguards will keep businesses one step ahead.”

With the right cash management solutions, businesses can take control of their financial processes, mitigate risks, and set themselves up for growth.

Interested in learning more?

Contact Robyn today for a free consultation and discuss how our solutions can benefit your business.

Stay Informed and On Top of Your Finances with F&M

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At F&M, we are committed to providing you with actionable information to help you manage your accounts more efficiently. Our goal is to keep you informed and ahead of important financial milestones, ensuring you never miss a beat.

Courtesy Email Reminders for Dealer Loan Payments

Understanding the importance of staying current with your loan payments, we are pleased to introduce courtesy email reminders for upcoming dealer loan payments. These reminders will be sent directly to your email inbox, providing you with a convenient way to keep track of your payment schedule.

If you do not wish to continue receiving these email reminders, simply select “If you do not wish to receive future email, click here” at the bottom of the email and you will be opted out of future communications.

 Example Email Reminder (click to enlarge):

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Text Alerts: Real-Time Updates at Your Fingertips

To enhance your banking experience, we offer convenient text alerts through our online banking platform. These alerts are designed to keep you updated on your account activity in real time, helping you stay on top of your finances. Here are some of the key features of our text alerts:

  • Balance Alerts: Receive notifications when your account balance goes above or below a specified threshold.
  • Transaction Alerts: Get instant updates on transactions made with your account.
  • Payment Reminders: Never miss a due date with timely reminders for upcoming payments.

Activating text alerts is easy. Simply log in to your online banking account, navigate to the alerts section, and customize the notifications to suit your needs.

 

We’re Here for You

Our commitment to delivering actionable information and timely reminders is part of our dedication to providing exceptional service. We believe that by keeping you informed, we can help you achieve your financial goals with greater ease and confidence.

If you have any questions or need assistance with setting up text alerts or managing your loan payments, please do not hesitate to contact our customer service team. We are here to help you every step of the way.

Thank you for being a valued F&M client.

 

Free Checking Account? How to Avoid the Fees

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If you’re looking to open a checking account, you may be overwhelmed by the options available to you. And each option not only has its own benefits—it also can have its own drawbacks and specific charges.

Free, basic checking accounts often offer the simplest choice, perfect for individuals new to banking or who want to simplify their account management. But even free checking accounts can have some fees associated with services or account misuse—which can add up if you aren’t careful. In this post, we’ll explore the benefits of free checking accounts, providing expert tips on how to make the most of this no-nonsense financial tool, while avoiding hidden charges.

Understanding Free Checking Accounts

Free checking accounts are simple, no-frills accounts meant for individuals who need a basic bank account for depositing funds, making purchases, and paying bills.

Free checking accounts have no monthly maintenance or service fees, as long as follow certain parameters. For most free checking accounts, this means that you have a low opening deposit and minimum balance requirement (at F&M Bank of Virginia, our Basic Checking Account has an opening deposit of $10, with a minimum balance requirement of $0).

Free checking accounts usually come with a free debit card, which you can use to make purchases and at ATMs to withdraw money, deposit money, transfer funds between accounts, or check account balances. Free checking accounts also usually have free e-statements—but may charge a small fee if you wish to have your statements mailed to your home. You can also view your e-statements, balance, and transaction history through your bank’s app or online banking portal.

Unlike premium checking accounts and money market accounts, which have higher balance requirements, free checking accounts usually don’t offer earned interest.

Checking accounts are a standard offering at most financial institutions, and can range in benefits, features, and costs

The True “Cost” of Free

As we mentioned above, as long as you follow basic parameters, free checking accounts can truly be free. However, there is no such thing as no-fee banking—all banks charge fees for some services or types of account misuse. That’s why it’s important to understand the fine print of your free account, to be sure you don’t accidentally rack up avoidable charges.

Common fees can include:

  • ATM charges. At F&M Bank, we don’t charge fees when you use our card at other ATMs—but other banks or ATM providers may. There is no transaction fee when you use an F&M Bank ATM.
  • Foreign transaction fees. If you use your debit card at ATMs or for purchases abroad, you may be charged a fee.
  • Overdraft and overdraft protection fees. If you withdraw or make a payment that uses more funds than are available in your account, you could be charged a fee for each day your account is overdrawn. Overdraft protection may help you avoid some fees (like returned checks), but will still charge you for each day your account has a negative balance.
  • Minimum balance fees. Some banks may have a minimum balance requirement for their free checking accounts. If you go below this balance, your account may be charged a fee or a monthly maintenance fee. F&M does not require a minimum balance.
  • Account inactivity fee. If you don’t use your account for a prolonged period of time, you may be charged an inactivity fee. You will usually be notified by mail before this happens.
  • Paper statement fees. Many banks today offer a number of free ways to view account statements and transactions, including online banking and mobile apps. However, charging a small monthly fee for mailed paper statements is common. At F&M Bank, our paper statement fee is $2 per month.
  • Card replacement fees. If you lose your debit card, you may be charged a fee to replace it.
  • Direct deposit or transaction requirement fees. Some banks require a certain number of direct deposits or monthly transactions to waive monthly fees. At F&M, we do not have any direct deposit or transaction requirements for our Basic Checking Account.
  • Returned or stopped check fees. If you overdraw your account with a check, or are forced to stop a check you’ve written, you may be charged a fee for these services.
  • Check ordering fees. Some accounts may come with a small amount of free checks to get you started. Once you use them up, you’ll need to order more.

Reading the details of your account can help you familiarize yourself with any potential fees, so you can reduce your out-of-pocket charges and enjoy a low-cost checking account experience.

Strategies to Avoid Fees

In addition to being aware of potential charges, there are some things you can do to help ensure that you won’t be hit with unexpected fees. Here are a few checking account tips to avoid fees.

To avoid overdraft or minimum balance fees:

  • Check your balance regularly and before large purchases.
  • Set up automatic transfers from your savings when your account drops below a certain threshold.
  • Set up alerts to notify you when your account gets low.
  • Stay on top of regular automatic payments to ensure they don’t overdraw your account.

To avoid ATM fees:

  • Check out our Locations page to find an F&M branch ATM.
  • Carefully read the screen at out-of-network ATMs for fee details before proceeding with your transaction—or avoid them altogether.
  • Use cashback at checkout when using your debit card.

"Free" checking infographic

The Future of Fee-Free Banking

With recent technological advancements, banks can offer more and more offerings and account management tools—without the extra charges.

Using free digital banking, you can manage accounts efficiently and quickly, anywhere you go. Checking balances, transferring funds, or setting up alerts is simple and convenient using your bank’s mobile app or logging in to your account online. The more insights you have into your account, the easier it is to avoid incurring fees and overdraft charges.

Bank websites, with blogs, digital tools, and other financial literacy resources, allow financial institutions to provide their customers with easy access to financial educational materials. Customers can stay informed, learn tips for successful financial management, and utilize tools like mortgage calculators to help you navigate your financial goals successfully.

Need to send a payment? Online bill pay can help you send checks for free, through your banking app or online banking portal, avoiding the cost of checks and postage.

While all these perks can help you better manage your finances, it’s important to recognize that no app or website can replace the benefit of one-on-one assistance. At F&M Bank, we are proud to offer the best of both worlds: robust digital tools and dedicated, in-person service at your local brick-and-mortar branch.

Upgrade from Free Checking

Free checking is a wonderful, simple account option to facilitate your money management. But when you’re ready for an account with even more perks, there are many additional options out there.

As you upgrade from free checking, you can experience additional perks in features, including cash back, ATM fee refunds, and even interest on your balance. For instance, our Cash Back Checking Account offers cash rewards each month, with use of your debit card. And our Cash Back Plus Account also offers cash back—plus earned interest.

However, it’s important to note that with more perks, there may be more terms and conditions, including maintaining a higher minimum balance or having a certain number of transactions each month. Always be sure to read requirements to verify that it will be simple for you to meet them and avoid potential fees. To compare our accounts, their perks, and terms, check out our Compare Checking Accounts page.

Free Checking at F&M

At F&M Bank, we strive to offer banking products that meet your needs—wherever you are on your financial journey. Our Basic Checking Accounts provide a simple, free option for money management, with free online and mobile banking, free debit cards, free financial advisor consultations, and free e-statements. And when you’re ready to move on to a premium account, we have several options to choose from.

Stop by one at one of our locations in the Shenandoah Valley to learn more about our checking account choices, or open an account online today!

“Fraud Department” Phishing Scam

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We have been made aware of an unsolicited text and phone call scam circulating through our area. In reported cases, a customer received a text message that appears to be from the F&M

Bank fraud department, or other local financial institutions. The text message references a purchase from an online store, in many cases “H.S.N online store”, and asks for the customer to select a link to cancel the transaction.  A sample is to the right for your convenience.

Fraud text alert scam example

Please DO NOT click any links sent to you via text.

 

Unfortunately, fraudsters can configure a text message or phone call to appear to come from any source. This scam is extremely dangerous because it seems legitimate. To best protect yourself, never give out your confidential information over the phone or via text.

 

Our fraud detection services will text, email, or call clients if a transaction is suspicious; however, our platform will not request that you select a link to cancel a charge.  Our fraud services will only ask that you confirm if you initiated the transaction with a simple “V” for Valid or “F” for Fraud response. See below for an example of a valid fraud alert. 

Valid Fraud Alert

Stay safe and alert

If you receive such a call or text message, do not respond. Contact your local F&M Branch using a number you know to be valid. Do not use numbers contained in the caller ID on your mobile phone.

Remember this excerpt from our holiday shopping blog: Safeguarding Your Finances: Protecting Yourself from Holiday Season Scams and Frauds. Revisit this blog for practical tips to safeguard your finances all year round.

“Regularly monitor your bank and credit card accounts for any unauthorized transactions. Be sure to install F&M Mobile on your mobile device to monitor your accounts and receive alerts while on the go!

  • Set up transaction alerts to receive notifications whenever a transaction is made. Report any suspicious activity to your financial institution immediately. Purchase alerts are customizable, can be received via email or text, and can be used to confirm legitimate purchases or notify you of suspicious activity. F&M Bank allows you to set transaction and balance alerts within F&M Mobile and Online Banking to stay on top of unexpected transactions on your account.”

 

Here are our tips on how to recognize text scams.

 

 

Last update: 09/25/2024