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Northeast Bank and ICBA: Tips To Protect Your Financial Information

 Data Privacy Week is Jan. 23-27

In recognition of Data Privacy Week, Northeast Bank and the Independent Community Bankers of America (ICBA) are reminding customers of practical steps to help safeguard their sensitive data and shield against losses in the event of a data breach or compromise.

In the first half of 2022, there were 817 data breaches in the U.S., and combined with data leaks and data exposure, they impacted more than 53 million individuals.

“In our digital world, keeping your personal information secure is of the utmost importance,” said Andy Martin, Vice President of IT at Northeast Bank. “We focus on educating our customers on the proper protocols to lessen their exposure to data breaches. While there’s no magic remedy to eliminate every threat, by working with our customers  our goal is to help turn the tide and reduce any long-term impact.”

As a community bank, Northeast Bank uses sophisticated technology and monitoring techniques, intricate firewalls and other methods to secure customer data. Additionally, we practice stringent privacy policies and train employees to treat confidential information with the upmost of care, meeting or exceeding federal and state mandates.

Reducing Your Risk

While there is no foolproof way to avoid online identity theft, you can also help minimize your risk by:

• Restricting use of public wifi and computers—These networks may be convenient but are not as secure. If you must make purchases while away from your home or work network, use a virtual private network or mobile hotspot.  
• Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username or password, even if they appear to originate from your bank, government agencies or officials or companies with which you have a relationship.
• Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
• Monitoring account activity—Carefully review bank statements and card transactions and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
• Protecting each account with a unique, complex password—Utilizing numbers and symbols at least 12 characters long is a great rule of thumb, along with using a password manager. Use multi-factor authentication for accounts that allow it.

Responding to a Data Breach

In the unfortunate event of a data breach, there are steps you can take to minimize your risk:

• Consider a security freeze on your credit report to restrict access to your credit file.
• Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
• Shred documents with personal or sensitive information and change your passwords.
• Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

Learn more about how to protect your digital life during Data Privacy Week by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

Looking for a bank in The Twin Cities to meet your business needs? With so many options available, it can be hard to know which one is the best fit. Here’s a few tips to consider during your search so you can make the best choice for your business.

Assess your business needs

Before searching for a suitable bank, take some time to assess your specific business needs. Consider the size and growth potential of your business when evaluating which type of account best suits it. You may also want to look into options such as business loans and other services that can benefit your business. Ask yourself what kind of services and features you need, so that you can choose the right bank for you.

Compare checking and savings accounts

When choosing a bank for business purposes, it is important to compare the different types of checking and savings accounts. Look into features such as minimum balance requirements, monthly fees, interest rates, ATM access restrictions, and other services that could benefit you. Take your time to make sure you are selecting the right type of account for your needs in The Twin Cities area.

Learn about loan options

Many financial institutions in The Twin Cities offer loan options for businesses of all sizes. Make sure to review the different types of loans available so you can make an educated decision when it comes time to choose what's right for you. Consider factors such as interest rates, terms and conditions, how funds will be used and any additional fees associated with the loan. There are a variety of loan products available in The Twin Cities area, from SBA loans and lines of credit, to real estate financing and business credit cards. Northeast Bank is proud to be an SBA preferred lender, which means we have the authority to make final credit decisions on SBA loans without having to submit directly to the SBA, saving you the wait time.

Research mobile banking solutions

Mobile banking is becoming an increasingly important component of modern financial services, both in the Twin Cities and elsewhere. Before selecting your bank, make sure to research their mobile banking services. Ask questions such as what types of accounts can be managed on the mobile app, what payment options are available, and if there are any security measures in place like two-factor authentication and fingerprint logins. In order to manage your business finances more effortlessly and efficiently, evaluating mobile banking solutions should be a key component of your search.

Vacations are meant to be relaxing, but under planning and overspending can lead to financial stressors. Consider the following tips to reduce travel-related anxiety and help you make the most out of your time away—whether journeying across state lines or overseas.
1. Create a travel budget. To help you make well informed financial decisions while away without compromising your long-term savings goals when you return.
2. Think mini getaway. Taking shorter, more frequent trips versus one big faraway bonanza not only requires less planning, and is generally less expensive, but offers more opportunities to unwind year-round.
3. Plan in advance. Trip planning can be stressful. Research destinations, make reservations, prepare itineraries, and create a budget. Create a reasonable timeline and budget and ensure you have your affairs in orders (impending deadlines, medication needs, and baby-sitting, dog-sitting or house-sitting arrangements).
4. Control what you can. Unexpected surprises—flight delays, lost or stolen items, can quickly sour your vacation mindset. Travel insurance can help you recoup some of your expenses and soften the blow to help with smooth sailing. Some credit cards—especially those designed for travel—offer protections for delayed flights, lost luggage, trip cancellation, accident insurance and more.
5. Accessing accounts abroad. When traveling outside the United States, make sure to inform your trusted community banker of your plans to avoid an account freeze or declines for “suspicious activity.”
As always, remember that as your trusted community bank, we are here to help. We hope you take these tips into consideration and enjoy a well-deserved vacation.

Effective cashflow forecasting is a linchpin for the success and sustainability of small businesses.  Business owners can gain invaluable insights into the ebb and flow of their financial resources, better anticipate gaps, and improve the velocity of their business’s performance.  All too often, otherwise profitable companies can go bankrupt simply by mistiming their spending.  Correspondingly, this strategic activity allows small business owners to make informed decisions, seize growth opportunities, and fortify their enterprises against unforeseen challenges. 

Here's the top five reasons why business owners should review their cashflow forecast on an on-going regular basis:

1. Improve planning for growth: Forecasting cashflow allows small businesses to plan and schedule their investments to support their growth more effectively. Whether it's expanding operations, entering new markets, or making long-term investments, owners can schedule investments aligned with expected cash inflows, making informed decisions about hiring, purchasing inventory, or investing in equipment without unintentionally spending when cash on hand is low.
2. Determine financing needs: Businesses planning for growth may not have the cash-on-hand to cover the expansion costs. By better understanding the investment costs – and any related increases in operating expenses, business owners can better anticipate the funding required to support their larger operations without overcommitting.
3. Improve payables and receivables management: Understanding future cashflows helps small business owners manage their credit relationships with suppliers and lenders investors. This knowledge allows them to negotiate favorable terms and make timely payments, which can positively impact their working capital, creditworthiness, and build stronger relationships with buyers and vendors.
4. Help reduce risks: Small businesses often have limited financial resources. Cashflow forecasting helps them anticipate periods of cash surplus or shortage – giving the business owner better guidance for when or how to invest. By understanding their future cash positions, businesses can manage their liquidity more effectively, ensuring they have enough cash to cover immediate expenses and reducing the risk of financial distress.
5. Get better advice from your advisors: Sharing your cashflow trends with trusted advisors, like your CPA or business banker can prepare them to offer better guidance about your business. This can support themes like preparing for tax season, identifying funding needs, or understanding the company’s valuation.

Northeast Bank makes it easy for Business Owners to get a handle of their cashflow with free forecasting tools embedded within My Northeast Bank digital banking.  The Business Insights features automatically constructs a cashflow forecast for activated users with their accounting data, giving business owners a comprehensive and current view on their company’s forecasted performance.  Tailored insights and recommendations are presented to help guide owners on considerations coming out of the data. Relationship Bankers are available to help owners better match solutions to owners to help them achieve their goals.

 

What is a banking scam?

A banking scam is a form of fraud in which criminals deceive individuals into revealing sensitive banking information—such as account numbers, passwords, or personal details—or trick them into giving access to their bank accounts to steal money. These scams often rely on tactics like urgency, fear, or impersonating trusted institutions such as your bank, government agencies, or well-known companies. The scammers' goal is to exploit trust and pressure victims into making quick decisions without verifying the request's legitimacy. 

1. Common types of scams: One of the most common types is phishing, where scammers send fake emails or texts that appear to be from your bank, urging you to click a link or provide login credentials. These messages often create a sense of urgency, claiming your account is locked or compromised. Another tactic is vishing (voice phishing), where scammers call you pretending to be bank representatives, warning of suspicious activity and pressuring you to share personal or banking details. Scammers also create fake bank websites that resemble real ones, luring you to enter your username, password, or other sensitive data. In addition, loan scams are rising, especially targeting people looking for quick financial help. Fraudsters may offer fake personal or business loans with too-good-to-be-true terms, then demand upfront "processing" or "application" fees and disappear once payment is made. Lastly, ATM skimming is when hidden devices capture your card information and PIN when you use an ATM.

2. Understanding the Warning Signs: This could include offers that seem too good to be true, such as guaranteed loans or large sums of money with no credit checks. Scammers often create a sense of urgency or pressure, telling you to act immediately to avoid account suspension or to secure a limited-time offer. Be cautious of suspicious URLs—scam websites may look official but have slight misspellings or odd domain names. Also, watch out for unusual payment requests, like being asked to pay fees via gift cards, wire transfers, or cryptocurrency. These warning signs can be strong indicators of a scam. 

3. How to protect yourself from scams: To protect yourself from banking scams, never share personal or financial information—like your passwords, PINs, or account numbers—over email, text, or phone unless you're sure of the source. Use strong, unique passwords and enable two-factor authentication whenever possible to add an extra layer of security. Always access your bank through official apps or by typing the bank's URL directly into your browser. Double-check website addresses for subtle misspellings or unusual domain names that could indicate a fake site. Staying cautious and verifying everything can help keep your money and information safe. 

4. What to do if you have been scammed: If you believe a scam has targeted you, notify your banker immediately and provide as much detail as possible about what happened. Your accounts may be temporarily restricted to prevent further suspicious activity, and your bank will work with you to open new accounts to ensure your information remains secure—request to have an inquiry code added to your banking profile to flag any future irregularities. Report the incident to the Federal Trade Commission at reportfraud.ftc.gov, and if you've suffered a financial loss, file a report with your local police department and at ic3.gov. It's also important to contact the major credit bureaus (Experian and Equifax) to freeze your credit and prevent identity theft. Any devices used to access your bank accounts should be brought to a trusted tech professional for a thorough security check to remove potential malware. We also encourage you to review additional scam prevention resources Northeast Bank provides.

Banking scams can happen to anyone, but staying informed and vigilant can significantly reduce your risk. Key steps to securing your finances are recognizing the warning signs, protecting your personal information, and taking quick action if something feels off. If you suspect you've been targeted, don't hesitate to contact your bank and report the incident. If you have any questions or concerns, please don't hesitate to contact us at Northeast Bank—we're here to help. 

In today’s digital world, cybersecurity isn’t just an IT issue; it’s a personal one. At Northeast Bank, we take protecting your personal and financial information seriously. As technology evolves, so do the threats that come with it. That’s why we’re here to help you stay informed and take steps to protect yourself online.

Why Cybersecurity Matters

Cybercrime is on the rise, affecting individuals, families, and businesses of all sizes. From phishing emails to identity theft, the tactics used by cybercriminals are becoming more sophisticated. As your local community bank, we want to ensure you have the tools and knowledge to defend yourself in the digital age. Here are a few simple but powerful ways you can safeguard your information:

1. Be Wary of Unfamiliar Emails and Texts

Suppose you receive an unexpected message asking for sensitive information—pause. Phishing scams often look like they’re from trusted sources but are designed to steal your login credentials or personal data. If unsure, contact the company directly (not through the link or number in the message).

2. Use Strong, Unique Passwords

A strong password is your first line of defense. Use a combination of upper and lowercase letters, numbers, and symbols. Avoid using the same password across multiple accounts and consider using a password manager to keep track.

3. Enable Multi-Factor Authentication (MFA)

Whenever possible, enable MFA on your banking and email accounts. This extra step, like receiving a code on your phone, adds a layer of protection, even if someone has your password.

4. Keep Your Devices Updated

Software updates often include security patches that protect you from new threats. Make sure your computer, phone, and any apps you use are up to date.

5. Monitor Your Accounts Regularly

Keep an eye on your account activity and report anything unusual right away. Northeast Bank’s online and mobile banking tools make it easy to stay in control of your finances.

What We’re Doing to Keep You Safe

Northeast Bank uses advanced encryption and fraud detection systems to monitor and protect your data 24/7. We also train our staff and customers to stay ahead of the latest cybersecurity threats. Cybersecurity is a shared responsibility. Together, we can create a safer digital environment for our community. If you have concerns about your accounts or receive a suspicious message, please contact us. We’re here to help.

June 2025– Northeast Bank, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that the following organizations which perform valuable services in our community received a grant from the Member Impact Fund:

• BETA drives success for Minnesota-based technology startups and founders through accelerator programs, community events, and ecosystem development.
• My Very Own Bed provides new beds and linens to children of families who have recently secured stable housing.
• Southern Anoka Community Assistance (SACA) Food Shelf & Thrift Store provides food and resources to those in need, while empowering dignity and independence to those they serve in the community.
• WomenVenture provides access to capital, business consulting, training and development, mentorship, and a community of support to local entrepreneurs.
• Rise provides people with intellectual and developmental disabilities, brain injuries, and other barriers to employment with the resources, opportunities, and support they need to thrive.
• Dougherty Family College provides students with the academic, personal and financial support to earn an associate degree and a clear pathway to a four-year college degree.
• Housing in Action is leading the fight for housing justice by creating dignified, affordable rental and homeownership opportunities.
• Northside Boxing Club teaches self-discipline, confidence, compassion, and respect to the youth of North Minneapolis by offering free boxing training, physical fitness, and nutrition five days a week.
• Children’s Dental Services provides a full range of dental services to children from birth until age twenty-six, and to pregnant women and people of all ages, regardless of family income.
• Catholic Eldercare provides affordable elder housing and care across the continuum of nursing homes, independent living facilities, assisted living, senior day care programs, memory care, and rehabilitation services.
• Anoka County Community Action Program (ACCAP) is committed to helping disadvantaged individuals out of poverty and into the community as productive citizens through educational opportunities, information and referral, and direct services, such as Head Start, Senior Programs, Homeownership and Affordable Housing.

 

This matching grant program will result in FHLB Des Moines awarding $20 million in funding to support affordable housing and community development in Minnesota.

 

“Northeast Bank is incredibly grateful for the additional funding the Member Impact Fund is putting back into communities across Minnesota,” said Eva Rasmussen, Chief Strategy Officer of Northeast Bank. “It is amazing to have this opportunity from the FHLB Des Moines to amplify our impact in the community.”

 

Northeast Bank has been a proud partner of each of the listed nonprofit organizations for years. Together, each has been dedicated to improving their community through affordable housing, community development initiatives, and job creation.

 

“By receiving the Member Impact Fund, SACA Food Shelf will be able to enhance the volunteer experience in their new building by purchasing lockers, benches, and upgrades to the break room, resulting in a higher level of comfort, satisfaction, and the retention of 100 weekly volunteers,” said Dave Rudolph, Co-Executive Director of SACA

 

“BETA is excited about the grants from Northeast Bank and the FHLB of Des Moines. These funds will enable us to further scale our accelerator program, trainings, and community events to serve a larger number of startups, founders, and founders in training and to help make more valuable connections for them,” said Michael Arulfo, Chair of the BETA MN Board of Directors.

 

FHLB Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of not-for-profits or government entities to support the needs of their communities.

 

“The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development,” says Kris Williams, president and CEO of FHLB Des Moines. “It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”

 

Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.

This member matching grant program is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members.

 

Since its founding in 2023, the Member Impact Fund has supported affordable housing and community development with nearly $70 million in grants awarded by FHLB Des Moines. Member institutions apply and receive Member Impact Fund matching grants to be distributed to eligible organizations alongside their own grant contribution.

 

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About Federal Home Loan Bank of Des Moines

 

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.

 

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

 

 

About Northeast Bank

 

Northeast Bank is a business-focused, community-driven bank headquartered in Northeast Minneapolis since 1947. Proudly family- and employee-owned, we offer local leadership and decision-making that keeps us closely connected to the people and businesses we serve.

 

Our mission is simple: building strong communities, one relationship at a time. We provide customized financing solutions and innovative digital banking tools—delivered with the personalized, high-touch service that sets us apart.

 

As an SBA Preferred Lender, we specialize in supporting businesses and nonprofit organizations across the greater Twin Cities metro. Our experienced bankers and lenders are trusted partners, helping clients meet their financial goals, plan for the future, and grow lasting connections for long-term success.